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Discuss the audit procedures that Johnson would conduct to determine if Mother Earth violated the debt covenants.
What the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
Briefly describe each type of bank account. How does an imprest account help to improve control over cash?
Explain why the standard bank confirmation form does not identify all information about an entity's bank accounts or loans.
What are the main transaction-related assertions for investments? Identify the key segregation of investment-related duties and possible errors or fraud .
What two presentation classification issues are important for the audit of investments?
Compare purchase returns and allowances as a percentage of revenue or cost of sales to industry data.
Describe the substantive audit procedures Coltrane should apply to Jang's trade accounts payable balances.
What are the two major types of transactions that occur in the payroll system?
What duties are performed within the human resource, timekeeping, and payroll processing functions?
Discuss two control environment factors that have a pervasive effect on the human resource management process that an auditor should consider.
Why is it important for the entity to establish control activities over the classification of payroll transactions?
Identify three possible disclosure issues for payroll expense and payroll-related liabilities.
As a first step, you want to determine personnel needs and assigned duties in order to prevent errors and fraud in the financial statements.
Based on the narrative and the accompanying flowchart, what inquiries should be made to clarify possible additional weaknesses in internal control?
How does the inventory management process relate to the revenue, purchasing, and payroll processes?
What duties are performed within the inventory management, raw material stores, and cost-accounting functions?
What control activities can an entity use to prevent unauthorized inventory production?
List the procedures the auditor should perform during the count of the entity's physical inventory.
What evidence should Rasch find in the working papers to support the fact that the audit was adequately planned and the assistants were properly supervised?
Identify the audit procedures that should be used by the independent auditor that change, or are in addition to, normal required audit procedures .
Describe the substantive auditing procedures Kachelmeier may consider performing with computerized audit software using Big Z's two computer files .
Evaluate Doug's results. Does he have sufficient evidence to conclude the balance is fairly stated?
The auditor needs to understand how selected inherent risk factors affect the transactions processed by the revenue process.
What are the two major controls for sales returns and allowances transactions?