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Identify audit procedures that might have detected the improper accounting treatment applied by Dollar General to the transaction with IBM.
Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS.
Problem: Prepare a bank reconciliation for XYZ Company at September 30 using the following information:
In order to accomplish this you must figure out how to ask specific questions that will help you to determine your interviewee's motivations.
You are asked to critique an audit performed by the U.S. Government Accountability Office (GAO). Select one of those reports (or another report of your choice)
The ending balance of the Allowance for Uncollectible Accounts using (a) the Percentage of Net Sales method and (b) the Accounts Receivable Aging method.
What amount do customers owe ABC at each of the year-ends 2008 through 2010?
Take a good look at the bank you use, not from the point of view of a customer but from the point of view of a potential investor.
A deposit totaling $613.37 had not yet been processed by the bank. Using the information provided above, prepare a bank reconciliation.
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
Assumption that the Allowance for doubtful accounts has (a) a 415 credit balance before the adjustment and (b) a 291 debit balance before the adjustment.
What are the expected rates of reimbursement for this time frame for each payer? What is your expected accounts receivable?
He wants you to make sure that no employee of the firm sees any of the budget data. What are your thoughts on this use of the budget?
In planning the audit of a client's inventory, an auditor identified the following issues that need audit attention.
Preferred Stock: $200M; coupon yield of 10%, currently selling below face value at $9,975 for every $10,000 bond.
Discuss the nature of audit evidence to be considered by the auditor in terms of the underlying accounting records
Task: Classify by type of audit evidence: (1) directly from outsiders (2) indirectly from outsiders (3) internal but validated externally (4) entirely internal.
Task: What assertion is related to each issue? 1. The allowance for doubtful accounts is a fair amount.
For each, indicate the assertion: Inventories are properly at the lower of cost or market. Inventory includes all items on hand.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Describe the trends identified by performing analytical procedures in the gross operating cycle, the net operating cycle, and gross margin.
Anyone identified to the auditor by name prior to the audit who is the principal recipient of the auditor's report is a
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Problem: Which of the following describes the internal control component "control procedures"?
How did the internal systems and processes support or inhibit Enron's strategy?