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While internal auditors and external auditors should have complementary interests and goals, there are differences in their scope of work
Underlying accounting data and corroborating information. In making an audit in accordance with GAAS:
Prepare a short (5-7 page, double-spaced using MLA format) audit paper based on the Smackey Dog Food, Inc. case facts above.
Over five years ago, I received a phone call from the headquarters of a non-profit organization to which I have belonged for over thirty years.
Explain your role in providing the available assurance service to clients.
What amount of bad debts expense will Hamilton record if it has an Allowance for Doubtful Accounts credit balance of $3,000?
The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
You start by saying, "Accounts receivable is claims from monies due to the company." Continue your explanation with the following:
Considering that an auditor cannot express an opinion with certainty even after conducting an audit, is an audit worth the cost for the stakeholder?
Design tests of controls, substantive tests of transactions, and analytical procedures for the Cash Cycle at Apollo Shoes.
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.