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A company comprises a chain of 94 restaurants. All food orders for each restaurant are required to be entered into an electronic device which records each food order by food server and transmits the order to the kitchen for preparation. Food servers are responsible for collecting payment for all their orders and must turn in the proceeds collected (cash, checks, and credit card receipts) at the end of their shift, which should equal the total sales value of food ordered for their ID number. The manager then reconciles the payments received for the day with the computerized record of food orders generated. All differences are investigated immediately by the restaurant manager or assistant manager. At the end of each day the cash and checks, less a standard amount of cash kept for use the next day, are deposited in a corporate bank account. Credit card receipts are directly credited to the corporate bank account by the credit card provider.
Corporate headquarters wants to establish a monitoring activity to determine if each individual restaurant is recording all its revenues and transmitting the applicable funds to corporate headquarters.
(A) What are monitoring activities?
(B) Design a monitoring activity that would achieve this assurance objective.
Selzer Equipment Company sold 610 Rollomatics during 2012 at $6,580 each. During 2012, Selzer spent $25,950 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Examples of five ethical dilemmas that could arise during the audit process and determinge how you would resolve them.
Consider a health care organization with which you are familiar with and explain the difference between cash and accrual accounting in health care setting. Be sure to include a discussion of the revenue recognition and matching principles.
Identify the companys independent registered public accounting firm. Determine how long this firm has served as the external auditors and other services,
Behalf of the management to the board of director on the effectiveness of the new system - effectiveness and efficiency of the system - plans to establish a separate department that will provide internal audit service to his audit clients.
you are the partner in charge of the audit of drugs4u ltd a company which prepares manufactures and sells to the a
What are the "tests" used to determine the ceiling and the floor to which the market value of the inventory is applied in order to determine what the "market" value is to the company?
How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
You're the Chief Financial Officer (CFO) of a firm that is being sued for damages it caused. It is the end of your fiscal year, and you are trying to determine the appropriate treatment of this matter.
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
Prepare a two-page audit critique, and include each of the following: Briefly describe the purpose of the audit (identify the type of audit). Briefly describe the method(s) used during the audit
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
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