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Items 1 through 6 are questions typically found in a standard internal control questionnaire used by auditors to obtain an understanding of internal control for notes payable. In using the questionnaire for a client, a yes response indicates a possible internal control, whereas a no° indicates a potential deficiency.
1. Are liabilities for notes payable incurred only after written authorization by a proper company official?2. Are paid notes cancelled and retained in the company files?3. Is a notes payable master file maintained?4. Is a periodic reconciliation made of the notes payable master file with the actual notes outstanding by an individual who ds not maintain the master file?5. Is the individual who maintains the notes payable master file someone other than the person who approves the issue of new notes or handles cash?6. Are interest expense and accrued interest recomputed periodically by an individual who ds not record interest transactions?a. For each of the preceding questions, state the purpose of the control.b. For each of the preceding questions, identify the type of financial statement misstatement that can occur if the control were not in effect.c. For each of the potential misstatements in part b., list an audit procedure that can be used to determine whether a material misstatement exists.
The Mesa Bank is offering your company the use of their lockbox services. They estimate that you can reduce your average mail time by 2 days and they can save you a combined clearing and processing time of 1.5 days by putting the checks into the c..
1. evaluate the child credit for the subsequent taxpayer. apple and james who file a joint returnhave two dependent
Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding ..
questionabc ltd recently established an audit committee in compliance with the australian stock exchange listing
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
In a 2 page analysis report critically review the CAMELS rating system for assessing bank performance. Also explain why it is fast becoming a global standard adopted by central banks.
The existence assertion pertains to whether items included in inventory are valid but does not extend to whether the reported dollar amount is the correct amount for the inventory items.
This posting contains an APA formatted MS Word file containing information in regards to the responsibilites of an auditor in the performance of their duties; including their responsibility for discovering of subsequent events occurring after comp..
Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated
The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for each of the identified potentially effective controls.
1middot use what you have learned through chapter 7 of executive roadmap to fraud prevention and internal control text
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