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The subsequent amortization and interest schedule reflects issuance of 10-year bonds by Capulet Corporation on 1st January, 2006, and the following interest payments and charges. The company's year-end is 31st December, and financial statements are prepared once yearly.
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
A credit memo in the bank statement shows a bank collection of a note for $1,300 with interest received of $16. This item was dated 18th May.
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
Why should an external auditor, whose primary responsibility is to express an opinion concerning the representations in financial statements, suggest improvements to the information system?
What potential risks may be present in this engagement? What specific auditing and accounting problems appear to exist? What additional information do you feel you need to know about the company? Do you believe the engagement should be accepted or re..
What could Nike's Corporate Responsibility team do to improve Nike's public image. Why did Nike's attempt to address it critics prove unsuccessful?
Adjusting Entries: Interest receivable at 1/1/06 was $5,000. During 2006 cash received from debtors for interest on outstanding notes receivable amounted to $6,000.
What was the total amount of bad debts expense recognized during the year? Explain the term "net realizable value" as it relates the presentation of Accounts Receivable on the Balance Sheet.
What are the main concerns when analyzing a company's accounts receivable? What information other than the usually available financial statements, should you collect as part of your overall analysis?
A company sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 30. Based on experience, 70 percent of all customers will take the discount.
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.
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