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In verifying the balance of Cash in Midtown Bank, Ann Moore began by footing the bank reconciliation prepared by the client. Next, she verified outstanding checks by trancing them to the check register. In addition, she compared the ending bank balance with the balance shown on the bank confirmation obtained directly from the bank. Ann also reviewed the bank statement for an unusual charges or credits. Finally, Ann asked the treasurer if there had been a proper cutoff of bank transactions at the balance sheet date. What types of corroborating information have been obtained by Ann Moore and indicate the action that produced the evidence.
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
The importance of internal controls ... a little side trip due to current events: This is an article that highlights the importance of internal controls in managing financial functions (and by extension to managing all business functions). Can you..
What repayment will you receive under each of the two outcomes? What is the expected value of these repayments? Now assume that Kinkus has issued $15 million of new debt to another party, which is also due at the same time that owed to you. Kinkus ..
Explain why sampling is important in the auditing process. Give an example of an instance where sampling would be appropriate and an example of where it would not, explain why
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
What items are usually included in an effective engagement letter? Have you seen an engagement letter at your workplace or familiar with one and how are you involved in the process? Please find an engagement letter and comment on it
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