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You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation, you reviewed the financial statements, and your only concern was with your discovery of the evidence that during the year, the company had a negative cash flow and was behind on its mortgage payments.
1. Based on the information given, what type of auditor's report is appropriate to issue?
2. Using standard audit report wording, prepare a complete auditor's report appropriate for this situation.
From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services?
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.
Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations. You start by saying, "Accounts receivable is claims from monies due to the company."..
You are required to identify a current controversy relating to Auditors' Independence.
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
At each calendar year-end mazie supply co. uses the percent of account receivable method to estimate bad debits. On December31,2013 it has outstanding accounts receivable of 55000 and estimated that 2% will be uncollectible.
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