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Clements & Partners are the audit firm of Manufacturing Co. and have been for 3 years. The audit firm is considering if there are any ethical or legal requirements that would prevent them from accepting the audit engagement of Manufacturing Co. again this year. The audit partner has noted the following information which may be relevant to this decision.
I. One of the junior staff members of the audit firm is related to a supervisor at Manufacturing Co.
II. One of the audit partners owns 100 shares in Manufacturing Co.
III. Clements & Partners provided taxation services to Manufacturing Co. in the last financial year.
IV. Frank Thomas, one of the audit partners at the firm, is the Uncle of one of the new directors of Manufacturing Co.
V. The audit partner on this engagement for the last 3 years has been James Underwood.
Identify if any of the above would prevent the audit firm from accepting the engagement.
Identify and explain how some parts of the Corporations Act allow certain business conducted at company meetings to stand notwithstanding that the meeting has not strictly complied with all the legal requirements of the Act.
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
Discuss the following in your essay and what each of the above actually refers to and what it means.
Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the land.
Would your answer change if EFL had written to King and Queen advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?
Prepare Fenton's journal entries to record the sale on December 31, 2011. Prepare Fenton's journal entry on December 31, 2012, necessitated by this transaction. (Hint: Prepare an amortization schedule for the loan.)
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
Which of the following describes the internal control component "monitoring of controls"?
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?
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