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For a company to reap the full benefit of LIFO costing, the costs must be based on a periodic I inventory system & not on a perpetual inventory system. Why is that so?
When assessing the tolerable deviation rate, the auditor should consider that, while deviations from control procedures increase the risk of material misstatements, such deviations do not necessarily result in misstatements.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors - Perform overall analytical procedures to identify significant changes in the financial positions or results of the business which require det..
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
Why would a company want to reduce its bond indebtedness before its bonds reach maturity? Indicate how this can be done and the correct accounting treatment for such a transaction.
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program.
What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don't forget to distinguish between interest incurred and cash paid for interest.)
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
For each of these, indicate whether you would include in written representations for (1) all audits, (2) audits of public entities (under AS 5), or (3) not included in written representations.
Describe in detail the controls over payroll in auditing.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
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.
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