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Case 2-21 (Objective 2-6) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an audit of the company's records. Ray told Holmes that an audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. Holmes immediately accepted the engagement and agreed to provide an auditor's report within 3 weeks. Ray agreed to pay Holmes a fixed fee plus a bonus if the loan was granted. Holmes hired two accounting students to conduct the audit and spent several hours telling them exactly what to do. Holmes told the students not to spend time reviewing internal controls but instead to concentrate on proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that support Ray's financial statements. The students followed Holmes's instructions and after 2 weeks gave Holmes the financial statements, which did not include footnotes. Holmes reviewed the statements and prepared an unqualified auditor's report. The report did not refer to generally accepted accounting principles or to the consistent application of such principles. Required: Briefly describe each of the principles underlying AICPA auditing standards and indicate how the action(s) of Holmes resulted in a failure to comply with each principle. Organize your answer as follows:*Brief Description of Principle Holmes' Actions Resulting in Failure to Comply with the Principle
When comparing Net Present Value and Internal Rate of Return, which method is better? Explain the advantages and potential disadvantages. Focus on what makes these two methods different.
Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on t..
russell company has the following projected account balances for june 30 20x2accounts payable40000sales800000accounts
How could management use inventory to manipulate income? What is the difference between periodic and perpetual inventory systems? Which items and costs should be included in inventory?
prepare a one to two 1-2 paragraph journal entry that examines your learning experiences with orion in week 10 of this
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..
Imagine you are preparing a business's cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision? Provide specific examples in your response.
riverside engineering is a machine shop that uses job order costing. overhead is applied to individual jobs at a
Classify the controls that you just identified above as either preventive, detective, or corrective controls. How does the matter of accountability (tracing transactions to specific agencies) affect the problem?
in terms of accounting what are the operating items on the income statement? what are examples of non-operating items
andre has 5 barbers working for him andre is not 1 of them. each barber is paid 9.90 per hour and works a 40 hour work
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