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Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe, after noting that many positivist-accounting theorists and right-wing economists recommend that general purpose financial statements (GPFS) be deregulated and let market forces control the quality of GPFS, has expressed concern that the role (and revenues) of independent external auditors will be dramatically reduced.
Required:
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a ½ to 1½ page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
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As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
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Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
Expenses accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
Identify the strengths and weaknesses of ABC Ltd's audit committee - The committee has just completed having its formal charter drawn up which details its rights and responsibilities.
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