Concerned about with respect to individual entries

Assignment Help Financial Accounting
Reference no: EM13789118

The Audit Committee of a small manufacturing company that sells its products globally has directed internal audit to perform specific annual reviews to monitor manual journal entries, with a particular focus on potential management override activities. Internal audit’s review includes basic information such as the number, dollar amount, preparer, business unit, and timing relative to month- and quarter- end.

Required:

a. what specific issues should the internal auditor be concerned about with respect to individual entries?

b. Could the external auditor rely on the internal audit’s work related to manual journal entries to reduce control risk?

Reference no: EM13789118

Questions Cloud

Define criminal definition of stalking for your jurisdiction : Create a topic paper (2-3 pages) in APA format discussing the following: Importance of recognizing the signs of stalking and Criminal definition of stalking for your jurisdiction (cite a relevant stalking statute)
Graves uses the perpetual inventory system : The following are selected transactions of Graves Company. Graves prepares financial statements quarterly. Graves uses the perpetual inventory system. Prepare journal entries for the listed transactions and events. (Round answers to 0 decimal places,..
How would you define operations management : How would you define Operations Management? How do you define Competitiveness and Strategy? How does Productivity impact the entire organization? Explain how Forecasting is integral to every organization.
Determining budget authority proposed for the agency : determining the budget authority and outlays proposed for the agency; and determining the actual outlays and budget authority for the agency in that year.
Concerned about with respect to individual entries : The Audit Committee of a small manufacturing company that sells its products globally has directed internal audit to perform specific annual reviews to monitor manual journal entries, with a particular focus on potential management override activitie..
Programmatic discipline or professional : You will present to your peers as assigned by your instructor, using the discipline-related topic determined by your previous outline.
The energy policy act of 2005 : Explain how these scientific laws apply to energy use, energy conversions, and the need for energy efficiency.
Assumptions and the effects of possible changes in values : Assume you are working as an investment financial officer for your company (or use a public company of your choice). Make up an investment opportunity for your company and discuss key sensitivities (risks) and possible scenarios. Discuss a few risks ..
Calculate the NPV and IRR : Using a spreadsheet program like Excel, calculate the NPV and IRR of the following scenario:

Reviews

Write a Review

Financial Accounting Questions & Answers

  Planning to make a charitable contribution

Ira Cook is planning to make a charitable contribution to the Boy Scouts of Crystal, Inc. stocks worth $20000. The stock has an adjusted basis of $Write letters to Ira regarding wither in (a) he should sell the stock and contribute the cash or contri..

  What is the approximate net present value of this project

A company has a minimum required rate of return of 10%. It is considering investing in a project that costs $210,000 and is expected to generate cash inflows of $85,000 at the end of each year for four years. The approximate net present value of t..

  Determining the incomes of the component corporations

When an indirect ownership is present, why is a specific ordering necessary for determining the incomes of the component corporations?

  The company wants to have a minimum of 50000 cash balance

the company wants to have a minimum of 50000 cash balance at the end of each quarter.assume cash is borrowed at the

  Compare that cost with potential revenues

Calculate the total cost of a project or Job and compare that cost with potential revenues. One of the company’s best clients has offered WCB $11,000 to perform a power systems harmonics analysis for the client’s primary plant. While your client real..

  Determine the average costnbsp from the given datasvens

determine the average costnbsp from the given data.svens cookhouse is a popular restaurant located on lake union in

  Explain why the cost to heat our homes

Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully.

  Calculation of each partners share of the net incomeat the

calculation of each partners share of the net income.at the end of the first year of operations on 123108 fmr companys

  Prepare necessary entries froxel company must make

declared and paid cash dividends of $1.75 per share, and on December 31 it reported net income of $150,000. Prepare necessary entries Froxel Company must make to account for these transactions and events.

  Discuss how this influence takes effect

in which countries does taxation tend to have a major influence on published company accounts? Discuss how this influence takes effect and what the position is regarding the treatment of taxation in consolidated accounts.

  What is the amount of loss isaac can claim in 2011

According to Rosenspan v. United States (438 F.2d 905 (2d Cir. 1971), for purposes of I.R.C Sec. 162, is her home in City or Metro? Why?

  Purpose a direct materials budget for the seasoning

Purpose a direct materials budget for the seasoning, by month an in total for the second quarter. Be sure to include both the quantity to be purchased and its cost for each month.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd