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You have met with a potential client, who informs you that all the employees and officers of his company are bonded. For this reason, he is requesting that under these conditions that you not look at his company's system of internal control so his company may reduce the cost of an audit.
Prepare a letter to the potential client explaining the following:
Why you can or cannot honor his request.
The reasoning for your decision.
The potential ramifications of your decision.
Based on your choice of action, what the perceived corporate governance of the company would be to the public.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30.
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
Kent, CPA, is engaged in the audit of Davidson Corp.'s financial statements for the year ended December 31, 20XX. Kent is about to commence auditing Davidson's employee pension expense,
Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit. What is audit risk and what is it composed of?
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
What are the organizational implications when most managers have different or similar values?
Describe methods of evaluating performance to increase productivity and profitability. List the characteristics of control systems
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Find the effective rate of both. Which is lowest? If Marine Bank eliminates its compenstating balance requirement, would the answer change? What would the new effective rate be?
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
Owner invests cash in exchange for stock and pays cash for employee wages, incurs legal costs on credit and receives cash for services provided
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