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1) Describe a common-size financial statement. Explain how one is prepared.
2) Explain what a common-size financial statement report communicates about a company.
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?
Discuss what you believe to be the most sgnificant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.
Determine if a qualified opinion, adverse opinion, or a disclaimer of opinion would be issued for each of the above occurrences. Identify the contents of each part.
Why is the Code of Conduct important to the profession? Many professionals believe that in today's business environment it is more difficult to adhere to the Code of Professional Conduct. Why might this be true?
In 1993, President Carlos Salinas de Gortari proposed a bill that would formally grant the Bank of Mexico-As an investor, how would you view such a proposal? What other changes might help to amplify the signals sent by this proposal?
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm.
Why should an external auditor, whose primary responsibility is to express an opinion concerning the representations in financial statements, suggest improvements to the information system?
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
Carol Stokke receives her April 6 bank statement showing a balance of $859.75; her checkbook balance is $954.25. The bank statement shows an ATM charge of $25.00, NSF fee of $27.00, earned interest of $2.75, and Carol's $630.15 refund check, which..
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
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