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You are an assurance services senior at Bailey & Associates and have noted the following independent issues in relation to the audit of Sleek Ltd:
(i) The accounting system at Sleek Ltd did not operate effectively during the first year of operations. Consequently, some general ledger accounts had to be based on estimates, as the actual data relating to these balances had been lost. (ii) As a result of cost constraints, the directors of Sleek Ltd did not implement effective internal controls for debt collection. The debtors' turnover is 3.2 times. (iii) Due to increased competitive pressures, Sleek Ltd has recently moved the manufacture of some of its clothing lines out of Melbourne into regional areas. While Sleek Ltd saves around 20% in costs, the manufacturing process takes longer and on several occasions late delivery has resulted in lost sales. Required:
Problem 1: Explain the impact of each of these separate issues on your assessment of audit risk, the materiality level and the audit strategy that would be adopted.
question in the existing year alice reports 150000 of salary income 20000 of income from activity x and 35000 and 15000
Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational instit..
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How would I solve the fallowing question without using Microsoft Xl. a breakdown on the equation would be much appreciated
At the time of the liquidating distribution, the land had a fair market value of $100,000. Illustrate what amount of loss will Black Corporation recognize on the distribution of the land?
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You are given three investment alternatives to analyze. What is the present value of investment A at an annual discount rate of 12 ?percent?
How many classes would be offered if Bo increased the number of classes offered by 100 percent? What would be total labor cost?
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