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You are a senior auditor working on a client who holds a large portfolio of mortgage obligations. Due to the soft housing market, the client has established a fairly significant loan loss reserve. It is based on loan performance of a sample of loans within the portfolio. You have been asked to verify the reserve balance
• Describe what audit procedures should be used to verify that the sampling technique used by the client is effective.
• Assume that you re-perform some of the loan analysis previously performed by the client and discover that your results of tests do not agree with those documented by the client. What additional audit procedures should be undertaken to ensure that the management estimate used to arrive at the reserve balance is adequate, accurate, and reliable?
Effect of Stock Dividend Travanti Company has a history of paying cash dividends on its common stock. Although the firm has been profitable this year, the board of directors is planning construction of a second manufacturing plant.
Assuming a direct-mapped cache with 16 one-word blocks that is initially empty, label each reference in the list as a hit or a miss and show the final contents of the cache.
Issuance of the bonds. Accrual of interest and amortization of bond discount for the year, on December 31, using the straight-line method.
A meeting of senior managers at the Pringly Division has been called to discuss the pricing strategy for a new product. Part of the discussion will focus on estimating sales for the new product.
Which of the following are consedered an optional presentation within a goverments required supplementary information.
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
To what years can the 2008, 2011 and 2012 net operating losses be carried back? What amount, if any, is available as a net operating loss to be carried forward?
Pumpkin Bags (PB) is a desiger of high quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse.
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Suppose a risk-free asset has an expected return of 5%. By definition, its standard deviation is zero, and its correlation with any other assets is also zero. Using only Asset A and the risk-free asset, plot the attainable portfolios.
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