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A company comprises a chain of 94 restaurants. All food orders for each restaurant are required to be entered into an electronic device which records each food order by food server and transmits the order to the kitchen for preparation. Food servers are responsible for collecting payment for all their orders and must turn in the proceeds collected (cash, checks, and credit card receipts) at the end of their shift, which should equal the total sales value of food ordered for their ID number. The manager then reconciles the payments received for the day with the computerized record of food orders generated. All differences are investigated immediately by the restaurant manager or assistant manager. At the end of each day the cash and checks, less a standard amount of cash kept for use the next day, are deposited in a corporate bank account. Credit card receipts are directly credited to the corporate bank account by the credit card provider.
Corporate headquarters wants to establish a monitoring activity to determine if each individual restaurant is recording all its revenues and transmitting the applicable funds to corporate headquarters.
(A) What are monitoring activities?
(B) Design a monitoring activity that would achieve this assurance objective.
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
For each of the above independent situations: (1) describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
What types of unethical behavior should we expect to see from our clients? Also, how do we interpret "honest" mistakes from intentional fraud?
Stock splits and reverse splits are often a reflection of the economic times we live in. Could you find a recent real life example of a stock split or reverse split announced by a company?
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
Prepare a memo on the 'state of the company's industry' and associated risk factors.
Use one of the Internet browsers to search for the following terms: Audit evidence, Electronic data interchange and image processing systems. Tell us what each means and give us an example.
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS. What factors cause certain taxpayers to be audited more frequently?
What are role and responsibilities of the internal auditor with regard to SOX and financial statement audit
Your firm has been hired as an outside auditor to conduct an audit on a growing software company that is getting ready to go public. The company has been in business for approximately five years, and the Controller position has had three different..
What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
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