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A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year. Repleneshment of the cash stock from the central bank requires careful accounting and contracting to an armored delivery service. This costs $250 per repleneshment and requires 2 days of notice to the carrier. Determine the optimal policy for obtaining cash, that is how much and at what point?
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
Perhaps the issue of independence in internal audit departments goes back to, as you mentioned before, the morality of the internal audit staff. The internal audit department I worked for took the issue of independence seriously. It was important ..
Before year end adjusting entries, Bass Company's account balances at December 31, 2007, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively.
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
To identify principal audit risk and corresponding audit procedures
You are required to identify a current controversy relating to Auditors' Independence.
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
A not-for-profit organization periodically conducts focus groups of employees, service beneficiaries and governance board members to reevaluate its mission, vision, and values to determine the accuracy of the strategic statements to refine them wh..
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
State whether Event is adjusting or non-adjusting event.
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