User Account

All Pages

Determine potential risks and controls for the processes

Assignment Help Accounting Basics
Reference no: EM132671576

FV Corporation is a new corporation providing food services in Molino. Due to financial constraint, they hired BBMI as their outsourced accounting process. It turned out that BBMI was also hiring another accountant who prepares the financial statements for FV Corporation. It turned out that no accounting department is maintained by BBMI and all data are being summarized by one person.

  • During audit, it was determined that all information was incorrect. The auditor assessed that the misstatements were due to fraud or error, as the outsourced accountant is the brother of BBMIs Vice President.
  • Assume you are the consultant of BBMI, use Risk and Control Matrix to improve the internal controls of FV Corporation to address the risks of misstatements due to fraud or error.

Problem a: In Risk and Control Matrix, it must determine potential risks and controls for the following processes only:

1. Revenue Process
2. Expenditure Process

Reference no: EM132671576

Questions Cloud

What course of action did the supreme court take : What course of action did the Supreme Court take? Lastly, what is the law today? If you are comfortable, share your opinion about the laws in this regard.
What are the price-to-book ratio and the forward P-E ratio : Develop a pro forma to assist you in your valuation and calculate the value implied by that pro forma. What are the price-to-book ratio and forward P/E ratio
What is the total partnership residualincome allocation : What is the TOTAL partnership RESIDUALINCOME allocation in 2020? What is the total partnership profit allocation for Moon, Sun, and Stars, respectively?
Define how ada can be used to help organizations : Write in a Word, for the medical center's company newsletter, which clearly identifies the key elements and importance of the ADA and how ADA can be used.
Determine potential risks and controls for the processes : In Risk and Control Matrix, it must determine potential risks and controls for the processes only Expenditure Process and Revenue Process
Build a docker image from dockerfile : Build a docker image from Dockerfile: sudo docker build -t name_of_your_docker - run a docker container from docker image: sudo docker run -it name_of_your_doc
How does the color palette help guide your viewer : Reflect on the ways in which your chosen template works well with your career goals. How does the color palette/layout help guide your viewer?
Compute the budgeted fixed cost per labor hour : Compute the budgeted fixed cost per labor hour for the fixed overhead separately for each plant: Including allocated common fixed costs
Identify the risks the company included in the filing : Identify the risks the company included in its filing. Auditors need to be aware of these fisks, as they could have misstatement implications

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss variable and absorption costing

Select one of these costing methods and explore the various arguments. Determine whether you are "for" or "against" this selected method

  What was the company net income or loss for the period

$75,000 in owner's capital, and the owner withdrew $30,000 during the period for personal use. What was the company's net income or loss for the period?

  Define weaknesses that exist in alden expenditure cycle

Discuss how those control procedures would be best implemented in an integrated ERP system using the latest developments in IT. (CPA Examination, adapted)

  Compute the double-declining-balance

Estimating Depreciation Expense and Book Value, Equipment costing $29,000, with a scrap value of $5,000 was purchased on January 1,

  What should the total materials cost be at a production

question 8 figure 3-2. lassiter toys inc. cost of materials no. of toys total cost produced of materials 100000 20000

  What is the difference between capitalization of asset cost

Question - What is the difference between capitalization of an asset cost and an ordinary operating and maintenance expense

  Define and calculate the hospital break even point

Assume the following information about cost and charges for a hospital in 2014: Define and calculate the hospital's break even point

  During the current year maine savings and loan association

during the current year maine savings and loan association made new loans of 15 million. in addition the company

  Compute the minimum rental acceptable

Lydia Store has three departments, Compute the minimum rental acceptable if the Jewelry Department is closed and the floor space is to be let out.

  What are some of the tax problems

What are some of the tax problems (i.e., income, gift, and estate taxes) that might be encountered as a result of these events

  Amount of the adjusting entry for bad debt expense

Using the percentage-of-sales method, you estimate that total uncollectible accounts is $7,345. The Allowance for Doubtful Accounts prior to adjustment has a debit balance of $1,345. The Accounts Receivable balance is $55,909. The amount of the..

  What is the total equity value of this partnership

What is the total equity value of this partnership? Record a General Journal entry for each partner's investment in the new partnership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd