Reference no: EM13132048
Audits can be categorized into five types: (1) financial statement audits,(2) audits of internal control, (3) compliance audits, (4) operational audits,and (5) forensic audits.
Required:
For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or forensic audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government auditor, or forensic auditor) is likely to perform the audit engagement.
a. Evaluate the policies and procedures of the Food and Drug Administration in terms of bringing new drugs to market.
b. Determine the fair presentation of Ajax Chemical’s balance sheet, income statement, and statement of cash flows.
c. Review the payment procedures of the accounts payable department for a large manufacturer.
d. Examine the financial records of a division of a corporation to determine if any accounting irregularities have occurred.
e. Evaluate the feasibility of forecasted rental income for a planned low income public housing project.
f. Evaluate a company’s computer services department in terms of the efficient and effective use of corporate resources.
g. Audit the partnership tax return of a real estate development company.
h. Investigate the possibility of payroll fraud in a labor union pension fund.
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Dividend declaration affect pico balance sheet
: State Corporation is a 30%-owned equity investee of Pico Corporation. During 2003, State declared $50,000 in dividends to be paid in 2004. How does the dividend declaration affect Pico's balance sheet at December 31, 2003?
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Calculate the lower of cost or market for the inventory
: If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
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Basic venn diagram and set theory example
: How can you represent a pedigree for a mixed breed of dog (a Schnoodle, for example) using set theory? Create (describe) a Venn diagram and a numeric sentence to describe the set.
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Explain probability in terms of truth of manufacturer claim
: The mean life time of the sample of 160 tires will be less than 39,000 miles? Interpret the probability in terms of the truth of the manufacturer's claim.
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Determine the fair presentation of ajax chemical balance
: Evaluate the policies and procedures of the Food and Drug Administration in terms of bringing new drugs to market. Determine the fair presentation of Ajax Chemical’s balance sheet, income statement, and statement of cash flows.
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Description of venn diagram
: In a survey of 250 dancers, 167 knew the ballroom dances, 140 knew the Latin dances, and 106 knew the swing dances. Of these, 65 knew the ballroom and swing dances
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Why is the activity-based costing unacceptable
: 1.why are top management support and cross-functional involvement crucial when attempting to implement an activity-based costing system? 2. why is the activity-based costing unacceptable for external financial reports?
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What is the simplest formula of the compound
: A compound is found to be 26.95% sulfur, 13.43% oxygen, and 59.61% chlorine by mass. What is the simplest formula of the compound?
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The jews of sighet
: Put the number in front of each event with a number 1 for the first event and a number 9 for the last one and numbers 2 through 8 in order of when they happened for those in between.
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