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You have been approached by a local lumber producer who specializes in buying logs that have been thinned from the local forests around Las Vegas, NM and turning them into high quality lumber for things like flooring and molding in homes and businesses. The firm is a small, closely held corporation where the founder and his family members hold all the stock and, therefore, does not register with the SEC. You will be doing the first external audit that this firm has had done in its short lifetime. You currently are a member of the AICPA and CPA with a license to practice in New Mexico.
a) Develop a checklist of five areas or issues that you would want to research before you accepted this firm as an audit client and give an example of where you might go to get some information about each issue.
b) Describe three organizations, boards, or groups that have legal authority to regulate aspects of your audit of this client and discuss how that organization, board, or group would regulate your work on this audit.
c) Describe two reasons why this firm may have approached you to do an audit. I am looking for substantive reasons that show you understand the importance of auditing in capital markets.
cashbalance per bank $6,950; outstanding checks $762; deposits intransit $1,700; and a bank service charge $20. Determine theadjusted cash balance per bank at August 31, 2005.
Discuss your thoughts on whether CEOs' exceptionally high pay is economically justified. Explain your rationale.
The petty cash fund of Western Glass Company contained the following items on November 30, 2009: Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.
On comparative income statements issued in 2010 for the years of 2007, 2008, and 2009, what would Smith report as its income derived from this investment in Barker?
Drake Company's income statement for the most recent year appears below: Calculate the unit contribution margin
Assuming that the enacted tax rate is 30% in both 2010 and 2011 and that krause paid 780,000 in income taxes in 2010, the amount reported as the net deferred incoem taxes on krauses balance sheet at dec 31 2010 should be:
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
many organizations have been in the news over the past few years due to accounting ethical breaches that have affected
According to results by Seyhun the main reason why investors cannot earn excess returns by following inside trades after they become public is ______________.
Who will receive exchange treatment as a result of the redemption?
Identify and briefly explain the two main categories of fraud which are of major concern to auditors.
The after-tax cost of debt is 4.00%, the cost of preferred is 7.50%, and the cost of retained earnings is 11.50%. The firm will not be issuing any new stock. What is the firm's WACC?
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