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Discussion Topic: Mincin, CPA is the auditor of the Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current year's engagement. The prior year's working papers show that confirmation requests were mailed to 100 of the 1,000 suppliers. The selected suppliers were based on a sample which was assigned to select accounts with large dollar balances. A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the confirmation requests.
Required:
a) Discuss the account payable audit objectives
b) Discuss situations in which the auditor should use accounts payable confirmations and discuss whether the auditor is required to use them.
c) Discuss why the use of large-dollar balances as the basis for selecting accounts payable for confirmation might not be the most efficient approach, and indicate what more efficient procedures could be selected for accounts payable conformation.
d) Discuss how analytical procedures could be use to help resolve some of the issues related to the audit objectives.
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product.
Dubois inc wishes to accumulate $1,300,000 by dec 31, 2020 to retire bonds outstanding. the company deposits $200,000 on december 31, 2010, which will earn interest 10% compounded quarterly, to help in the retirement of this debt.
At the end of the current year, the following information is available for both Atlas Company and Bryan Company.
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Dooling Store's inventory is destroyed by a fire on September 5, 2011. The following data for year 2011 are available from the accounting records.
company has three divisions and allocates central corporate costs of 17500 to each division based on two different cost
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The following information was taken from the LLCs income statement for the current year: Revenues:Fees and commissions
Depreciation calculation methods. Millco, Inc., acquired a machine that cost $400,000 early in 2013. The machine is expected to last for eight years, and its estimated salvage value at the end of its life is $60,000.
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