Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Doug Stevens, CPA, is interested in testing the fairness of the ending inventory balance during the audit of Morris Co. Doug has relatively little experience using statistical sampling methods and, quite frankly, doesn't like to turn anything over to random chance' especially the selection of items to test. Doug used a judgmental method of selecting items for testing. The method involves testing the inventory- item balances that he deems most risky or most likely to be misstated. Doug identified items to test based on size of balance, findings from prior years, age of inventory, description, and professional judgment. He selected 26 items with a total book value of $ 720,000. In his “sample, he found a combined $ 80,000 in overstatement errors. The book value of inventory on the entity's records is $ 1,090,000. Overall materiality for the engagement is $ 500,000. Doug's policy is to use 50 percent or less of overall materiality as tolerable misstatement for any one account. Required: a.zbalance is fairly stated?
The components of TeamCentral include which of the following and implementation Tracking
Discuss the relevance of the company policy to the firms' treatment of doubtful debts for the year ended 30/6/2013? How would the auditor determine whether the 30/6/2013 doubtful debts calculation for 2013 is reasonable?
Explains and evaluates the need for audit independence. Briefly describes the business risk audit approach. Evaluates the impact that this approach has on the independence of auditors.
Which of these two controls would cost less and prove more effective? Is there a different, more cost effective strategy we should consider?
Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
View the SEC Complaint in this matter to learn more about this fraud.
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your thoughts.
What does the two designations mean? How would you compare the corporate governance systems of the United States and Germany. How did both countries come to have the systems they have? and what are the consequences of each system?
Explain the audit procedures that your firm should carry out to obtain assurance about the amount of the provision if any that should be included in the company's financial statements, in connection with the ex-employee's ..
Outline and explain the financial statement assertions, what is meant by professional skepticism and outline the steps you would take to audit a bank reconciliation statement.
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd