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Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following:
o Describe the elements of the Generally Accepted Auditing Standards (GAAS).
o Describe how these standards apply to financial, operational, and compliance audits.
o Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies.
o Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.
Note that the written standards of APA are to be used.
The cash balance in ABC Company's general ledger is $14,000 and the cash balance shown on its bank statement is $19,000. Reconciling items include outstanding checks totaling $8,000.
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
Assume the company's monthly target profit is $11,000. The unit sales to attain that target profit is closest to:
What inventory system do you use and why? What are its advantages and disadvantages? What activities should you perform to correctly account for your inventory at year-end? Why is it important to track inventory? What does this information tell you a..
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
Many companies use a balanced scorecard for performance evaluation. The balanced scorecard has four business perspectives, and utilizes KPIs to evaluate performance in various areas. Which of the following KPIs would relate to the financial perspe..
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Net loss is $130,000 and the partners have no written partnership agreement.
Kira Wahlgren acquired 100 shares of stock by gift from her father. Her father paid $1,000 in gift tax on the gift. At the time of the gift, the shares had a fair market value of $60 per share. Her father's adjusted basis in the shares was $90 per..
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
The existence of a material weakness led to an adverse opinion in the internal control audit report of a publicly traded company. Which of the following statements is correct if management believes that it has remediated the weakness?
Why do you think Toyota is expanding so aggressively outside of Japan instead of focusing more on manufacturing in Japan and exporting to other countries?
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