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Problem - For each of the following situations, explain how risk of material misstatement should be assessed and what effect that assessment will have on detection risk.
a. Johnson, Inc., is a fast-growing trucking company operating in the southeastern part of the United States. The company is publicly held, but Ivan Johnson and his sons control 55 percent of the stock. Ivan Johnson is chairman of the board and CEO. He personally makes all major decisions with little consultation with the board of directors. Most of the directors, however, are either members of the Johnson family or long-standing friends. The board basically rubber-stamps Ivan Johnson's decisions.
b. MaxiWrite Corporation is one of several companies engaged in the manufacture of high-speed, high-capacity data storage devices. The industry is very competitive and subject to quick changes in technology. MaxiWrite's operating results would place the company in the second quartile in terms of profitability and financial position. The company has never been the leader in the industry, with its products typically slightly behind the industry leader's in terms of performance.
c. The First National Bank of Pond City has been your client for the past two years. During that period you have had numerous arguments with the president and the controller over a number of accounting issues. The major issue has related to the bank's reserve for loan losses and the value of collateral. Your prior audits have indicated that a significant adjustment is required each year to the loan loss reserves.
Zero-base budgeting requires the periodic review of all programs
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A detailed description of the features of your product or service including how it solves the needs of your target market. A description of how your marketing efforts will change with each phase in the product life cycle
One of the central concerns of the sociology of development is change. In societies of all times there is change affecting every realm of life social, economic, cultural, technological, demographic, ecological and so on.
Prepare a 2016 income statement for Nike Inc. based on the following information: Nike had sales of $620,000. Cost of goods sold, administrative and selling
leah friend is trying to decide which two different kinds of candy to sell in her retail candy store. one type is a
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In 2010 Acme Construction Company won the contract to construct an office building at a contract price of $1,200,000. Compute the Gross Profit recognized
Outline Aron's professional obligations as a CGA
Conceptual Approach A large automobile-parts plant was constructed 4 years ago in a Pennsylvania city served by two railroads. The PC Railroad purchased 40.
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