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Question - You are the audit senior on the audit of Action Games Ltd (AGL), a large retailer of computer games. Although each sale is relatively low value, the company has a very high sales volume. You have just completed your review of AGL's internal controls over the sales for your audit for the year ended 30 June 2020. Based on your review, you have concluded that AGL's internal control over sales is excellent. As a result, you have suggested an audit strategy for sales of extensive testing of the controls and, if they prove to be effective, relying solely on those controls to gain reasonable assurance that the sales information is fairly stated. However, your audit manager has asked you whether you have considered the inherent limitations of internal control in designing your audit strategy.
Required -
a) Explain the audit manager's concern.
b) What would be a more appropriate audit strategy? Justify your answer.
Agassi Manufacturing Company uses a job order cost system in each of its three manufacturing departments. Compute the predetermined overhead rate for each department
Tolan co. purchased 30,6% irick company bonds for 60,000 cash plus brokerage fees of $600. Interest is payable seminannualy on july 1 and january 1. if 15 of the securities are sold on july 1 from $31,000 less $300 brokerage fees, the entry would ..
Furniture and equipment is depreciated based on a 6-year life (no salvage value). Prepare closing entries and post to the accounts.
The residual value was unchanged. Calculate depreciation expense on the machine for the fifth year, assuming that Helm uses the straight-line method.
a. How much of the expected proceeds from insurance coverage, if any, should Friendly include in its June 30 financial statements? Justify your answer with relevant accounting pronouncements.
Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.
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A corporation is making preferred dividend payments of $ .75 per quarter and the rate of return is 6%. What is the price of share of this preferred stock
Anakin sold stock that he held for 5 years for $40,000. His basis in the stock was $15,000. How much tax will he owe on these transactions
You are an auditor at a public accounting firm. As an auditor, what account should the client classify the apartment and housing / real estate complex be?
Use SEC Accounting and Auditing Enforcement Releases to research a fraud action by the SEC
Suppose in the following year the city contributed $6 million to its pension fund, Record the pension expenditure in the appropriate fund
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