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Explain the Role playing as an Financial auditor.
This is the ending part of my accounting class and the instructor wants us to role play as an auditor. Please help me out with the below scenario and explaination for my client.
"You are the auditor of Browning, Inc., a manufacturer of plastic products. In reviewing the balance sheet of the company, you notice several receivables from the officers of the company. You report your findings to the president of the company and inform him that these receivables will be considered related party transactions for purposes of financial accounting and reporting. The president seems somewhat annoyed by your comments and asks you to explain what you mean by "related party" transactions and how the financial statements will be affected by these transactions. Prepare a brief response to the president's question."
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
What sort of prevent control could be used to deal with the problems faced by Alabama industries? Explain how the control would work ?
The company's before tax cost of debt is 8% per annum. Calculate the incremental NPV of the lease agreement and ascertain if the company should take out the lease.
When assessing the tolerable deviation rate, the auditor should consider that, while deviations from control procedures increase the risk of material misstatements, such deviations do not necessarily result in misstatements.
What has been the impact on company management and auditors in implementing the provisions of the Sarbanes-Oxley Act of 2002? Discuss how effective you think this Act is in preventing fraud and accounting oversights.
Analyse the ratios in conjunction with the additional information and identify implications for the audit and any particular audit steps that need to be undertaken to reduce audit risk. For example, if there was a worsening inventory turnover, one..
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
not-for-profit nfp organizations differ from classic business enterprises in a variety of ways. hence their business
A new project being considered would require an investment of $15,000 and would generate annual net operating income of $3,000. What is the residual income of the new project?
If the market rate of interest at time the bonds are sold is 8%, what will be the issuance price of the bonds?
1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivable manager. The fraud is large enough to have a material impact on the financial statements. How does this findin..
Focus of the auditor is no longer on the routine audit but rendering value added services like cost efficiency and decision making. Critically examine the statement with particular emphasis on the changing computer environment? How can the auditor be..
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