Explain why alice suggestion is not appropriate

Assignment Help Accounting Basics
Reference no: EM133180290

Question - Control testing in previous year - Alice is a junior auditor on the audit team for Sonoma Safari Park Ltd (SSP). The same audit firm has been SSP's auditor for the past two years.

During this time, the auditors have completed both the financial audit and the compliance audit for the Department of Tourism, stating that the business has adhered to the Wildlife Park Regulations.

SSP has requested that the auditors undertake both audit engagements again for the current year.

In each of the previous two years, the audit team has tested all of SSP's internal controls relevant to ensuring compliance with the Regulations. There have been no exceptions detected in this testing of controls in the past two years. A combined approach is also planned for the current year.

Alice suggests that, since there were no exceptions detected in previous years, no work on internal controls is required because last year's evidence will be sufficient.

Required - Explain why Alice's suggestion is not appropriate.

Reference no: EM133180290

Questions Cloud

Make a swot analysis and horizontal hierarchical chart : Now that you're at your new job with Google, your supervisor tells you the company is contemplating making a major change. The company is trying to determine th
Solve the simple challenge : Alex has just got in from work late. He listens to his answer phone and finds a message from his friend Bob, asking if he would like to go out to see a film
Determine the estimated cost of waterway company inventory : The cost of goods purchased during June amounted to $88000. Determine the estimated cost of Waterway Company's inventory on June 30
Explain three motivations and three challenges : Question - "Modern enterprises often operate as interconnected groups of companies. Explain three motivations and three challenges
Explain why alice suggestion is not appropriate : Alice suggests that, since there were no exceptions detected in previous years, Explain why Alice suggestion is not appropriate
Prepare journal entries related to the discounting of note : Prepare journal entries related to the discounting of note receivable, assuming the discounting is accounted for as a secured borrowing
Develop an emergency plan for a workplace : Develop an emergency plan for a workplace including all elements of the Emergency response plan covered in weeks 9 -11.
Prepare journal entries to record the transactions : The entity paid the bank the maturity value of the note plus protest fee of P10,000. Prepare journal entries to record the transactions
How did you get involved in hr : 1.How did you get involved in HR? 2.What kind of professional skills do you think that anyone going into HR field should have?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute unit costs per pound for products a-b and c

Compute unit costs per pound for products A, B, and C, treating C as a byproduct. Use the NRV method for allocating joint costs.

  Determine the basic earnings per share

At December 31, 2021 and 2020, Cow Co. had 113,000 shares of common stock and 6,300 shares of 4%, Determine the basic earnings per share

  Prepare juliette federal tax return

Prepare Juliette's federal tax return for 2015. Use Form 1040A and any additional appropriate schedules or forms she may need for credits

  By how much is overhead over or under applied

If predetermined overhead rate base is the total direct labor cost, actual labor cost and overhead is P800,000, by how much is overhead over or (under)applied

  An investment of p dollars now will yield cash inflows of

an investment of p dollars now will yield cash inflows of 3000 at the end of the first year and 2000 at the end of the

  Money market or capital market securities

Indicate whether the following instruments are examples of money market or capital market securities.a. U.S. Treasury bills

  Compute the net present value for each project

Sanchez Corporation is considering three long-term capital investment proposals. Compute the net present value for each project

  What is the return expected on this investment measured

What is the return expected on this investment measured in dollar terms if the opportunity cost rate is 10%. Should this investment be made

  What was the balance in eatons capital account

A partnership began its first year of operations with the following capital balances. What was the balance in Eaton's Capital account at end of the second year?

  What kind of strategies effective for type of audience

Describe the specific information you think will be helpful to the sales team in preparation for marketing the new scanner to customers.

  Determine the principal amount of the lease obligation

On January 1, Year 1, George Corp. entered into a 7-year lease agreement with Jordan, Inc. for equipment. Determine the principal amount of the lease obligation

  Compute the cash collectionsfor the year

Antonio Corporation begun construction work in 2021 for a project with a contract price of P8,000,000. Compute the Cash collectionsfor the year

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd