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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:
a. Describe the elements of the Generally Accepted Auditing Standards (GAAS).
b. Describe how these standards apply to financial, operational, and compliance audits.
c. 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.
d. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.
(at least 700 words)
Assume the percentage-of-completion method of revenue recognition is used on a long term construciton contract. Under this method, revenues that are earned but unbilled at the balance sheet date should be disclosed
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On January 1, 2010, Fishbone Corporation sold a building that cost $262,300 and that had accumulated depreciation of $101,600 on the date of sale. Fishbone received as consideration a $251,400 noninterest-bearing note due on January 1, 2013.
Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
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A lead partner is a local accounting firm, whose practice consists of tax consulting and compliance, serves clients by providing write-up and payroll processing services. As his firm grows, he has developed various ways to build its business.
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From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Compute depreciation expense for the years 2010 and 2011 and show the book value of the machine on December 31, 2011 using each method below:
On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. The journal entry to record its purchase on January 1, 2006.
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