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1. What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
2. What are five ways a retailer can determine performance. Why is it important for retailers to attempt to measure and compare their performance with competitors and internal objectives?
Write journal entries for each transaction and Evaluate profit and loss for given case
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
Determine the information contained in internal audit report
Show the audit inherent risk and rate the risk as low, medium or high.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Evaluate the amount of allowable loss deduction each shareholder would be able to recognize on their individual 2002 tax returns.
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
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