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PT Garuda Sakti found that there are employees whose lifestyle exceeds their monthly salary. The employee occupies a position in the purchasing department and is responsible for purchasing general materials and suppliers, and he has the authority to sign all purchases for an unlimited amount. In this case the leadership of PT. Garuda Sakti cannot rely on the financial statements of the internal audit to prove the fraudulent purchase. So the leader hired Gerard & Partners Public Accounting Firm to conduct an audit of the 2019 financial statements and asked to expand its audit in the purchasing section. This is necessary to determine whether there is evidence of misuse of company funds or a relationship in an activity that involves a conflict of interest
Requested:
Question 1: Make a list of audit procedures that can be applied by KAP (minimum 5) to find the possibility of collusion between buyers and suppliers
Determine the relevant costs for this order for the assembly division under both internal and outsourcing arrangements and determine the relevant costs for order for Davenport as a company under each of the sourcing arrangements.
Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.
How Change in cash in Year 3 is closest to? First year sales$200,000Annual sales growth30%COGS as a percentage of sales30%
Johnny Singh Corporation. Selected data follows: Sales and expense data for the year ended 12/31/16: Gross revenue $51,095,000; Returns $3,380,000. Prepare a classified balance sheet.
If interest is paid annually, find the value of the bond when the required return (yield to maturity) is (1) 5%, (2) 8%, and (3) 11%?
Variance analysis is used as a tool to evaluate performance.
n December 2009, Homer Simpson worked for Springfield Power and earned $5,000, which will be paid on January 15, 2010. Federal income tax withholding is 15%. The FICA rate is 6.2% and the Medicare tax is 1.45%. How much cash will Springfield Power pa..
On January 1, 2013, Hi and Lois Company purchased 12% bonds having a maturity value of $343,000, for $369,004.48. The bonds provide the bondholders with a 10.00% yield. The bonds are classified in the held-to-maturity category. Prepare the journal en..
The Rule of 72 works best with relatively low interest rates. Suppose the time it will take for an investment to double in value is 12 years. Find the interest rate. What is the approximate rate implied by the Rule of 72? Now suppose that the doublin..
Where applicable, it applies the half-year rule. What is depreciation expense for 2019 using the units-of- production method (rounded to nearest dollar)?
Adjustment trial balance
The following information was drawn from the records of Paso & Associates at December 31, 2012. Cash Flows From Operating Activities $ Cash Flows From Investing Activities Cash Flows From Financing Activities Net Change in Cash Ending Cash Balance $
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