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Refer to the Auditing in Practice feature, "The Great Salad Oil Swindle of 1963," and answer the following questions.
a. How did management perpetrate the fraud?
b. What was management's incentive to perpetrate the fraud?
c. Is this fraud primarily a case of asset misappropriation or fraud- ulent financial reporting?
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits. (Approx 1,000 words essay response)
What does the Consolidated Statements of Earnings-the income statement-tell you about the company and why is this statement important? What business decisions could be made using the income statement?
List the inherent, control, and fraud risk factors relevant to this case. State plausible reasons that KPMG audit personnel may have lacked professional skepticism in their audits of Ace Hardware.
Identify the factors that would impact on the risk of material misstatement and explain the effect of those factors on planning materiality and risk.
task 1critically evaluate the risk-based approach to external audit with particular reference to the audit of home
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?
Identify the weaknesses in the existing procedures and identify improvements to the existing system - Descibe the control weaknesses in accounting for cash receipts.
Show audit areas that have the highest risk for potential litigation and liability for public accounting firms and prepare two best practices for public accounting firms to minimize the risk to liability exposure.
What sort of prevent control could be used to deal with the problems faced by Alabama industries? Explain how the control would work ?
Beginning of the year and total assets of $2,065,300 and total liabilities of $806,640 at the end of the year and partnership liabilities consist of accounts payable, and Mark, as general partner, is legally responsible for paying these liabilities ..
Behalf of the management to the board of director on the effectiveness of the new system - effectiveness and efficiency of the system - plans to establish a separate department that will provide internal audit service to his audit clients.
Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.
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