How would you conduct the audit

Assignment Help Accounting Basics
Reference no: EM133178601

Question - Black Label Inc., the client, has inventory at approximately 50 locations in the Philippines. The inventory is difficult to count and can be observed only by traveling by automobile. The internal controls over acquisitions, cash disbursements, and perpetual records are considered effective. This is the fifth year that you have done the audit, and audit results in. the past years have always been excellent. Black Label is in excellent financial condition and is privately held. How would you conduct the audit in terms of test of controls and substantive tests?

Reference no: EM133178601

Questions Cloud

How could the city have avoided the outcome : 1). How could the city have avoided the outcome? Explain.
What can annelies claim at item : During the 2021 financial year, she received an aged pension from the Netherlands Social Security System totalling AUD $5,000. What can Annelies claim at Item
Calculate for the total material cost per unit : Question - BTS Products Company uses an automated process to manufacture its pet replica products. Calculate for the total material cost per unit
Describe innocent absenteeism : Describe "innocent absenteeism." At what point will continued employment represent an undue hardship in the context of innocent absenteeism?
How would you conduct the audit : Black Label is in excellent financial condition and is privately held. How would you conduct the audit in terms of test of controls and substantive tests
Determine the performance-related problems : Bert owns a small five-person consulting firm. He wants to terminate one of the consultants, George, for performance-related problems. George, who is 38 years o
Prepared the necessary journal entries for the month of may : Luciano opened CIAO Company, a new business that began operations on May 1. Prepared the necessary journal entries for the month of May
Making connections with members and staff : Why did you leave your last job or why are you considering leaving your current job?
Find dimensions of diversity : An internal analysis of how diverse a company is and consider the dimensions of diversity to assess the diversity and inclusion in the organization.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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