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Question - Your audit client AMP is a major Australian Wealth Asset Management company based in the Melbourne CBD, with offices across all Australian states and parts of the Asia Pacific region including India, China and Indonesia. AMP employs just over 12,000 employees and is involved in providing several services including retail banking, provision of superannuation, financial advice, investments strategies, life insurance and property investment solutions. AMP's operations rely heavily on 3,000 financial advisors (agents) selling their products for a high fee and commission. During the audit you discovered the following issues:
Issue 1: Initial audit testing revealed several instances where AMP agents sold life insurance policies to customers, but they were not paid their 20% commission on the sales, as the commission rate was omitted when then sales were processed.
Issue 2: Initial audit testing revealed that over 400,000+ customers received interest rates applied to their mortgage loans well above the current 2.29% variable rate.
For each the above 2 issues identified in your audit, identify automated input controls would be MOST likely to have prevented the issues?
Compute the estimated stock price per share by finding the total value of the firm (use the FCFF and the WACC as the discount rate)
xyz company recorded the following information related to their inventory accounts for 2009 january 1 december 31
Holland, Flowers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership.
Briefly explain the difference between the direct method and the indirect method of cash flow statement
What is the adjusting entry to record accrued salaries at the end of June
Description of tax items that are included in gross income. Analysis of the items that are excluded from gross income. explanation of concept of gross income
Determine the monthly transaction price that Jonas should use for recording the contract and prepare Jonas's journal entry at the end of the first month
(a) Should business transaction debits and credits be recorded directly in the ledger accounts?(b) What are the advantages of first recording transactions in the journal and then posting to the ledger?
prepare journal entries as of january 12 to record the payroll and the payroll taxes for the week ending january 8.
Accountant founda mistake in bank statement as a wrong credit of $1750. Prepare a Bank Reconciliation Statement for One Day Cleaner at November 30
Depreciation Expense on this item for the month is $200. What is the balance of the scanning equipment account at the end of the month
An increase in gross profit from $1.1 billion in 2014 to $1.3 billion in 2015. Calculate each year's gross profit percentage
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