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Question - Apple, Banana and Cherry (ABC) is a large client in the retail industry of your CPA firm. You are new to the firm and assigned to audit the sale and collection cycle of ABC. You inquire the accountant of ABC and learn that her employees perform the following control procedures on a regular basis.
(1) Mary regularly reconciles the balance of the accounts receivable master file with the general ledger and the aged accounts receivable trial balance.
(2) Nancy sends monthly statements to all customers with a balance outstanding.
(3) Olivia prepares aged accounts receivable trial balance on a quarterly basis for review by the accountant.
(4) Pauline reviews the accounts receivable master file for affiliates, directors, officers and notes receivable on a monthly basis.
Required - For each of the above internal control procedures, identify the balance-related audit objectives, discuss the likely misstatements if the procedures do not work effectively, give an audit test that could discover the misstatements.
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: - Explain the goals and uses of special journals.
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