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1. Assume you are an auditor of XXX Corporation. XXX Corporation is not doing well, and management is under tremendous pressure to show a profit. You are concerned that XXX may be creating phony sales orders and shipping goods from its main manufacturing facilities to other XXX company warehouse locations and recording the shipments as sales revenue.
Question: Identify three audit steps you would take to ensure that these fraudulent transactions are not being recorded as sales.
2. ZZZ Company is a fast-growing highly profitable telecommunications company. The profit margin of ZZZ is 20 percent higher than its competitors, though the specific reason for the higher profitability is not known. Some are concerned that ZZZ may be capitalizing expense items to improve the bottom line.
Question:
A. Describe the guidelines for the capitalization of spending.
B. Identify three substantive audit tests that would inform the auditor of inappropriate capitalization of expenses by a client.
Identify 3 key controls relating to the cash receipts cycle and determine an appropriate test of controls you would carry out for each control
Sunset LLC also reported a net section 1231 loss of $8,000 two years ago. What is the amount and character of Sunset's gain or loss
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A 3-month promissory note for 2,000, Determine the proceeds of the note if it is sold on June 20, Y to yield the purchaser a 9% simple rate of return.
Analyze the major ways in which quality issues in health care affect antitrust healthcare policy
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