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Many companies have an internal audit staff to assess the adequacy of internal controls. Do you think your organization has an internal audit function? Or do you think your organization has outsourced this function to an external audit firm? Please include an explanation to support your answer.
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
You have received the bank statement for your company's account and need to reconcile it with your cash T-account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
During an audit engagement, Harper CPA has satisfactorily completed an examination of accounts payable and other liabilities and now plans to determine whether there are any loss contingencies arising from litigation, claims, or assessments
You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
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