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Your client, a manufacturer of computer components, has experienced slowing demand for its product. Recently, it cut back from three shifts a day to two shifts a day, and the company has eliminated the backlog of orders that existed in prior years by providing financing to customers. Newspaper reports indicate that competition has taken significant business away from the client because a large investment in R&D has not resulted in improved products. Furthermore, a small handful of your client's customers are experiencing financial difficulties because of slowing demand for your client's products.
a. Consider the implications of the above information for revenues. What assertions, if any, are likely to be misstated? As a result, what accounts are likely to be overstated or understated? Explain your reasoning.
b. Consider the implications of the above information for inventory. What assertions, if any, are likely to be misstated? As a result, what accounts are likely to be overstated or understated? Explain your reasoning.
Show the cash flows from investing and financing activities sections of the cash flows statement.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
You need provide a practice in validating your proposal to leadership. You gain experience in justifying change and expenditures in order to mitigate risk while validating your ideas.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
To prepare a report on a criteria audit conducted at Curtin Hospital.
Is the evaluation and control process appropriate for a corporation that emphasizes creativity? Are control and creativity compatible?
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