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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million.
As part of the audit, you must assess the operating effectiveness of controls related to the misstatement.
Required: The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million.
Kaitlyn's company needs to obtain funds in order to keep the business going; however, she does not want stockholders influencing the direction of her company. Illustrate what type of financing should Kaitlyn acquire?
Determine the variances and indicate whether each is favorable or unfavorable, Materials price variance and Materials quantity variance
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The auditor traced the payment through the entry records of May 11 and found that the payment had been made with cash instead of a check. What type of embezzlement scheme does this appear to be, and how does that scheme operate?
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On overseas distributor has expressed an interest in these units if the price is substantially reduced. Evaluate the minimum price that would be acceptable to Redi-Watt in selling these units.
Evaluate whether Mother Earth would be able to obtain a waiver, consider that the company was in violation of the debt covenants?
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