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For each of the following combinations of audit evidence, rank the items in terms of their reliability:
1 A Bank statement from the entity's records B Bank statement sent directly to the auditor C Cash at bank ledger 2 D Audit firm conducts the physical count of inventory E Internal audit reports on the physical count of inventory F Auditor supervises internal audit conducting the physical count of inventory 3 G Management provides a representation letter on the accuracy of valuations H The auditor receives a letter from the agent who conducted the valuation confirming its accuracy I The auditor hires an independent agent to confirm the valuation 4 J The auditor conducted an inventory count two months before reporting date K Internal audit conducted an inventory count 3 days before reporting date L Internal audit conducted a supervised inventory count on reporting date 5 M Management assured the auditor of the probable outcome of a pending court case N The entity's lawyers assured the auditor of the probable outcome of a pending court case O The auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case.
wymont company produces a single product that requires a large amount of labor time. overhead cost is applied on the
the subsequent amortization and interest schedule reflects issuance of 10-year bonds by capulet corporation on 1st
Prepare a memo on the 'state of the company's industry' and associated risk factors.
Audit evidence, rank the items in terms of their reliability - auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case
The importance of internal controls ... a little side trip due to current events: This is an article that highlights the importance of internal controls in managing financial functions (and by extension to managing all business functions). Can you..
Explain the purposes and reasons for public accounting firms to perform an integrated audit. Address the Sarbanes-Oxley Act (SOX) and explain corporate governance and its relation to integrated audits.
What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services?
What is the initial audit risk? High, medium or low and what factors made you decide on this level?
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
Beginning of the year and total assets of $2,065,300 and total liabilities of $806,640 at the end of the year and partnership liabilities consist of accounts payable, and Mark, as general partner, is legally responsible for paying these liabilities ..
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time.
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