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Frank is a technical manager of a CPA firm. Recently Frank was requested by his firm to conduct a review of the working papers on the audit of a new client, Alpha Electronics Limited ("Alpha"), a company engaging in the manufacturing and trading of computer accessories and devices, and to report his findings to the partner in charge of the audit. Upon review of the working papers prepared by the audit staff, Frank noted that a sample of 33 sales transactions was selected from the sales daybook at random for compliance test purposes. A total of 8 transactions were found to have discrepancies. The audit staff concluded in the working papers that since none of the errors found was above the materiality level set by the firm, the control system on sales would be considered as functioning properly and could be relied upon for other audit work.
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS. What factors cause certain taxpayers to be audited more frequently?
How would you respond to corporate decision to which you're ethically opposed?
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Describe your responsibilities related to unadjusted misstatements that management has determined are immaterial individually and in the aggregate. Assuming this company is a public company, describe how the noted adjustments might impact your aud..
Given time and cost constraints of an audit, explain how materiality and audit risk are assessed and applied to make an audit efficient and effective.
You have been asked to assess the interface for company XYZ's online job bank and resume submission function. Only pieces of data available are: (1) HR is overwhelmed with the number of submissions, (2) internal users complain their applications d..
Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "general standards" are adequate for today's business environment.
What could Nike's Corporate Responsibility team do to improve Nike's public image. Why did Nike's attempt to address it critics prove unsuccessful?
To prepare a report on a criteria audit conducted at Curtin Hospital.
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
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