Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smith found that Sky-is-the-Limit lacked proper segregation of the programming and operating functions. Smith analyzed the internal control surrounding the system to ensure that the corporate governance was being maintained, and he concluded that the existing compensating general control activities provided reasonable assurance that the objectives of internal control were being met.
Prepare a letter addressed to the board of directors that discusses the following:
How is the separation of the programming and operating functions accomplished in a properly functioning IT environment?
Explain the 3 subdivisions of information systems management, and discuss how they apply to this situation.
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed and how do these decisions relate to the overall risk assessment for the item being tested?
The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30.
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
At each calendar year-end mazie supply co. uses the percent of account receivable method to estimate bad debits. On December31,2013 it has outstanding accounts receivable of 55000 and estimated that 2% will be uncollectible.
In the last sentence of the case, Johnson states, "there could be serious consequences to several different parties whatever decision he (Johnson) makes."
Classify the main account or group of accounts affected by this risk in the audit plan.
Johnston, Inc. engaged in the following transactions involving treasury stock: Prepare general journal entries to record these transactions. Compute the amount of retained earnings that should be restricted because of the treasure stock still owned a..
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
Consider a health care organization with which you are familiar with and explain the difference between cash and accrual accounting in health care setting. Be sure to include a discussion of the revenue recognition and matching principles.
Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following:
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd