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Suppose that you are audit senior in an accounting firm. Your firm has recently won an audit for a company ELDERS ltd. Thus, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the needs of ASA 315.
Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.
Required:
a) Prepare a list of all useful sources that you will use to obtain the required knowledge.
b) Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
c) Suggested five most important basic balance-related or transaction-related audit objectives based on your finding of the risk factors.
What would you include in the audit plan, and why, would you plan a test of controls or substantive tests? Why or why not?
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
What are monitoring activities and design a monitoring activity that would achieve this assurance objective.
should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the current system handles this process?
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Compute price and usage variances for direct materials, compute the direct labor rate and labor efficiency variances and compute the fixed overhead spending and volume variances. Intercept the volume variance.
Adding certain controls costing $35,000 annually could reduce these losses to 0.5 percent of purchases. Should the control be recommended
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
One aspect of the ZZZ Best Case focused on client acceptance and the predecessor-successor auditor relationship. Integrate this article with the case and discuss how this has impacted the current Audit environment
What is Activity Based Pricing? How can banks use it in their business? Explain. How can banks link ABC to performance management? Explain.
AFR Company's internal audit function recently completed an audit of the Company's various employee benefit plans. The internal auditors' working papers contain the following audit observation
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