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Question
ABC Ltd recently established an audit committee in compliance with the Australian Stock Exchange listing requirements. The committee is made up of Ian Wright, John Small and Todd Smith. Ian is an executive of the company and has worked his way up from a factory worker through to management. Ian is the chairperson of the audit committee. John is not a member of management and is therefore a non-executive director but he does serve on a number of boards. John's background is in accounting and before he became a director he was the CFO of a large corporation for many years. Todd is the chairperson of the board of directors and is an executive of the company. Todd's background is in manufacturing and he has been with the current company for 5 years. The committee has just completed having its formal charter drawn up which details its rights and responsibilities.
Identify the strengths and weaknesses of ABC Ltd's audit committee.
Selzer Equipment Company sold 610 Rollomatics during 2012 at $6,580 each. During 2012, Selzer spent $25,950 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Evaluate the amount of allowable loss deduction each shareholder would be able to recognize on their individual 2002 tax returns.
Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?
The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance.
the bankruptcy proceedings are closed, and creditors receive 10 percent of the amount due on the debt. What is Becky's bad debt deduction for 2012? For 2013?
Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made and demonstrate the entry that should be made at the inception of the lease in government activities journal.
Details of other business risks identified from your analytical procedures and background details.
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?
Please read the case provided in the link below and then answer the four questions at the end of the case.
What are the circumstances that could prevent the external auditors from providing an unqualified report? What steps can be taken by CSSC to address any concerns?
What does the two designations mean? How would you compare the corporate governance systems of the United States and Germany. How did both countries come to have the systems they have? and what are the consequences of each system?
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