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Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000.
How do you feel Symington should have recorded these transactions? Why? What are the ethical implications of Symington's actions?
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your thoughts.
While internal auditors and external auditors should have complementary interests and goals, there are differences in their scope of work. For this discussion, explore the advantages and disadvantages of selecting outside independent auditors vers..
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
Discuss the interrelationship of the cash flow statement to the other financial statements. In your discussion comment and explain operating activities, investing activities, and financing activities.
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant.
Prepare Swag's consolidated balance sheet
Show the cash flows from investing and financing activities sections of the cash flows statement.
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
What is an audit program? Identify two tasks that need to be accomplished in the framework for developing an audit program. What essential information is generally documented in an audit program?
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