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Toady.com is a new public phone and internet company heavily financed by the Eastpac Bank. During your audit of Toady.com you have found that the business is in the practice of signing up new customers with very little in the way of credit checks. You are concerned that the disclosure of bad and doubtful debts may not accurately reflect the true situation of the company. You notice that if you apply the standards correctly the bad and doubtful debts will have such an effect on the financial statements that capital adequacy requirements may be breached.
When you approached management about the adequacy of these disclosures they told you that they were happy with the bad and doubtful debts at their current level, and that they would not be changing their method of application of the standard.
What is your first obligation? What type of auditor's report will you issue, and why?
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Discuss the potential Audit and Engagement Risk involved for the auditor of Bella Confectionery and discuss the Inherent Risk associated with Bella Confectionery Company.
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is $2,686,283.
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.
A company just completed a physical inventory count at year-end, December 31. Items were counted and costed on a FIFO basis. The inventory amounted to $40,000. The following information was not included in the inventory amount.
the following is an except from a conversation between two sales clerks craig rice and jill allen. craig and jill are
your cfo heard about the outstanding job you did on your meeting and the accounting department personnel were boasting
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?
you are expected to conduct a full situational audit of the shangri-la hotel in singapore and prepare a strategic plan
question beststeel ltd has been the biggest metal pressing machine manufacturer in australia since 2005 when it
overview - pressure hydraulicspressure hydraulics is a locally owned business that currently has three service centres
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