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1. 'Inherent Risk' can be defined as the combination of internal and external risk factors in their pure, uncontrolled state, or gross risk that exists assuming there are no internal control activities in place.
'Residual Risk', on the other hand, can be defined as the portion of inherent risk that remains after management executes its risk responses.
With the above definitions in mind, discuss why internal auditors typically focus on inherent risk while management tends to focus on residual risk.
2. What are the components/elements of a well written audit report finding? Discuss any two of them.
snappy company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to
How are the company's assets classified?
the contribution margin ratio is 25 for grain company and the break-even point in sales is 194800. to obtain a target
For each of the following three separate situations, (a) determine the bonds' issue price on January 1, 2009, and (b) prepare the journal entry to record their issuance.
Determine the pretax return on equity and after-tax return on equity for the construction company in Figures 6-1 and 6-2. What insight does this give you into.
Numeric Corporation produces and markets two types of electronic calculators: Model 100 and Model 200. The following data were gathered for last month:
Briefly discuss the advantages and disadvantages of installing thin clients for use in a university computer lab versus desktop computers.
like chou the president of digitech computer service needs your help. he wonders about the potential effects on the
Why does a company choose to form as a corporation? What are some of the advantages and disadvantages of the corporate form of doing business?
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
blimie corporation was organized on january 3 2012. blimie was authorized to issue 50000 shares of common stock with
hilton company reported net income of 30000 for the year. during the year accounts receivable increased by 7000
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