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Refer to the Professional Judgment in Context feature "Thor Industries, Inc. and Mark Schwartzhoff: Fraudulent Reductions in Cost of Goods Sold Through Manipulation of Inventory Accounts." Answer the fol- lowing questions.
a. List the incentives and opportunities that enabled Schwartzhoff to commit the fraud. Speculate on his possible rationalizations.
b. What do the control deficiencies imply about the approach Deloitte should have used to audit the inventory-related accounts and assertions on the Thor and Dutchmen audits? Discuss your answer in terms of the relative mix of evidence in the form of tests of details, substantive analytics, and tests of controls. Why might Deloitte auditors have lacked professional skepticism regarding the financial results of Dutchmen?
c. What substantive audit procedures (both tests of details and analytical procedures) could have detected this type of fraud earlier?
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
You must upload copies of MS PowerPoint slides in the moodle. These form the evidence of your presentation and you will not be eligible for a competent grade if you have not supplied them.
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.71 per share and having a 3% stock dividend. In the 2014 annual report, Orbon reported restated earnings per share for 2012 of $1.12.
What each of the above actually refers to and what it means and what is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing).
Provide details of your 'scope of engagement' (i.e. what exactly were you instructed to do). Critically analyse the current understanding of CSR, referring to academic literature and industry standards.
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.
Audit report search: Many companies publish their annual reports on their website, usually in an "Investor Relations" section.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors - Perform overall analytical procedures to identify significant changes in the financial positions or results of the business which require det..
Business The accompanying graph shows the revenue (in billions of dollars) generate by the hardware industry in the United States from 1995 to 2007. Find the approximate average change in the revenue for each period.
Do some research on your bank using the Internet and the CyberLibrary, and write a short paper that put it all together in making a recommendation on whether or not you think one should buy shares in your bank as part of your own investment portfo..
Internal controls 1 through 5 were tested in prior audits.
1.Before a company can begin trading on an exchange, it must meet certain initial requirements.
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