User Account

All Pages

What internal audit opinion is applicable for this scenario

Assignment Help Accounting Basics
Reference no: EM133056741

Question - Scenario - The Sales Dept. of KGG Company was audited by the Internal Audit Dept. for the year 2020. The internal control system of the Sales Dept. was found to be in order overall. One of the observations was the regular delay in the recording of day's sales.

1. What internal audit opinion is applicable for this scenario?

2. Prepare the internal audit opinion.

Reference no: EM133056741

Questions Cloud

Compute how much is the actual cost incurred : During 2020, East Builders uses the percentage of completion method of revenue recognition. Compute how much is the actual cost incurred in 2020
What is the expected rate of return of stock : According to CAPM, what is the expected rate of return of each stock and What should today's price be for each stock, assuming CAPM is correct?
Scholarly article and the consulting report : Describe the similarities and the differences in between the scholarly article and the consulting report,
Determining the firm market value capital structure : Titan Mining Corporation has 9.5 million shares of common stock outstanding and 390,000 4.9 percent semiannual bonds outstanding, par value $1,000 each. The com
What internal audit opinion is applicable for this scenario : The Sales Dept. of KGG Company was audited by the Internal Audit Dept. for the year 2020. What internal audit opinion is applicable for this scenario
Calculate the respective implied forward rates : Consider a semi-annual coupon bond. Its face value is $1,000, it bears a 6 percent coupon rate per year, and will mature in 2 years.
Term business process mean : What does the term business process mean? What is one of the criticisms of ERP systems? Why did BPR(Business Process Re-engineering) get a bad name?
Calculate the Current Ratio and the EBIT Interest Coverage : Calculate the Current Ratio and the EBIT Interest Coverage using the following numbers from the company's annual report for year ending 30June 2017
Find required return and expected return for stock : An analyst gathered the following information for a stock and market parameters: stock beta = 1.2 51 ; expected return on the Market = 11.59%; expected return o

Reviews

Write a Review

Accounting Basics Questions & Answers

  Dicuss the accounting standards and multinational companies

Dicuss the Accounting Standards and Multinational companies,Management of Translation exchange rate risks by multinational companies

  Which the market with the greatest volume for the asset

Which the market with the greatest volume and level of activity for the asset or liability is defined as the? most advantageous market.

  Breakdown of the tons delivered

The Flintstone Construction Company delivers dirt and stone from local quarries to its construction sites. A new truck that was purchased for a cost of $120,000 at the beginning of the year was expected to deliver 200,000 tons over its useful life..

  Record the given transactions in company ledger

A company purchases £10,000 3i% War Loan at 88 cum interest on 1st April, 1958. Brokerage and Stamp Duties amounted to £4. On 1st May, 1958.

  Using a search engine, search the phrase sec channel

This chapter mentioned alleged fraudulent revenue reporting at Coca Cola and McAfee. Using a search engine, search the phrase SEC channel stuffing.

  Using the dollar value lifo retailmethod

Calculate the inventory value at the end of the year using the dollar value LIFO retailmethod.

  Why assessment of alcohol use might be more difficult

Why assessment of alcohol use might be more difficult for this selected population. Identify two assessment instruments that could be used to assess

  What nontax factors should soong consider in choosing entity

Soong is considering opening a lawn-servicing business. What nontax factors should Soong consider in choosing a business entity

  Calculate the revenue generated by a six-hour trip

Calculate the revenue generated by a 6-hour trip with the old boat (6 guests) and the new boat (8 guests) and compare the two figures

  Fifo inventory method for internal accounting

On January 1, 2010, Lucas Distributors, Inc., adopted the dollar-value LIFO inventory method for income tax and external financial reporting.

  Determine total cost transferred to finished goods inventory

Alpha uses the weighted-average process costing method. Determine for the month of March the total cost transferred to the finished goods inventory

  Trs is a large securities dealer last year the company made

trs is a large securities dealer. last year the company made 120000 trades with an average commission of 120. because

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd