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Question - During the audit of XX Company, the auditor noted in vouching items in Travel Expense that a receipt for $750 for the dinner of a salesman with a prospective customer seemed excessive. Upon closely examining the receipt, it seemed like a 1 had been changed to a 7- changing the receipt from $150 to $750.
Upon examining other items, two other dinner bills appeared to have been altered similarly. Yet, the auditor decided that at most a few thousand dollars were involved for a multi-billion dollar company- the amount was clearly not material. Since the risk of material fraud appeared remote, no additional work was done.
What is the auditor's obligation, if any, to communicate this matter?
Assuming that the individual involved was the senior vice president of sales, what is the auditor's obligation, if any, to communicate the matter?
Stubs-R-Us is a local event ticket broker. Required: Estimate commission revenues for Stubs-R-Us for the coming year
Carl is the sole shareholder of Production Corporation. What are the estate tax consequences of the policy when Carl dies
Husky Company maintains a defined benefit pension with First Hartford Trust. Determine the balance in the Pension Asset/Liability account stating
Draft the historical cost and deprival value statement of financial positions for Jerome, including depreciation where appropriate.
In addition, factory overhead applied to production was $23,000. From the following, select the entry to record the factory overhead applied to production
problem: On January 1, 2008, Dolan Corporation had 60,000 shares of $1 par value common stock issued & outstanding. During the year, following transactions occurred: Mar. 1 Issued 20,000 shares of common stock for $400,000. June. 1
North Wind Aviation received its charter during January authorizing the following capital stock
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of year 2014. Prepare a statement of cash flows for the year 2014.
Show the Note to the financial statements providing details of the movements in the Retained Earnings account during the year
Yummy rice offer an all start bowl in exchange for 4 coupons. Yummy rice estimates thar 25% of coupons will be redeemed. The bowl cosy Yummy rice $1.40 each.
duncan brooks needs to borrow 500000 to open new stores. brooks can borrow 500000 by issuing 5 10-year bonds at a price
Depreciation on the buildings was estimated to be $2,400 per month. Analyze each transaction and record it in the general journal
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