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Select a company that has recorded impairment charges in its financial statements. For the selected company, identify:
a. Company name and its principal line of business.
b. Nature of financial difficulties the company is facing.
c. Nature of the company's long-lived assets that were impaired.
d. Nature of the impairment charges and their magnitude as a percentage of total assets, total sales, and net income.
e. What judgments did management at the company make that may affect the ability of the external auditor to assess the reasonable- ness of the impairment charges? Discuss the importance of pro- fessional skepticism related to these management judgments.
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the buyer paid $3,600 for property taxes."
Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed components. (Omit the "$; sign in your response.)
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Identify the company's independent registered public accounting firm and determine how long this firm has served as the external auditors.
You will be required to obtain/study annual reports of companies in the industry
For each of these, indicate whether you would include in written representations for (1) all audits, (2) audits of public entities (under AS 5), or (3) not included in written representations.
Identify the weaknesses in the existing procedures and identify improvements to the existing system - Descibe the control weaknesses in accounting for cash receipts
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
What computer-assisted audit technique would be effective in helping Draker determine whether Palitt"s vendor database had actually been falsified?
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
List and show the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
You need provide a practice in validating your proposal to leadership. You gain experience in justifying change and expenditures in order to mitigate risk while validating your ideas.
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