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Refer to the Professional Judgment in Context feature "How to Account for Virtual Sales at Zynga." Answer the following questions:
a. What are the inherent risks associated with the revenue transactions at Zynga?
b. What are management's incentives to misstate revenue transactions?
c. What controls should Zynga management have in place to mit- igate the risks associated with revenue transactions?
d. How might auditors use preliminary analytical procedures to identify any potential concerns with Zynga's revenue?
e. What is sufficient appropriate evidence when auditing Zynga's revenue transactions?
The following is a common example of a circumstance imposed scope limitation. An auditor might identify a material weakness at an interim date, and the entity implements new controls to correct the deficiency. If the new controls are placed in ope..
please make a statement of revenues expenses and changes in net assets for the year ended 31st december 2012 assuming
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
Understand Corporate Governance, examine and describe recent failures in corporate governance, and identify actions that the public perceived necessary to improve the quality of corporate governance.
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
Explain what the following five words mean to you non CPA audit, financial audit, compliance audit, operational audit, fraud audit
In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: What percentage complete were the beginning inventory units as to direct material? Packaging? Direct labor/ Overhead?
List the inherent, control, and fraud risk factors relevant to this case. State plausible reasons that KPMG audit personnel may have lacked professional skepticism in their audits of Ace Hardware.
For each of the above independent situations: (1) describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
Review the income statement for Uden Supply Company and Describe the purpose of analytical procedures performed in the planning stage of the audit.
Explain the ethical dilemma that may exist in the debate above re auditors' independence and the impact on the credibility and reliability of financial reporting given the recent global financial crisis.
The bank statement also shows a $30 service charge and $20 of interest revenue that First on Alert earned on its bank balance.
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