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The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?
· The relative competence of evidence obtained from external and internal sources.
· The role of internal control with respect to internal evidence produced by a client's data processing system.
· The relative persuasiveness of auditor observation and recalculation evidence
Help to develop flowcharts to show the flow of data into and from each of the four accounting systems analyzed. Explain the rationale and analysis behind the recommended course of action.
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?
Calculate the multifactor productivity composed of labor and capital units shipped plus finished goods for PCCorp. In place of fixed costs use (sales + finished goods)
After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
What gain or income do Sara and Jane recognize on the exchanges? What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents pe..
Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
Determine the total deductions in calculating taxable income related to the machine for 2011 assuming Glory has taxable income of $500,000.
In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2010.
The approach the controller recommended is to compare SUPERVALU's revenue recognition accounting policies to three similar companies, one reporting under US GAAP ( Safeway ) and two reporting under IFRS ( Ahold and Loblaw Companies ).
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