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Question: Required: Select a public company and determine a significant risk that could affect its financial statements. Go to the EDGAR database at sec website and select the company's form 10-K (a public company that interests you). The 10-K will have a list of risk factors the company faces. Describe the risk and how it could affect the financial statements, including what assertions might be misstated. Prepare an audit strategy memorandum for the risk describing what controls the company might use to mitigate the risk, how you could test the controls, and what substantive procedures you might use to determine whether there is a misstatement.
Once you gain an understanding of the business and have identified sources of risk, you should be able to piece together which assertions are relevant, and which test of controls and substantive procedures you may want to focus on. Please stay focused in one or two areas.
the standards for variable manufacturing overhead have been established for a company that makes only one product the
(Expected rate of return and risk) Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this security?
If the company uses straight-line depreciation, what amount would be recorded as the depreciation expense each year, beginning with the third year
For each transaction listed below, list the letterorletters from above that describe(s) the effect of the transaction on a statement of cash flows for the year.
on january 1 2007 the calvert company issues 12 100000 facevalue bonds for 103545.91 a price to yield 10. the
amy smith is a student who plans to attend approximately four professional events a year at her college. each event
Riley Labs produces various chemicalcompounds for industrial use. One compound, called Lundor, isprepared using an elaborate distilling process. The company hasdeveloped standard costs for one unit of Lundor as follows.
Identify the fund(s) involved Closing entries are not required If no entry is required indicate None The books for the current year 2012 have not been closed.
Stevens Company produces and sells a single product whose selling price is $60.00 per unit, How many units must be sold to break-even for the month
Determine Amos Seagull's gross income in each of the following cases:
CMW LTD is reviewing an investment proposal.The inital costs as well as ther estimnate of thde book value of the investment at the end of each year ,the net after-tax cash flows for each year and the net income for each year are presented in the foll..
If Congress reenacts additional first-year depreciation for 2010, Sid elects not to take additional first-year depreciation. If Sid elects § 179, what is the maximum write-off for these purchases for 2010?
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