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Toady.com is a new public phone and internet company heavily financed by the Eastpac Bank. During your audit of Toady.com you have found that the business is in the practice of signing up new customers with very little in the way of credit checks. You are concerned that the disclosure of bad and doubtful debts may not accurately reflect the true situation of the company. You notice that if you apply the standards correctly the bad and doubtful debts will have such an effect on the financial statements that capital adequacy requirements may be breached.
When you approached management about the adequacy of these disclosures they told you that they were happy with the bad and doubtful debts at their current level, and that they would not be changing their method of application of the standard.
What is your first obligation? What type of auditor's report will you issue, and why?
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
Describe about owning a computerized accounting system by (developing internally; purchased from 3rd party provider or purchased from 3rd party with company custom made features).
Beeline Manufacturing produces two types of industrial ventilation machines: heavy-duty and standard. The assignment basis for overhead costs has always been direct labor hours. For 2013, Beeline compiled the following data for the two products:
Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement tha..
Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence.
A Business report identifying auditing procedures and practices
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
You will be required to obtain/study annual reports of companies in the industry
Compute the budgeted amounts for 2012 for direct materials to be used, direct labor, and applied overhead and compute the standard cost of one unit of product.
A retailer needs to choose between two suppliers for one of its products. The only criterion used for the decision is the cost. The following information about the product is available:
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