User Account

All Pages

What weaknesses existed in the audit approach

Assignment Help Accounting Basics
Reference no: EM132982959

Question - An employee for Chicago, Illinois, was fired after city officials discovered that he had used his access to city computers to cancel his $300 water bill. An investigation revealed that he had been doing this for a long time, thereby embezzling a large amount of money from Chicago. He concealed the embezzlement for so long because the amount embezzled always fell within a 2% error factor used by the auditors.

What weaknesses existed in the audit approach? How could the audit plan be improved? What were internal control weaknesses present in the system? Should the auditors have discovered this fraud earlier?

Reference no: EM132982959

Questions Cloud

What is the purpose of learning about the consequences : What is the purpose and goal of learning about the consequences of mismanagement and its effect on companies? Explain the need for focusing
Determine the amount of cash paid for purchasing inventory : Lira Company reported following account balances on its income statement: cost of goods sold-$320,000, Determine amount of cash paid for purchasing inventory
Prepare the income statement for charlene limited : Prepare the income statement for Charlene Limited for November under absorption costing and variable costing. Charlene Ltd manufactures and sells laptops.
Why should a production-volume variance : Why should a production-volume variance (PVV) that is material be prorated among work-in-process, finished goods, cost and cost of goods sold
What weaknesses existed in the audit approach : What weaknesses existed in the audit approach? How could the audit plan be improved? What were internal control weaknesses present in the system
Which of the best defines standard costing : Which of the best defines standard costing? It is a system that allocates overhead costs on the basis of standard overhead rates times the actual quantities
Calculate the noncontrolling interest amount reported : Using the acquisition method, calculate the noncontrolling interest amount reported by Morey on its June 30 and December 31 consolidated balance sheet
Calculate the fixed overhead production-volume variance : Calculate the fixed overhead production-volume variance? actual costs incurred - fixed overhead costs allocated for actual output
What is inventoriable cost per unit using absorption costing : Overtime produces and sells a mantel clock for $200 per unit. What is the inventoriable cost per unit using absorption costing and variable costing?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd