Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The BakFirn Corporation, a publicly traded firm, has contracted with YOUCPA, your public accounting firm, for an audit. The BakFirn Corporation manufactures specialty construction tools. The tools are used in the unique construction of homes, warehouses, and multiunit dwellings. The prices range from $1,000 to $5,000 per unit.
During the audit, the audit team has determined the risk assessment of the client. Consequently, the audit has to respond to the assessed risks of material misstatement at the financial statement and assertion levels. The YOUCPA audit team has asked you, the auditor, to prepare a list of actions that you will take to assess the audit risk.
The following information is available in the year just finished:
Assignment Guidelines:
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Your firm is considering to open a new factory via direct investment in Latin America and management is evaluating the specific country locations for this project. The pool of candidate countries has been narrowed to Honduras, Chile, and Mexico.
The auditor of a bank is called to a meeting with a senior operations manager because of a customer's report that an auto load payment was not credited. According to the customer, the payment was made at a teller's window using a check drawn on a ..
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
Explain auditors' responsibilities with respect to detecting and reporting fraud? Provide a brief overview of the types of reports that accompany an entity's financial statements?
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Income tax liability. Fisher's tax attorney informed you that it is possible that the client will have to pay $875,000 in taxes regarding a tax dispute that started four years ago.
Spacer Company has 2 service departments and two operating departments. Budgeted costs and budgeted activity in the several departments
The subsequent amortization and interest schedule reflects issuance of 10-year bonds by Capulet Corporation on 1 st January, 2006, and the following interest payments and charges.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd