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Select three companies in different industries, such as banking, retail store, supermarket, airlines, or package delivery, that you do business with. What digital technologies does each company use to engage you, keep you informed, or create a unique customer experience? How effective is each use of digital technology to keeping you a loyal customer?

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1. Why are businesses experiencing a digital transformation? 2. More data are collected in a day now than existed in the world 10 years ago. What factors have contributed to this volume of data? 3. Assume you had no smartphone, other mobile device, or mobile apps to use for 24 hours. How would that mobile […]

Why is it desirable to design tests of details of balances before performing tests of controls and substantive tests of transactions? State the assumptions that the auditor must make in doing so. What does the auditor do if the assumptions are wrong?

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For each of the eight types of evidence discussed in Chapter 7, identify whether it is applicable for risk assessment procedures, tests of controls, substantive tests of transactions, substantive analytical procedures, and tests of details of balances. 13-11 (OBJECTIVE 13-2) Rank the following types of tests from most costly to least costly: substantive analytical procedures, […]

Why have mobile devices given consumers more power in the marketplace?What impacts is the SMAC model having on business?

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1. What are the benefits of cloud computing? 2. What is M2M technology? Give an example of a business process that could be automated with M2M. 3. Describe the relationships in the SMAC model. 4. What impacts is the SMAC model having on business? 5. Why have mobile devices given consumers more power in the […]

What is the difference between real and nominal interest rates? Explain the concept of Interest Rate Determination in the light of the Loanable Fund Theory.

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Which act/s in the US Banking Sector supports the lifeline banking service? Explain the different services that are covered under Lifeline Banking for low-income people. What are the different non-deposit sources of funds for banks? Explain the risks for the banks especially associated with non-deposit sources of funds. What is the difference between real and […]

What transaction-related and balance-related audit objectives would the auditors be most concerned about based on the process currently in place?

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Parts for Wheels, Inc., has historically sold auto parts directly to consumers through its retail stores. Due to competitive pressure, Parts for Wheels installed an Internet-based sales system that allows customers to place orders through the company’s website. The company hired an outside website design consultant to create the sales system because the company’s IT […]

Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk.

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Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan bar […]

Discuss whether Collier’s approach is acceptable under existing auditing standards for either public or nonpublic companies.

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Siva Kumar and Vera Collier are friends who are employed by different CPA firms. One day during lunch they are discussing the importance of internal control in determining the amount of audit evidence required for an engagement. Kumar expresses the view that internal control must be evaluated carefully in all companies, regardless of their size […]

What four types of procedures are used by auditors to test whether internal controls are operating effectively?

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PCAOB IDENTIFIES DEFICIENCIES IN AUDITS OF INTERNAL CONTROL OVER FINANCIAL REPORTING 1. Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.2. What is the purpose of a control risk matrix?3. What four types of procedures are used by auditors to test whether internal controlsare operating […]

What is the auditor’s responsibility for discovering this type of embezzlement?What internal control weaknesses in Bargon’s processes exist?

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Each year near the balance sheet date, when the president of Bargon Construction, Inc., takes a 3-week vacation to Hawaii, she signs several checks to pay major bills during the period she is absent. Jack Morgan, head bookkeeper for the company, uses this practice to his advantage. Morgan makes out a check to himself for […]

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