Items 1 through 6 are common questions found in internal control questionnaires used by auditors to obtain an understanding of internal control for owners’ equity. In using the questionnaire for a client, a “yes” response indicates a possible internal control, whereas a “no” indicates a potential deficiency. 1. Are all entries in the owners’ equity […]
The cost accounting records are often an essential area to audit in a manufacturing or construction company. a. Why should the auditor review the cost accounting records and test their accuracy? b. For the audit of standard cost accounting records in which 35 parts are manufactured, explain how you would determine whether each of the […]
Q1. Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company’s internal controls to see if they are sufficient? (5Marks) Q2. Why do companies use the allowance method to account for bad debts? Describe the diverse methods used to estimate bad […]
Question 1: In Chapter 2 of LS, it places great importance on ensuring that startup managers understand the terms most relevant to their company. The terms are Institution, Product, and Uncertainty. How does LS define these terms? Source: https://startupsusa.org/what-is-entrepreneurship/
In the audit of Price Seed Company for the year ended September 30, the auditor set a tolerable misstatement of $50,000 at an ARIA of 10 percent. A PPS sample of 100 was selected from an accounts receivable population that had a recorded balance of $1,975,000. The following table shows the differences uncovered in the […]
Google – Contributions to Peace Relate the topic critically to at least two parts of the course, and figure that a well-done paper will range in length from 8-12 pages. Find a company that you believe could make an enhanced contribution to peace and could do so, at least in part, by utilizing cultural artifacts. […]
IT Matters” Discussion Board Research the concept of Big Data. Find at least one company that maintains a “Big Data” database. 1. What is Big Data? Give at least three examples of organizations that have Big Data sets. What are the applications? 2. Discuss one of the organizations that you identified that uses Big Data […]
Reflective Paper You are faced with a personal ethical dilemma. Bill and you have been best friends for over 10 years and work for the same company. One day your boss asks to see you. Your boss explains that the company is not doing well and will have to lay off people. One of those […]
This problem requires you to access PCAOB Auditing Standard AS 2110, Identifying and Assessing Risks of Material Misstatements (pcaobus.org). Use this standard to answer each of the questions below. For each answer, document the paragraph(s) in AS 2110 supporting your answer. a. What types of information does AS 2110 suggest the auditor should consider when […]
The following relate to auditors’ independence:a. Why is independence so essential for auditors?b. Compare the importance of independence of CPAs with that of other professionals,such as attorneys.c. Explain the difference between independence in appearance and independence of mind.d. Assume that a partner of a CPA firm owns two shares of stock of a large audit […]
