ACL ADMINISTRATION PAYCHECK FILE How many records are there in database? There are 147 records in the paycheck file. How many data validity errors are there in the database? There were no validity errors in the database; all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How
Premium Salary Causality Employment
the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
Premium Auditing Financial audit Internal control
1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
Premium Invoice Audit Auditing
Introduction Apple Inc. is a company that focuses on development and marketing of personal computers‚ media devices‚ design‚ and portable digital music players. Also‚ the company sells a variety of related software‚ services‚ peripherals‚ networking solutions‚ and third-party digital content and applications. The company ’s portfolio of offerings comprises Mac computing systems‚ iPods line of portable digital music and video players‚ iPhone handsets and iPad portable multimedia and computing devices
Premium Apple Inc. Steve Jobs
AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
Premium Internal control Auditing Audit
Strategic Audit of The Gap‚ Inc. Submitted by: Chris Bess‚ Teddy Ormsbee‚ Tiffany Sayers‚ and Jeremey Williams Submitted to: Professor Ditmore 13 April 2010 Table of Contents I. Current Situation: The Gap in 2002 3 A. Past Corporate Performance 3 B. Strategic Posture 4 II. Corporate Governance 5 A. Board of Directors 6 B. Top Management 7 III. External Environment: Opportunities and Threats 8 A.) Societal Environment 8 B.) Task Environment 10 IV. Internal
Premium Financial ratio Financial ratios Banana Republic
SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over
Premium Financial audit Employment Auditing
In the case of Goodner Brothers‚ Inc. ‚ the six key control weakness were no proper segregation of duties‚ no proper procedure on recording documents‚ lacking monitoring on performance review‚ low gross profit margin than benchmark‚ no control on accessing to the accounting system and inventory storage and too depends on the honesty of the employees. Woody Robinson know very well that the company have these weaknesses that give him the chances to enter the hole to start the fraud activities. Firstly
Premium Gross profit margin Generally Accepted Accounting Principles Sales
Identifying relevant Malaysian Financial Reporting Standard with Inventory Cycle Referring to have been stated above‚ the selected company was a small sized entity and therefore‚ the processes under its inventory cycle was not complex like those in retailers as well as manufacturers. Figure 1.1 Inventory cycle with shaded area for activities related to MFRS Principally‚ the fundamental issue in accounting for inventories is to define the amount to be recognized as asset as well as amount
Premium Inventory FIFO and LIFO accounting Costs
Audit planning consists of eight steps‚ illustrated in Table 8-1: 1. Accept the client and perform initial audit planning 2. Understand the client’s business and industry 3. Assess client business risk 4. Perform preliminary analytical procedures 5. Set materiality and assess acceptable audit risk and inherent risk 6. Understand internal control and assess control risk 7. Gather information to assess fraud risks 8. Develop overall audit plan and program 8-2 Make Client Acceptance Decisions and Perform
Premium Auditing Internal control