Executive Summary Overview Agrifarm Company is in the business of buying and selling grain. The company wants to increase profitability by ensuring that shipping costs are kept low. All is shipments come from 3 rail cars origins. In addition‚ all shipments must be routed through either of two grain processing centers before sending them to the final customer. The object is to minimize the total shipping cost‚ therefore selecting the proper shipping route for each carload. Problem There is a
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CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS‚ (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE‚ (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS‚ (D) DEGREE OF CORRESPONDENCE‚ (E) ESTABLISHED CRITERIA‚ (F) COMMUNICATING THE RESULTS‚ AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining
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Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1••• ( Case 61 ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply
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Audit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because
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com - auditing chapter 13 Page 1 AUDITING CHAPTER 13 Download AUDITING CHAPTER 13 Stop wasting time finding online resources for auditing chapter 13 We have made it easy for you to find auditing chapter 13 without any digging deeper Our online library uses the portability‚ searchability‚ and unparalleled ease of access of PDF data formats to make access for people‚ any time‚ anywhere and even on any device. If you enjoy spending an hour to find auditing chapter 13 pdf Get auditing chapter 13 NOW
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Case 1.2 1. Revenue recognition principle under GAAP determines the specific conditions under which income becomes realized as revenue. Generally‚ revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. For public company‚ performance of financial statement can have significant impact on stock price. It is essential for the users of financial statements to know that the real revenues are recorded and disclosed and not fraudulent revenues.
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(Components of internal control) The chapter identified five components of internal control. Listed below are specific control policies and procedures prescribed by Suntron Company. 1. Management gives careful consideration to the requisite knowledge and skills personnel need at all levels of the organization. Control environment. Planning‚ executing‚ controlling‚ and monitoring and entity’s activity is what is used to develop an overall framework for an entity to meet its objectives. 2
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CASE 13-BLOWING THE WHISTLE:ACCOUNTINGPRACTICES AT GLENFAIR ELECTRONICS Background overview Bob Schein‚ is a vice president of human resources at Glefair Electronics‚ as a listed company‚ Glenfair was required by the securities and exchange commission to issue public sales and profit forecasts Glenfair Electronics had over 10‚000 employees and a reputation for producing high-quality electronic components used in a number of manufacturing applications.the company had begun to experience a slowdown
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Case 13-4 Application of SFAC No. 13 1) On January 1‚ 2006‚ Lani Company entered into a noncancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Lani by the end of the lease term. The term of the lease is eight years. The minimum lease payment made by Lani on January 1‚ 2006‚ was one of eight equal annual payments. At the inception of the lease‚ the criteria established for classification as a capital lease by the lessee were
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Case 13 analysis Du Kun This case mainly tells us several problems of a company named Family Medical Group. Bill Maron is the president of the company. The original company called Family Medical Distribution which was created by the grandfather of Bill’s wife Helen. After her grandfather was dead suddenly in 1968‚ Bill was persuaded by his father-in-law and purchased this company. At the beginning of the first few years‚ it was a tough time to Bill. The organizational structure
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