Week 3‚ Individual Assignment ACC 492 Resource: Modern Auditing Prepare written answers to the following assignments * Ch. 16: Comprehensive Question 16-26 Evaluation of Internal Controls – Raw Materials and Supplies Inventory * Ch. 16: Comprehensive Question 16-29 Computer-Assisted Substantive Tests for Inventory ______________________________________________________________________________ Comprehensive Question 16-26 Evaluation of Internal Controls – Raw Materials and Supplies
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receivable. 6. The client has used special-purpose entities to finance a building. Neither the building nor the debt is included in the financial statements. 7. A retail client values its inventory using the retail method of accounting. 8. A construction client uses the percentage of completion method for recognizing revenues. 9. A client has a defined benefit pension plan and does not have competent employees to write footnote disclosures. 10. A client acquired a subsidiary
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ch02 Student: 1. Auditors may be independent in fact but not independent in appearance. True False 2. Auditing Standards issued by the PCAOB are the sole source of guidance for audits of public entities. True False 3. Attestation standards provide guidance for a wide variety of engagements different in scope than an audit. True False 4. Generally accepted auditing standards must be followed on all audit engagements. True False 5. The reporting principle relates to a firm’s
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As part of the audit of Manor Company‚ you are assigned to review and test the payroll transactions of the Galena plant. Your tests show that all numerical items were accurate. The proper hourly rates were used‚ and the wages and deductions were calculated correctly. The payroll register was properly footed‚ totaled‚ and posted. Various plant personnel were interviewed to ascertain the payroll procedures being used in the department. You determine that 1. The payroll clerk receives the time cards
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24. External auditors should expect the audit committees at their clients to ask them relevant and probing questions. Some of the relevant questions that audit committee members should ask the external auditor include all of the following except: A) How do you assess the competence of company personnel engaged in financial reporting and related processes? B) What are the most significant risks to financial reporting at this company? C) What level of assurance do your procedures provide with
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doubt is needed in the financial statements (including the footnotes) and the audit report. If client disclosures appear inadequate‚ the auditor should document conclusions whether a qualified or adverse audit opinion should be expressed. Regular auditing procedures that may identify conditions and events that indicate a going concern problem include the following: 1. Analytical procedures – Analytical procedures used as a substantive test or used in the planning and overall review stages of the audit
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CHAPTER 8 How Did They Make And Use Tools? Technology Summary The physical remains of humanly made artifacts form the bulk of the archaeological record. The artifacts that are found by archaeologists may not represent the range of objects actually used because certain materials preserve better than others. For this reason‚ stone tools and ceramics dominate the archaeological record. Objects made of fabric‚ cord‚ skin‚ and other organic materials no doubt date back to the very earliest archaeological
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Chapter 19 Comprehensive Problem 83 Identify significant tax and non tax issues of concerns that may differ across entity types. Limited Partnership: Tax issues and concerns: Partners will pay taxes on profits they receive from their investments. Tax liability is determined by tax basis base on original investments. In this case Dawn is 30%‚ Linda is 30% and Mike is 40%. Partners need to pay taxes on income whether they receive this income or reinvested back into the business. General or active
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7-16. a.First risk that comes up is that the contributions from owners are pending. There are no patents to protect the design of the company or to give it a competitive advantage‚ because no patents were granted yet. Sunny contracts 100 percent of the work to other companies. All work is performed by outsider contractors‚ so that rises the risk of vulnerable costs to others and access to vendors is critical in order to be able to generate sales. Other risk of this engagement would be that the
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Exercise 16 Questions to be graded 1. The researchers analyzed the data they collected as though it were at what level of measurement?- The correct answer is Interval/ratio. a. Nominal b. Ordinal c. Interval/ratio d. Experimental 2. What was the mean posttest empowerment score for the control group? - 97.12 3. Compare the mean baseline and posttest depression scores of the experimental group. Was this an expected Finding? Provide a rationale for your answer. The Experimental group’s mean
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