INTERNAL RESEARCH MEMO Date: September 12‚ 2014 Preparer: ABC Reviewer: Jack Client: Ann RE: Dependency Exemption Facts: Ann and Jeff Burns divorced in 2011 when their daughter Kim was three and Ann filed an agreement that allowed Jeff to take a dependency exemption for Kim as long as he continued to provide child support payments. Last year Ann wished to take the dependency exemption for two reasons. First‚ she has provided more than half of the cost of raising Kim. Second‚ the agreement
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Question 2 MEMO To: Mr. A. CEO – Canadian Wood Toys INC. From: … CAE – Canadian Woos Toys LTD Date: October 05‚ 2014 Subject: Identify the risks and solutions to mitigate the risks I will begin by highlighting the importance of the audit in assessing the risk and identifying the steps in reducing and mitigating the risk that our company is facing. The impact of the risks on global business it is dramatic in our days‚ changing the entire look of the industries and financial services
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Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required for an audit team
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Detailed Findings Banking Operations Finding No. 1 Control Objective: 1.1 Clear Policies and Procedures on Banking Operations are not in place Inherent Risk Rating 1-9 Post Audit Residual Risk Rating 1-9 Increase in Residual Risk Finding 1. Policy and procedure manuals help to standardize service delivery and ensure that staffs carry out activities in accordance with how senior management and the Board want things to be done. However‚ although the key staffs at the branch (including
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Dear Hiring Committee‚ I would like to take this opportunity to express my devote interest in the position of Internal Audit Analyst for the Pinal County Office of Internal Audit. As a current Pinal County employee‚ I am excited and intrigued at the possible opportunity to further grow and be a part of our local government. During my time with the Treasurer’s office‚ I have gained a passion for providing for our citizens and the desire to afford heightened knowledge and service to Pinal County
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Lesson 6: Audit of Sales and Receivables Cycle Note 1: Introduction * Recording of sales transactions and collection of cash * Accounts used: sales‚ a/r‚ bad debt expense‚ ADA‚ cash * Documents used: customer order‚ sales order‚ shipping document‚ sales invoice‚ sales journal‚ remittance advice‚ bank deposit list‚ cash receipts jornal‚ credit memo‚ sales return and allowance journal‚ uncollectable account authorization form‚ a/r master file‚ a/r trail balance‚ monthly statement Note
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Case #4 Jiawei Qi Principle of audit and control (43010) Professor Ben Hoffman February 23‚ 2015 TO: Charles ward‚ CPA Partner FROM: Jiawei Qi DATE: February 23‚ 2016 SUBJECT: Assess control risk and plan tests of controls and substantive tests of transactions Introduction: The purpose of the memo is to communicate to you the outcome of the company’s control risk‚ the test of controls and substantive tests of transactions. General procedure: First‚ we assess the
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To: Manager‚ ABC HealthCare From: Mary Rehnelt Subject: Audit of Medical Records Date: 10/15/2010 Message: Recently I conducted an audit of medical records with a diagnosis of bacterial pneumonia. I was astounded to find that 65% of all the medical records researched were not supported by the proper documentation. When I questioned the staff they stated that the Medical Chief of Respiratory Medicine informed them that “there are other ways to determine bacterial pneumonia other than
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Who: When: Where: Internal control is a business process for assuring achievement of an organization’s objectives. Firstly‚ internal control plays an important role in safeguarding the organization’s assets. With carefully examination and monitor‚ internal control is able to discover any anomalies inside the organization‚ such as inventory spoilage. Moreover‚ internal control can help improve the efficiency and effectiveness of business processes. For example‚ through internal control in a manufacturing
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CASE 3.5 Goodner Brothers‚ Inc. “Woody‚ that’s $2‚400 you owe me. Okay? We’re straight on that?” “Yeah‚ yeah. I got you.” “And you’ll pay me back by next Friday?” “Al. I said I’d pay you back by Friday‚ didn’t I?” “Just checkin’.” Borrowing money from a friend can strain even the strongest relationship. When the borrowed money will soon be plunked down on a blackjack table‚ the impact on the friendship can be devastating. Woody Robinson and Al Hunt were sitting side by side at a blackjack table
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