Thea‚ nice work on the paper! You answered almost every question competently and thoroughly. The only question you might have done better on is Q10 for more detail on the rules that apply.. Thank you! Worksheet for You Decide Name Thea Zental____ Course Code AC 555_____ Grade ___ Date 02/19/2012 Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: The SEC (Securities and Exchange Commission) has a great influence on the audit
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Goodner Bothers Inc. 1. Internal controls should have included these controls; -Adequate security for the inventory -Better periodic verification of inventory -Segregated duties when it comes to inventory -Proper supervision for sales transactions and the procedures that they employ to record them -Proper authorization by management for inventory transactions 2. Internal control weaknesses - Lack of segregation of duties involving sales and recording -Security controls over inventory -Documents
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[pic]Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client ’s business and its industry to a. Make constructive suggestions concerning improvements in the client ’s internal control structure. b. Develop an attitude of professional skepticism concerning management ’s financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated
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Final Exam ACC/340 Accounting Information Systems I Week 5 The point value for the Multiple Choice is 1 point per question each for a grand total of 20 points. If you have any questions please let me know. Thank you and good luck. 1. The “S” in the acronym “AIS” stands for: a) Standard b) System (X) c) Symbol d) none of these 2. Which of the following is true? a) An AIS must be computerized to be useful b) An AIS always produces useful information
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University of Phoenix. All rights reserved. Course Description This course is the first in a two-part series that deals with auditing a company ’s financial reports‚ internal controls‚ and Electronic Data Processing (EDP) systems. Topics include auditing standards‚ evidence‚ audit planning and documentation‚ materiality and risk‚ internal control‚ statistical tools‚ and the overall audit plan and program. Course Dates Nov 11‚ 2014 - Dec 15‚ 2014 Faculty Information Name : Email Address : Alternate Email
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company which involves spending investor money illegally is a very commonly seen mechanism. On a daily basis news relating to such fraudulent activities is noticed. The main sources through which such frauds are committed are Management Overriding Controls and Tampering with Financial Statements. Some scams such as Enron of USA and Satyam scam of India have come in the picture and shattered investor confidence. Although Corporate Scams are connected to corporate houses‚ it is generally seen that all
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responsibilities such as strict adherence to new internal procedures and controls that were formulated to ensure that all financial records were accurate and valid. By improving the accuracy and reliability of all disclosures by corporate‚ the act affirmed that all investors were protected as per the security laws. Key Components Section 302: Disclosure Controls This section provides provisions that mandate a set of procedures that are internal designed to ensure that all financial disclosures
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financial statements of potential investments or loans. Provide support for your rationale. • Auditors‚ analysts‚ and legal counsel who were not traditionally considered components of corporate governance are now brought into the realm of internal governance as gatekeepers. • The legal status and fiduciary duty of company directors and officers have been more clearly defined and significantly enhanced. • Certain aspects of state corporate law were preempted and federalized
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and Grant Thornton‚ however‚ failed to exam the deception. There is important issue I could not miss it‚ when the auditors wanted to confirm the account of Parmalat with Bank of America in the United States‚ they sent an email through Parmalat’s internal mail system rather than contact the bank directly. In fact‚ bank deposits are not complicated items to audit. They are to be matched to a bank statement as part of a company’s reconciliation procedures in order to assure that bank statements received
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different point of view as well as better understanding of the company. on the other hand‚ they also need to ensure the work quality of the taker over team will not be reduced. 3. Significant deficiency: A significant deficiency is "a control deficiency‚ or combination of control deficiencies‚ that adversely affects the entity’s ability to initiate‚ authorize‚ record‚ process‚ or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote
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