Audit Program Design Part II ACC/546 May 2‚ 2011 Audit Program Design Part II The audit of Apollo Shoes‚ Inc. requires a design of steps to develop audit objectives to plan the audit. The financial statements are divided into cycles to better manage the audit and disperse to staff within the firm. The following cycle’s sales and collection‚ payroll and personnel and acquisition and payment were developed to design test of controls‚ substantive tests of transactions and analytical procedures
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Control Environment Audit Work Program Project Team (list members): Project Timing: Date Comments Planning Fieldwork Report Issuance (Local) Report Issuance (Worldwide) Audit Objectives The purpose of this audit work program is to assess‚ at a high level‚ and validate key controls in place for the Control Environment. Inadequate or ineffective controls in this area may give rise to financial and operational risks. Risks addressed in this audit work program include: A code of conduct
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you feel that Karen is an independent contractor or an employee? What is your rationale for this decision? The differentiation between an independent contractor and an employee is a critical one for any employer to make. Furthermore‚ this choice can have significant implications for the business regarding additional fees and taxes. In this situation‚ Karen was initially hired as a temporary employee. Moreover‚ Karen has functioned as an independent contractor for 5 years. If one were to look at
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relationship between a company and a person to determine if he/she is an employee or independence contractor which can be seen in the case of Vabu v. FCT (1996) and Hollis v. Vabu (2001). In Vabu v. FCT (1996) case‚ Vabu (a courier company) called Crisis Courier that hired couriers and carefully got them to agree that couriers are only independent contractors. The couriers are indeed an independent contractors because they must own and maintain their own vehicle and pay self-taxation etc. In Hollis v
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Service Recovery: Online Shopping Mall in Korea Loyal customers are a vital asset of service companies. The most effective way to ensure repeat customers is to provide a product and service that meets or exceeds that customer’s expectations every time. Although this fact is important‚ effective application of recovery strategies may enable service mangers to maintain or even increase loyalty. Generally‚ good service recovery not only turns angry and frustrated customers into loyal ones‚ but it
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may not be recorded accurately • Cash may not exist Steps 1. Confirm selected bank accounts and special arrangements Select bank accounts for confirmation in order to obtain a moderate to low level of assurance that the aforementioned audit objectives are achieved. Bank confirmations should be sent to all banking relationships to identify accounts not included in the general ledger. Confirmation requests should be sent under our control and‚ second requests and‚ where warranted
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A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm’s capacity. The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the table below. Which alternative should be selected if the decision criteria is: Indicate and incorporate recommendations to management in 200 words. You must respond to at least two of your classmates’ postings.
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success (Wager‚ Lee‚ & Glaser‚ 2009). When it comes to the disaster recovery case study‚ three steps the CIO could have taken to reduce the likelihood of the system failure are; risk analysis‚ risk management lead by the chief security officer‚ and security system evaluation. These three activities are part of the organizations administrative safeguards that can be used to improve the HCO’s information security program (Wager‚ Lee‚ & Glaser‚ 2009). Risk analysis and management process has
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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Media Madness Disaster Recovery Plan Overview By Loki Consulting‚ Inc. Iris Morgan Heather German Gwen Northrup EXECUTIVE SUMMARY Loki Consulting‚ Inc. was established in 1997 as a result of Hurricane Fran. Many businesses were devastated by the storm due to the absence of a disaster recovery plan. Realizing the need for disaster recovery consultation‚ Loki Consulting‚ Inc. was created to provide businesses with expert knowledge on implementing a critical component of any organization
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