Practice Exam – 10 Points ACC/490 Auditing Student Name: Multiple Choice – Highlight the best answer Point Value: .25 each 1. Which one of the following is among the three components of audit risk? a. incurrence risk b. occurrence risk c. rejection risk d. control risk 2. The Hochfelder Case is important because it limited auditor liability under: a. the 1933 Securities Act. b. the 1934 Securities Exchange Act. c. common law. d. RICO. 3. Which of the following
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Diageo is a business that operates in the beverage industry. To be considered a beverage industry a business must sell beverages. They are based in London which is located in the United Kingdom. They have been in business since 1997 and have a rich heritage before 1997 with other companies. Diageo sells many alcoholic beverages in many countries around the world. They “operate production and distribution facilities that include malting‚ distilleries‚ breweries‚ packaging plants‚ maturation warehouses
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Assessment 1 Q1) To avoid emergencies‚ the following procedures are put in place. Good Practices- which involves‚ making sure that rubbish is stored in the outside waste storage area. When cleaning watching out for combustible materials such as paint scrapings‚ oily rags and unextinguished cigarettes. Completing all check lists accurately and monitoring suspicious characters and alerting the duty manager to any potential risks. Communication Radio- ensuring that staffs are wearing radios‚ they
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Suppliers and the ordering process The ordering process can sometimes be a source of unnecessary costs. This might happen as OBS deals with too many suppliers and there is no clear ordering policy or guidelines as ordering is not centralised. Thus there are insufficient internal controls against mistakes and/or fraud. Reducing the number of suppliers that OBS deal with can often result in savings‚ especially if it gives you the opportunity to improve relationships with the remaining suppliers and
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Accounting 4330 Auditing‚ Attestation and Assurance Services Syllabus "Learning is a verb; not a noun. It is journey; not a destination." Dougan Laird "I hear and I forget. I see and I remember. I do and I understand." Chinese Proverb Professors Address and telephone Office Hours* Dr. C. William (Bill) Thomas Blume Room 127 2-4 MW; 9-11‚ 1-3 TR 710-4924 *I encourage you to come by the office during regularly scheduled office hours. If inconvenient or an emergency
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Unit 2 P4 Describe sources of internal and external finance for a selected business Leasing There are many ways in which Coombe Dean School uses different types of external and internal types of finance. The school aims to save money in any way they can one way of doing this is through leasing. This is where the school hires or rents a piece of equipment instead of paying the full price to buy it. They pay a regular amount for a period of time until they no longer need the equipment or they
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need to be met by the employees that work within each area if they are not then the business must intervene. This can be done through things like training programmes to help develop the staff or they may have to hire staff with the skills necessary. P4 Describe the features and functions of information systems to be used in this organisation Data Data that is used needs to be put into a type of information system so then it can be handled and then organized. When the information is then organized
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What is Human Resource Management (HRM?) Introduction Human Resource Management (HRM) is the term used to describe official systems developed for the management of people within an organization. The responsibilities of a human resource manager fall into three major areas: staffing‚ employee compensation and benefits‚ and defining/designing work. (Encyclopedia Inc.‚ 2016.) The chief executive officer (C.E.O.) of Northwest Hospital has enquired support in the formation of a Human Resource Management
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Mr. Anderson describes his day-to-day living functions as difficult. He has admitted to becoming less involved in his work place because it requires too much energy. Mr. Anderson realizes that he no long do things that make him happy. He is known to go to the family lake house on the weekends but he hasn’t been in a month. Mr. Anderson described having difficulty falling to sleep. His sleeping patterns are irregular‚ leaving him unable to sleep. He stated that he has had a restful night of sleep
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The article titled “Brazil Seen Beating US in Soybean Trade as China Buys” discusses the rising production of soybeans in Brazil. The US is currently the largest grower of the product and therefore holds a comparative advantage in trade amongst nations. Rising supply from Brazil will create competition for the business of the largest demand which is held in China. “Production in Brazil climbed 53 percent in the past decade‚ compared with 7 percent in the US” (Javier‚ Chanjaroean‚ 2012). In 2012-2013
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