Running head: BEGINNING THE AUDIT REPORT � PAGE �1� BEGINNING THE AUDIT REPORT � PAGE �10� BEGINNING THE AUDIT REPORT ROSA BERNAL ACC/546 November 01‚ 2014 Thomas House Beginning the Audit Report To: Directors of Apollo Shoes. I would like to thank you for vesting your company and trust in our firm to be your auditors. In this letter an explanation of the general terms and the process of our audit will be defined. This is only an educational purpose letter and is not an agreement. THE
Premium Audit Auditing External auditor
Week 2 Discussion Questions Chapters 6 & 8 1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important? Posted on wed 5/8/2013 Responded to one classmates on 5/08/2013 Auditing planning is important because it helps the auditor determine his/her approach to the audit. There are two considerations that affect the approach: 1). Sufficient appropriate evidence must be accumulated to meet the auditor’s professional
Premium Auditing Ethics Audit
CHAPTER 12 MULTIPLE CHOICE QUESTIONS 26. The capital budget for the year is approved by a company’s a. board of directors. b. capital budgeting committee. c. officers. d. stockholders. 27. All of the following are involved in the capital budgeting evaluation process except a company’s a. board of directors. b. capital budgeting committee. c. officers. d. stockholders. 28. Most of the capital budgeting methods use a. accrual accounting numbers. b. cash flow
Premium Investment Net present value Generally Accepted Accounting Principles
in place for financial reporting. The criteria for internal controls has been established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). “The COSO internal components include the following: 1) Control Environment‚ 2) Risk Assessment‚ 3) Control Activities‚ 4) Information and Communication 5) Monitoring” (Arens‚ Elder‚ & Beasley‚ 2007‚ p. 294). AOW has followed the criteria set forth by COSO and also by generally accepted auditing principles for the purpose of expressing
Premium Internal control Auditing Generally Accepted Accounting Principles
D2ACC100 FINANCIAL ACCOUNTING MID SEMESTER EXAM REVISION COMPILATION D2 ACC 100 D2 ACC 100 ACKNOWLEDGEMENT: * Extracted from Past Year Mid Term Exam Paper: D2ACC100 – SEM 1‚ 2006 – SEM 3‚ 2007 * Original idea belongs to Mr Gooi Chee San * Some of the questions have been modified to cater the needs of current student Sem 3‚ 2007 Question 3 Cabao is a financial consultancy firm. It updates its accounts everyday. Indicate the immediate effect of the following errors
Premium Finance English-language films Business
Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters‚ parties‚ conventions‚ and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense‚ (2) unearned revenue‚ (3) accrued expense‚ (4) accrued revenue‚ or (5) none of the foregoing. a. Interest owed on the company’s bank loan‚ to be paid in early July Prepaid expense
Premium Generally Accepted Accounting Principles Accounts receivable
Week 2 Homework 4-8 |Under SEC rules‚ your close family members include your spouse (or equivalent) and dependents and your parents‚ nondependent | |children‚ and siblings. If you are a covered person‚ your independence is affected if your close family member has an accounting | |role or financial reporting oversight role with the SEC Audit Client (for example‚ the family member is a treasurer‚ CFO‚ | |accounting supervisor‚ or controller) or owns more than 5 percent of a client’s
Premium Audit Auditing Internal control
Sandra Wilson Week 2 Discussion 1 Dreams Do Come True Imagine that you have decided you need a new car‚ but not any car will do; you have decided to purchase the car of your dreams. Conduct some research as to the cost of this car. You have determined in this imagined scenario that you could afford to make a 10% down payment. You can borrow the balance either from your local bank using a four-year loan or from the dealership’s finance company. If you purchase from your dealership’s finance
Premium Automobile English-language films Walking
E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. 1. Paid $5‚000 of accrued taxes at time plant site was acquired. 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on new delivery truck. 4. Paid $17‚500 for parking lots and driveways on new plant site. 5. Paid $250 to have company name and advertising slogan painted on new
Premium Depreciation
the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected debt are debited to bad debts expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Allowance for Doubtful Accounts are actually debited and credited to accounts receivable
Premium Generally Accepted Accounting Principles Accounts receivable