5(a) Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing‚ Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. MEMORANDUM To: Jane Hunter From: Corrine Subject: Ocean Manufactory Should be Accepted Date:
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GREAT ZIMBABWE UNIVERSITY FACULTY OF COMMERCE DEPARTMENT OF ACCOUNTING AND FINANCE COURSE CODE: AC211 COURSE TITLE: AUDITING THEORY AND PRACTICE ASSIGNMENT FIRST SEMESTER 2014 QUESTION 1 Brian Ltd was formed on November 2013 in order to manufacture microchips. The directors are unsure of their responsibilities and the nature of their relationship with the external auditors. The audit partner has ask you to visit the client and explain to the directors the more fundamental aspects
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risk too low. 3. A number of factors influence the sample size for a substantive test of details of an account balance. All other factors being equal‚ which of the following would lead to a larger sample size? A. Greater reliance on internal accounting controls. B. Greater reliance on analytical review procedures. C. Smaller expected frequency of misstatements. D. Smaller measure of tolerable misstatements. 4. Which of the following sample planning factors would influence the sample size
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any audit? Explain clearly 4) What is professional clearance? What is the importance of professional clearance in auditing? 5) An audit fee is an auditor’s remuneration. In what ways can the aspect of audit fees affect auditors’ independence? 6) Explain clearly the ethical codes that are required of any professional auditor? 7) Audit planning is an important input in the auditing assignment‚ discuss. 8) Assume you are an experienced auditor with an audit firm in Dar. Your senior has requested
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SOLUTION MANUAL Solutions to end-of-chapter problems Engineering Economy‚ 7th edition Leland Blank and Anthony Tarquin Chapter 1 Foundations of Engineering Economy 1.1 The four elements are cash flows‚ time of occurrence of cash flows‚ interest rates‚ and measure of economic worth. 1.2 (a) Capital funds are money used to finance projects. It is usually limited in the amount of money available. (b) Sensitivity analysis is a procedure that involves changing various estimates to see if/how they affect
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demand for assurance services is expected to grow as the demand for forward looking information increases as more real time information becomes available through the internet. Attestation Services- A type of assurance service in which the public accounting firm issues written communication that expresses a conclusion about the reliability of a written assertion of another person. There are three categories of attestation services; audit of historical financial statements‚ review of historical financial
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One TV show that has meaning to me within the show is "7th Heaven." The show is based on the lives of a preacher‚ his wife‚ and seven children. The show‚ "7th Heaven‚" started when I was in 6th grade‚ in 1999‚ and I hardly ever miss an episode. Each episode holds a life lesson that everyone can connect with in some way. "7th Heaven" has captured the hearts of television audiences with its witty‚ charming and heartwarming stories and has been praised for providing high-quality entertainment for all
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significant matters) future audits 10. enable experienced auditor conduct engagement QC reviews & inspections 11. enable conducting external inspections with applicable legal‚ regulatory requirements Types of audit documentation 1. audit strategy‚ audit plan 2. audit programs 3. analysis‚ analytical procedures worksheets 4. internal control questionnaires‚ evaluation questionnaires 5. significant matters’ summaries 6. confirmation letters (for trade receivable confirmation)
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Cost Accounting: A Managerial Emphasis‚ 14th Edition Horngren‚ Datar and Rajan Check Figures for Exercises and Problems Chapter 2. An Introduction to Cost Terms and Purposes 2-16 1. S‚ $1.1856 D‚ $1.0213 R‚ $0.6400 2-17 1. yeast D/V‚ flour D/V‚ pkg D or I/V‚ dep ov I/F or V‚ dep mix I/F or V‚ rent I/F‚ ins I/F‚ fact util I/F and V‚ fin labor D/V or F‚ mix mgr I/F‚ matl hand I/F or V‚ cust I/F‚ guard I/F‚ mach I/F or V‚ mach maint I/F or V‚ maint sup I/V‚ clean sup I/F. 2. Dep. M&M‚ MDM‚ MH‚ Mac.
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the audit? The types of auditing samples are broken down into two different categories: statistical and non-statistical sampling. The purpose of auditing samples are designed to give the auditor the results he or she seeks‚ without having to completely audit 100% of the items within the audit population. Here are some of the different types of auditing samples broken out into the two categories: Statistical Sampling Methods: Random Sampling – Is an auditing method that basically means
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