CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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Question 1 - Risks surrounding the identified accounts The Audit of TNO Ltd has highlighted number of risks. The risks highlighted in the audit are discussed throughout the report. Below is a table of the risks and tests to carry out‚ based on the five accounts highlighted as being of risk. The common assertion that is common to the five accounts is valuation and allocation. Account Assessment of Risk Substantive audit procedure Accounts Receivable Account Receivable has increased while sales
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Case Study – Gourmet Burger Kitchen (GBK) 1) A. Examples of Land used by GBK could be Natural goods (for examples potatoes) and the land where the outlets are situated. B. Examples of Capital used by GBK could be Shelving and computers. C. I would say that Paul Campbell is an example of Labour. I think this because the Case study states that he ‘heads’ the company. This statement could suggest that he has a managerial role in the company‚ which would therefor mean that he is skilled
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1. Audit your agent’s online marketing. 92% of homebuyers start their house hunt online‚ and they will never even get in the car to come see your home if the online listings aren’t compelling. In real estate‚ compelling means pictures! A study by Trulia.com shows that listings with more than 6 pictures are twice as likely to be viewed by buyers as listings that had fewer than 6 pictures 2. Post a video love letter about your home on YouTube. Get a $125 FlipCam and walk through your home AND your
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DATE: March 6‚ 2013 SUBJECT: Goodner Brothers‚ Inc. The Goodner Brothers‚ Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults‚ Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers‚ Inc.‚ a tire wholesaler in Huntington‚ West Virginia. In the Goodner case‚ internal auditors were conducting their annual inventory counts of Goodner Brothers‚ Inc. and determined that their numbers
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NOTES FOR CASE STUDY #1 Create an unfolding case study that focuses on a common condition seen in your area of specialization. The case study should provide information on a fictitious patient and information about one or more health problems that will need to be solved The unfolding case study must challenge the student and ask questions that encourage critical thinking and problem solving with an emphasis on assessment. The answers to the questions should be complete and include professional
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Page number Executive summary 4 Introduction 5 Audit in brief: 6 History of auditing profession in Bangladesh 6-10 Ending summary 10-11 conclusion 11 Executive summary: The development of auditing profession in an emerging economy Bangladesh is analyzed here. This report aims to discuss the historical background and evolution of auditing. It is found that auditing has evolved through a number of stages. In the mid 1800s to early 1900s‚ the audit practice was considered as traditional conformance
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you on the Altamesa audit engagement. Would you handle this situation any differently than Tommy did? Explain We would begin the audit engagement the same as Tommy‚ but after realizing that Carl’s work might not uphold the auditing standards of the engagement‚ bring it to the attention of Morrison. According to the AS 10 p.5 (b)- Supervision Of Engagement Team Member- direct engagement team members to bring significant accounting and auditing issues arising during the audit to the attention of
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is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31‚ 2012. We will audit the company’s balance sheet for December 31‚ 2012‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented. We will review the company’s federal and state income tax returns for the fiscal year
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ACL ADMINISTRATION PAYCHECK FILE How many records are there in database? There are 147 records in the paycheck file. How many data validity errors are there in the database? There were no validity errors in the database; all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How
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