Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk 2 Module II – Assessment of Control Risk 16 Module III - Control Test: Sales Processing 28 Module IV - PPS Sampling: Factory Equipment Additions 30 Module V - Accounts Receivable Aging Analysis 34 Module VI - Sales and Purchases Cutoff Tests 41 Module VII - Search for Unrecorded Liabilities 46 Module VIII - Dallas Dollar Bank Reconciliation 48 Module IX- Analysis of Interbank Transfers 51 Module X -
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92When audit risk is at an appropriately low level 83The possibility that the auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated 49Investigate the identities and reputations of the client’s directors‚ officers‚ and major stockholders 51The reputation of management 81The company’s financial strength and credit rating. 85Make inquiries of the client’s banker‚ legal counsel‚ and predecessor auditor. 26Determine that independence
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worksheet Interactive Physiology Worksheet: Cardiovascular System: Cardiac Cycle differences of blood pressure 1. Valves open in response to ______________________________________ on their two sides. 2. List the chambers/vessels that the four valves connect: Chamber Right ventricle Left ventricle Valve Pulmonary semilunar Aortic semilunar Chamber/Vessel Pulmonary trunk Aorta Left atrium Mitral Left ventricle Right atrium Tricuspid Right ventricle mid to late
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Auditing Chapter 3 Homework 3-27 a. These are the items that should be included in the auditor’s report: 1. Normal receivable confirmation procedures‚ although not used‚ should not be listed here since it was not material‚ and the auditor was able to gain a satisfactory opinion from the client’s use of them. 2. The change in the accounting method for long-term construction doesn’t need to be included here since it is discussed in the footnotes. 3. Lawsuits are normally included
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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internal control. If the auditor concludes that there is a high likelihood of material misstatement in A/R due to changing of economic conditions‚ the auditor concludes that inherent risk for A/R is high. Planning an Audit and Designing an Audit Approach I. Accept Client and Perform Initial Audit Planning a. The auditor decide whether to accept a new client or continue serving an existing one. b. The auditor identifies why the client wants or needs an audit c. To avoid misunderstanding‚ the auditor
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Case Analysis Study Approach (CASA) (Read the case a couple of times) Describe the Following for this Case Study- 1. Industry & Market: 2. External Environment: 3. Internal Environment: (Core Competencies) 4. Financial Analyses: 5. Economic Condition for Industry: 6. Key Trending Factors: 7. SWOT Analysis: Strengths- Weaknesses- Opportunities- Threats- 8. Key issues of the case: 9. Critical issue of the case that needs attention first: 10. Assumptions in the recognition of this critical issue:
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Part A 1) a)Although a client/company is engaged to perform audits for the 2nd year‚ it does not allow sufficient time for auditor to detect material misstatement. This is due to lack of experience in understanding of the company? Repeat engagement over the years to come would reduce inherent risk Thus‚ the 2nd year of audit would increase inherent risk. b)The bank requires that a/ the company’s interest coverage ratio should be above 9‚ in order to provide loans to the client. From the extract
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Dispositional and Learning Approach to Personality Analysis Learning Team C Maria Gabriel‚ Tannis Tyler‚ Shandrell Conner‚ and Britny Holt PSY 405 May 4‚ 2015 Angela Snelling Introduction This paper will describe the role of personality in affecting situational behavior and it will also examine the personality characteristics attributed to dispositional and learning theories. With the theories selected for this analysis‚ this paper will aim to explain the interpersonal relational aspects associated
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Kalpana Dixit @hotmail.com Psychological Basis of Mobile Learning and Activity Based Approach Abstract: Mobile technologies are a familiar part of the lives of most teachers and students In the world today. At the present time‚ however‚ the models for using and developing mobile applications for learning are somewhat lacking. It moves away from the dominant view of mobile learning as an isolated activity to explore mobile learning as a rich‚ collaborative and conversational experience‚ whether
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