Auditing Case study Answers to case study: 1. What are the auditor ’s primary objectives when he or she observes the client ’s annual physical inventory? Ans. The Primary Objective of auditor is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company .This includes all raw material‚supplies‚inventory in transit.The company may have on consignment with another business and inventory stored off the
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........................................ OTHER NAMES......................................................... STUDENT NUMBER................................................. MOCK FINAL EXAMINATION SEMESTER 2‚ 2009 PAPER A Unit: ACCG340 Auditing and Assurance Services Time Allowed: 2 hours plus 10 minutes reading time Total Number of Questions: FIVE (5) Instructions: Answer question 1 on the computer marking sheet provided. Answer questions 2 to 3 in the space provided in
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1. Robin Hood knew from the inception of his crusade to bring down the sheriff he could not do it alone. Robin therefore decided to gather allies who had a similar dislike of the sheriff and train up them up into a highly skilled group. Robin’s true goal was to alleviate some of the pressures placed on the town’s people and farmers therefore he decided to rob the rich and give to the poor. The dethroning of the sheriff was merely a mission to achieve his vision. The sheriff was the one who enforced
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Have you ever wondered how the deadly eruption of Mount Vesuvius affected the city and its people in the past and present time? This is an intriguing topic to learn about and not to mention the history of this region. The colossal volcano has been haunting Italy throughout their existence. Proof of this‚ is the eruption before and after‚ tourism‚ and threats today are all factors of this of how the eruption has had an affect then and now. To start off‚ Mt.Vesuvius is immensely vicious and has
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Appreciative Internal Audit: A Strength-Based Approach to Quality System Auditing – A Case Study. Jon Morris President JDQ Systems Inc. Vancouver‚ BC‚ Canada Introduction Traditional internal audits fulfill an important need for companies with fresh ISO 9001:2000 Quality Management System implementations‚ but for companies with mature systems‚ those registered for more than five years‚ an innovative approach to auditing called “Appreciative Internal Quality Audit” can take them beyond compliance
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ACCT420 Auditing Test Three – Out of Class Portion Due Monday‚ April 30‚ 2012 1. Listed below are four interbank cash transfers‚ indicated by the letters a‚ b‚ c and d‚ of a client for late December 20X1‚ and early January 20X2. Your answer choice for the next two questions should be selected from this list. For each of transfers a through d indicate whether cash is understated‚ unaffected‚ or overstated by the transfer and provide a brief example of what could cause the situation in which
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Mount Everest is the tallest mountain in the world. Since it is 29‚035 feet and has avalanches‚ crevasses‚ strong winds and is very steep‚ it makes it very difficult to climb. Not only is it hard to climb‚ imagine how hard it would be being disabled. The quote‚ “ Some people succeed because they are destined‚ but most people succeed because they are determined” really describes Mark Inglis‚ Erik Weihenmeyer‚ and Arunima Sinha. Mark Inglis summited Everest without any legs. He was only in
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The 1920’s marked a period of American history known as the “Roaring Twenties”. Industrial growth‚ women’s new found freedom‚ and encouragement of leisure activities allowed people to enjoy a time of great social change. From the availability of new technology to the production of exhilarating books‚ innovation and creativity was existent in every corner of American life. Of the endeavors taken by industrialists and innovators at the time‚ those of Edwin Armstrong‚ Henry Ford‚ Thomas Edison‚ and
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technical training and proficiency. | | The first general standard requires that the audit be performed by individuals with adequate technical training and proficiency as an auditor. The auditor must have obtained a proper education in accounting and auditing and then increase his/her knowledge and proficiency through experience. | | C. Knowledge of the standards of field work and reporting. | | The first general standard requires that the audit be performed by individuals with adequate technical
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actually in the UK. Because it was chartered in Luxembourg and Grand Caymans‚ Bank of England (BOE) thus thought itself as a secondary role in supervising BCCI‚ thereby reducing the level of scrutiny imposed on BCCI. In addition‚ BCCI has an uncommon auditing system. Price Waterhouse (PW) was the accountants for BCCI overseas‚ while Ernst & Whitney in charged of BCCI holdings. Two sets of auditors being used was to avoid them from publishing a meaningful consolidated accounts and make sure neither of
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