Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Solution of Practising Problems 14-4 BestSellers.com could integrate its online ordering system with its inventory system so that a book shipment is made only after the customer’s credit card company approves the customer’s purchase. Because credit card issuers often transfer funds electronically almost immediately after a sale‚ BestSellers.com could also set up their system to
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a) The Report’s main points The report identifies the complexities that exist within the economic paradigms with relations to uncertainties and economic instability that have characterized the markets and businesses at large. The report analyzes the imperatives of organizations identifying efficient approaches to governance‚ risk and compliance (GRC). This is a sensitization on the part of various business organizations and entities about business environment that involves a number of risks and
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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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Chapter 1 An overview of auditing Multiple Choice 1. The three major professional accounting bodies in Australia are: a. ICAA‚ CPA and ASIC. b. CPA Australia‚ NIA and AARF. c. ATO‚ AUASB and ASIC. d. ICAA‚ CPA Australia and NIA. The correct option is d. Feedback: Section 1.3 The auditing environment 2. Which body has a mission ‘to develop‚ in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness
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confirmation) 7. representation letters 8. checklists 9. correspondence concerning significant matters 10. copies: entity’s records‚ e.g. contracts‚ agreements Form‚ content 1. using standard schedules‚ computer program standard audit program standard internal control questionnaire standard audit file structure Permanent file * document continuous important materials‚ info relevant to audit entity’s financial statements 1. permanent file index‚ checklist 2. admin
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Q1 (a) Highlight four control objectives that would be essential in a sales cycle (b) Outline three tests of control that should be performed by an auditor in each of the following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property
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Qiong Wu Instructor James Dutra ACC 412 March 26‚ 2014 Case 3.1 Dodgers Trolley Summary The Dodgers Trolley case is a simple problem related the internal control in auditing. Dodgers Trolley was original funded in New York‚ but Yankees performed much better. After nearly seven decades of mostly frustration on and off the baseball field‚ the Dodgers shocked the sports world by moving to Los Angeles in 1958‚ because Walter O’Malley saw the opportunity to introduce baseball to the increasing
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Media ethics Media ethics is the subdivision of applied ethics dealing with the specific ethical principles and standards of media‚ including broadcast media‚ film‚ theatre‚ the arts‚ print media and the internet. The field covers many varied and highly controversial topics‚ ranging from war journalism to Benetton advertising. Ethics of journalism The ethics of journalism is one of the most well-defined branches of media ethics‚ primarily because it is frequently taught in schools of journalism
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AUDITING‚ ATTESTATION‚ AND ASSURANCE SERVICES Auditing‚ Attestation‚ and Assurance Services Paper By University of Phoenix ACC 490 This paper will provide examples for each type of service‚ which is auditing‚ assurance and attestation. These are very important services when it comes to the auditing process. There are certain individuals and organizations that may request these services. Also‚ the standards that apply to each service and who establishes those standards will be further discussed
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Ethics Paper MGT/498 George Pope 9/15/2013 Olivia Scott Ethics Paper Many organizations in the world today want and expect to turn a profit just as well of having a successful business; with this they have to have ethics. A company that trades nationwide has several ways of earning revenue‚ but the company has the duty of the profits for their worker‚ stakeholders‚ and customers. However‚ not only ethics control the whole aspect of the organization‚ social ramifications plays apart in
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