# | A. Key Internal Control | B. Transaction Related Audit Objectives | C. Test of Control | 1. | Segregation of the purchasing‚ receiving‚ and cash disbursement functions | Recorded acquisitions are for goods and services actually received (existence)Recorded cash disbursements are for goods and services actually received (existence) | Discuss segregation of duties with personnel and observe activities. | 2. | Independent reconciliation of the monthly bank statements | Existing cash disbursement
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(TCO 4) To succeed in an action against the auditor‚ the client must be able to show that: Student Answer: the auditor was fraudulent. the auditor was grossly negligent. there was a written contract. there is a close causal connection between the auditor’s behavior and the damages suffered by the client. Instructor Explanation: Page 121 Points Received: 2 of 2 Comments: 2. Question : (TCO 4) The principal issue to be resolved
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1. Jasmine is not violating the Code of Professional Conduct‚ as long as she keeping both of her jobs separated properly. She should not go and provide financial services to her audit clients‚ because that would be a violation of the Independence rule (rule 101). She should also be aware of rule 301. She is bringing her audit work to her financial services company‚ where other CPA are employed as well. She has to make sure that they don’t have access to the client’s information. 2. This depends
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even to watch their favourite sit-com series. Of course‚ with its few advantages‚ television has many more disadvantages. As we have stepped into the twentieth century‚ this thingamajig has proven to give its viewers a lot of disadvantages such as health problems‚ violence‚ and last but not least‚ escapism from the actual world. First and foremost‚ health problems are one of the disadvantages that make television as one of the worst inventions in the world. People are mostly sitting and eating junk
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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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DISADVANTAGE OF EXTRACURRICULAR… Students have a variety of extracurricular activities to choose‚ from speech team to chorus to multiple sports for every season. This variety can benefit students immensely. According to the children’s education company Scholastic‚ extracurriculars let your child enjoy himself in a fun‚ stress-free environment‚ get some exercise and make friends outside of school. For all the positive aspects‚ extracurricular activities can cause some problems for students. Be
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allow for more intense educational research into medical matters. Disadvantage: Dependency The more advanced society becomes technologically‚ the more people begin to depend on computers and other forms of technology for everyday existence. This means that when a machine breaks or a computer crashes‚ humans become almost disabled until the problem is resolved. This kind of dependency on technology puts people at a distinct disadvantage‚ because they become less self-reliant. Advantage: Cost Efficiency
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people in the society‚ especially youths. Many of the youth uses internet computers to watch destructive programs stored in the computer. Also some People can use computer for a long time‚ without protection people can suffer eyes problem The disadvantages of computer in human life. As we see above‚ we got many advantages of Computer in Human Life. But‚ the computer also has its negative side. The rise of cyber crime‚ the use of chat rooms for indecent discussion‚ certain websites‚ which deal in
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Disadvantages of Democracy Making the wrong choice In a democratic country‚ it is the common man who has the supreme right to choose their legislature and their prevailing authorities. As per a general study‚ not all the people are completely conscious of the political circumstances in their nation. The common masses may not be acquainted of the political matters in their society. This may lead to common man taking an erroneous selection during election. Authorities May Lose focus As the government
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