case “The Subsidiary”: * Diane is a Principle Auditor working in the firm of Blott and Twiggy (B & T). * Doug Blott is Diane’s Audit Manager who has 9 years audit experience. David Blott is the senior partner in B & T. * Diane is auditing a plastics subsidiary which is a material component of a large Australian unlisted public company. It is Diane’s responsibility to complete the yearend audit of the company on behalf of B & T. * The plastics market is in mature stage and
Premium Ethics Accountant Business ethics
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
Premium Audit Internal control Auditing
Flash Foresight Assignment Chapter One: Start With Certainty – Use Hard Trends to see what’s coming. It’s so easy to focus on what we can’t do; what we can’t resolve‚ where we don’t see eye-to-eye‚ what we don’t know. With this focus‚ coming to any kind of common understanding is just about impossible. Where should we focus? We should focus because it allows us to see what we agree upon and what we can and do desire. What is Cyclic Change? Cyclic change is change that does not cycle back
Premium Future
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
Premium Los Angeles Dodgers
Journal: Find your FIRM (20 points) FIRM Panel 3710780800J There was nothing on the FEMA site‚ but I just got a flash flood warning on my phone. We have had rain almost everyday for a month‚ and the red clay dirt does not absorb the water quickly and the water table is already high. As you can see our flood risks come from seasonal rains. Journal: Porous Rocks (20 points) How did the two glasses compare in their final water level? The water level in the glass with the pumice stone decreased
Premium Water Hydrogeology Hydrology
methods. Flash is a small firm focused on the computers and electronic chip segment. This is a segment with a very dynamic operation with constant need for innovation and research. This called for constant investment through the working capital for the firm. With immense competition‚ small product life and significant investment‚ this business offered only very low profit margins. The industry offered a prospect of very high growth rate with tremendous growth projections in sales for Flash memory
Premium Finance Debt Corporate finance
BoldFlash: Cross-Functional Challenges in the Mobile Division 4. How does the division’s culture play a role in the discord? What has shaped this culture? A culture that exists within an organization is no different than the culture that exists within a society. This organisation is ultimately working toward the same goals‚ but they all have different ideas and purposes. BoldFlash is flawed and unorganized. Employees are following a submissive culture. They are on guard and feel that they
Premium Management Process management
Question 1 Incentives: Financial pressures from changes in the market and industry intense competition (national‚ regional‚ local) under cut prices from municipalities that could offer lower prices by using tax revenue. Pressure to meet earnings expectations Stock ownership benefits Retirement benefits Performance based bonuses Maintain growing stock price Maintain industry leadership Maintain reputation Opportunities: Able to use a lot of estimates in depreciation of PPE (over 1/2 of assets)
Premium Audit Big Four auditors Balance sheet
Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
Premium Auditing Internal control Audit
most useful tools that your digital camera has is its built in flash. For a lot of people‚ though‚ the only time that they use the flash is when the scene is too dark. Yet‚ there are many more uses for your flash than you may suspect. The purpose behind this tutorial is to explain how to use that built in flash to your advantage in certain situations and when to turn it off. How to Turn On/Off Your Flash For most cameras‚ the flash button is designated with a lightning bolt. A lot of compact
Premium Camera Digital camera Digital single-lens reflex camera