| Spring | |2008 | Executive Summary Traveler Import Cars Inc is an ambitious venture started by two entrepreneurs Randy & Beryl‚ both highly qualified & immensely experienced in their fields. Till the time the business was small it was manageable as the two heads‚ Randy & Beryl made all key decisions & closely managed Traveler
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There is no clear description regarding food waste in a universal matter either historically or presently‚ making it perplexing in definition and comparison. What is clear is that food waste continues to grow at a rapid pace with the expansion of a world population experiencing societal and agricultural developments in an era where land and other resources are becoming more limited. The increase in waste and category of foods which people throw away has transformed with time through the advancement
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CASE STUDY Okay...are you ready for a CASE STUDY about GARBAGE?!? See the below case study and answer the questions at the end of this case. SMELLING SWEET SUCCESS AT WASTE MANAGEMENT By Martha Rogers‚ Ph.D. Not long ago‚ it appeared that refuse giant Waste Management was headed for the recycle bin. Accounting troubles forced the company to pay shareholders $220 million in 1998 because of overstated earnings. In 1999‚ shareholders sued after learning executives sold shares prior to an
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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revenue to “earned value” percentage-of-completion accounting method. Changing methods misstated revenues‚ and Paragon’s management overstated the contractual revenue amounts for most of the construction projects. Michael Sullivan should have sent out confirmations for Accounts Receivable and to the employees Paragon had contracts with. b. Occurrence: The occurrence assertion ensures the transactions that have been recorded took place. Paragon recorded revenue for projects that were nonexistent‚
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a going concern audit issue. Participants in Experiment One involve 92 auditor from multiple offices of three Big 4 audit firm which is 48 seniors‚ 29 managers and 15 senior managers. The range of audit experience are 3 to 13 years with a mean experience of 5.4 years. Overall‚ 80 percent of participants reported being involved in audit engagements where substantial doubt existed about the client’s going concern aassumption. While two-thirds of participants shown at least one audit engagement where
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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Waste Management in Paraguay Within the capital of Asuncion‚ Paraguay lays the countries largest waste disposal site called Cateura. The metropolitan area of Asuncion has rapidly grown in urban population and development over the past 40 years‚ but not in a well-planned manner. As such‚ this has created environmentally sensitive areas associated with negative impacts such as inadequate storm water drainage systems‚ and solid waste collection and disposal. This affects the water supply and sanitation
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