ACC 521-011 Example of Auditing Final Exam INSTRUCTIONS: 1. This exam consists of 6 questions‚ on 11 pages. Please answer questions #1. to #5. in the separate EXAM ANSWER BOOK‚ and answer Question #6 - Multiple Choice with explanations - in this book. 2. The time available is 3.0 hours. 3. The exam is worth 50% of your overall course grade. 4. Write your name & student number on the front of the test. 5. This is a closed book test. The only aid that may be used one of the calculator
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According to the Health Insurance Portability and Accountability Act (HIPAA) who sets national standards that gives patient assurance that their health care records information are safe‚ is keep private and are properly maintained by a health care organization. Many people consider their health care records to be very sensitive and private. For this reason some patients find it hard to disclose certain information sometimes even with the doctor’s‚ but the Health Insurance Portability and Accountability
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because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because they are sure that as soon as their costumer has completed the development on their latest product‚ which is due to finish very soon‚ the costumer will settle their debt. The audit manager says that
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Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens‚ Elder‚ & Beasley‚ 2010). Auditing should be done by a competent‚ independent person. Accounting is the recording‚ classifying‚ and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens‚ Elder‚ & Beasley‚ 2010). Many people confuse auditing
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Income from discontinued operations. An extra-ordinary item. Income from continuing operations. An adjustment to retained earnings. Foreign currency exchange-rate adjustments to a company’s financial statements are recorded as "exchange gains" in current period activity. Question 4: 2A4-CQ04 Paulson Incorporated acquired all of the common stock of Sampson Company on January 1‚ 20x1 for $80‚000 LCU‚ which was equal to the fair value of the company. Paulson continued to operate Sampson as a subsidiary
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Obtain an understanding with the client Develop Overall audit strategy Select staff for engagement Evaluate need for outside specialist 1. 2. 3. 4. 5. 6. 7. II. Understand the Client’s Business and Industry Why is it important? General Standard: “The auditor must obtain a sufficient understanding of the entity and its environment‚ including its
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any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements‚ attestation on the effectiveness of internal control over financial reporting‚ reviews of historical financial statements‚ and other attestation services. 2. Accounting and bookkeeping services Accounting services involve preparing the client
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3204600 Interest Expense 337300 Interest Coverage Ratio: 9.5 Another reason why theinterest coverage ratio can be below 9‚ is the client’s ability to manipulate net profit through interest expense. The CFO who has responsibility on financial issue is able to increase sales revenue or reduce interest expense in the record and manipulate the sale in order to meet the interest coverage ratio even though cost has been incur so this affect the profit to decrease. Because Banks are only able to identify
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altering account records‚ omission of events or transactions‚ and intentional misuse of accounting principles. 26. Three common ways that fraudulent financial reporting can take place are: Manipulation‚ falsification‚ and alteration of accounting records or supporting documents. Misrepresentation or omission of events‚ transactions‚ or other significant information. Intentional misapplication of accounting principles. 30. If any one of the three fraud elements is missing‚ it is less likely
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CURRENT TREND AND ISSUES OF NURSING | Current Trend in Nursing Research What is research? Focused on uncovering new knowledge to help understand phenomena‚ answer questions‚ or address problems‚ Goal directed‚ A systematic process of inquiry. Research means “to search again or carefully examine” (Langford 2001). “A systematic study of problems in patient care.” Abdellah: “A systematic detailed attempt to discover or confirm facts that relate to a specific problem to improve the practice and profession
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