Question 1. Ethical Considerations (A) As an auditor when provide professional service and client have to follow the fundamental principle of the code of Ethics Integrity An auditor has to be fair and honest to the client. There is an obligation on the auditor to be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with
Premium Audit Auditing Inventory
Sales and Collection Cycle When engaged in auditing a public firm‚ such as Apollo Shoe Inc.‚ an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather a substantial fraction of the audit because this unique segment employs a multitude of documentation and records ranging anywhere from customer and sales orders‚ shipping documents
Premium Accounts receivable Financial audit Internal control
ABE Section: 4pm Howard Street Jewelers‚ Inc. 1. Identify the internal control concepts that the Levis overlooked or ignored. In the Howard Street Jewelers case‚ I strongly believe that Levis didn’t perform any internal control. According to the internal control concept‚ internal controls to work to achieve organizational objective of effectiveness and efficiency of operations‚ reliability of financial reporting‚ and compliance with applicable laws and regulations. In this case‚ Levis should
Premium English-language films Internal control Auditing
Ch. 8: Comprehensive Questions: Analytical procedures ( 8-15 and 8-16) Ch. 10: Comprehensive Questions: Components of internal control (10-31 and 10-32) Ch. 11: Comprehensive Questions: Assessing control risk (11-21) 8-15 | (Analytical procedures) In audit planning the audit of Construction Industry Resources‚ Inc.‚ a building supply company. You have completed analytic procedures relevant to purchases and inventory. The results of these procedures are included in Figure 8
Premium Auditing Internal control Financial audit
asks that Westchester refund the sale to “avoid any prejudice”. Vince Patton‚ the President of Westchester‚ investigated the situation and found that some of his employees were involved in illegal activities. It was revealed that they were involved in bribing customers along with falsifying receipts and broken bottle vouchers. Two salesmen‚ Mario and George‚ bribed Mr. Moon‚ and now the distributer faces a potential 45 day shutdown if ABC‚ Alcohol Beverage Control‚ is informed. Furthermore‚ several
Premium Sales Vice President of the United States President of the United States
hassle-free. The most commonly used system by several companies is the sales system and inventory system creating a window based system. Advanced system on sales provide more reliable recording of sales of the company with comparison to its actual cost. In addition‚ the data needed by the company to decide matters in relation to inventory can be easily generated. Moreover‚ the inventory system promotes effective inventory control which ensures stocking the in demand and correct items in the correct
Premium Inventory Microsoft Access Internal control
Week 7 You Decide Course Project Keller Graduate School of Management Question 1 The Securities and Exchange Commission (SEC) would only have influence over Smackey Dog Foods‚ Inc. if they are a publicly listed company or if they register to become a publicly traded company. The SEC assists investors by providing reliable information to investors so they can make informed investment decisions. If Smackey Dog Foods‚ Inc. becomes a public company‚ they would need to provide financial statements
Premium Audit Balance sheet Accounts receivable
CASE 3.5 Goodner Brothers‚ Inc. “Woody‚ that’s $2‚400 you owe me. Okay? We’re straight on that?” “Yeah‚ yeah. I got you.” “And you’ll pay me back by next Friday?” “Al. I said I’d pay you back by Friday‚ didn’t I?” “Just checkin’.” Borrowing money from a friend can strain even the strongest relationship. When the borrowed money will soon be plunked down on a blackjack table‚ the impact on the friendship can be devastating. Woody Robinson and Al Hunt were sitting side by side at a blackjack table
Premium Internal control Sales Internal audit
Assignment 3 1. List accounting practices that were used to fabricate the numbers in the financial statements. The unrealistic sales targets and abusive management style created a pressure cooker that drove managers to cook the books or perish. And cook they did---booking shipments as sales‚ manipulating reserves and simply fabricating figures---to maintain the illusion of unbounded growth even after the industry was hit by a severe slump. They also booked returns as inventory‚ carried obsolete
Premium Balance sheet Internal control Stock
Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
Premium Internal control Audit Balance sheet