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business
auditing cases an interactive
Questions and Answers of
Auditing Cases An Interactive
Based on the results of the analytical procedure, how likely is it that 2011 interest income is materially misstated? 20% 40% 100% 0% 10% Definitely not 30% 50% 60% 70% 80% 90% Definitely Misstated
For each of the business risk factors identified in question 1 above, indicate how each risk factor might impact the risk of material misstatements in specific financial statement accounts or
A 2002 editorial in Business Week raised issues with compensation received by corporate executives even when the company does not perform well. In 1980 corporate executive compensation was 42 times
What aspects of the current manual sales accounting system create risks that increase the likelihood of material misstatements in the financial statements? Specifically identify each risk and how it
What features, if any, of the proposed IT-based sales accounting system will help minimize the risks identified in question 1? If a deficiency exists that is expected to persist under the new system,
Describes deficiencies in the Collins Harp IT system development and program change process?
Review the audit documentation prepared by Green and Brown, LLP, related to TRS’s Notes Payable and list deficiencies on the enclosed schedules?
What do you believe were the three most serious control deficiencies at Société Générale? For each deficiency listed, indicate whether the deficiency related to poor design or poor operating
Research the SysTrust and WebTrust services from the information on the following web page (or search the Internet or within the AICPA’s Information Technology Center Web site for “Trust
According to the CICA Web site indicated in question number four, what professional standards must a CPA follow when providing assurance services that result in the expression of a WebTrust or
To become more familiar with these assurance services opportunities, obtain a copy of the Trust Services Principles and Criteria, which can be located on the Internet. Use your internet browser to
Using the Trust Services Principles and Criteria for the “Online Privacy Principle,” develop an online privacy policy for Alltel Stadium that could be posted on the stadium’s website for
(a) How close does the Bees’ reported ticket revenue for 2011 have to be to your expectation for you to consider reported ticket revenue reasonable or fairly stated?(b) If reported ticket revenues
Research required accounting treatment criteria related to revenue recognition to make sure you have a clear understanding of the explicit criteria that must be satisfied before revenue can be
As of September 30, 2012, Magicon had only submitted the order letter. Document your conclusion about the impact on the accounting for the transaction if Longeta and Magicon(a) Sign the reseller
What recommendations do you have related to plans for the actual conversion to this new system?
How does the IT-based system create new risks for material misstatements?
1. Go to the web site http://www.globalreporting.org and read the G3.1 Application Levels. What are the major differences between the three application levels?2. The G3.1 Application Levels
The 2010 GRI Sustainability Reporting Statistics publication indicates that 47 percent of the GRI sustainability reports obtained external assurance and that the majority of the external assurance
Another component of the audit risk model is control risk. Describe the five components of internal control. What characteristics of Comptronix’s internal control increased control risk for the
Professional auditing standards present the audit risk model, which is used to determine the nature, timing, and extent of audit procedures. Describe the components of the model and discuss how
The following requirements relate to Ms. Stitt’s testimony about the CanWest non-compete payments:(a) The concept of a “related party” is defined by generally accepted accounting principles
The Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements, to provide guidance for publicly traded companies. Review SAB No.
Based on the information obtained from the web site and your knowledge of the industry prepare a memo discussing the following items:(a) Dell’s information for fiscal year ended 1/28/2011:Sales
Go to Dell’s web site (http://www.dell.com) and click on the “About Dell” link. Review background and investor information provided about Dell. Click on the “Investor” link in the About