...CASE STUDY: THE TROLLEY DODGERS 1. Identify the key audit objectives for a client’s payroll function. Comment on both objectives related to tests of control and those related to tests of control s and those related to substantive audit procedure. The key audit objectives for client’s payroll function in this Trolley Dodgers Case are: i. Occurrence ii. Completeness iii. Accuracy iv. Posting & Summarization v. Classification vi. Timing i. Key Audit Objective : Occurrence Dodgers must recorded payroll payments for existing employees only and should have separation of duties for each task. Test of Control: Examine internal control to see if the payroll payments are for exiting work and existing employees. The test could be examining all the workers time cards, personnel files and review organization chart. They also can discuss with employees and observe duties being performed. The tests would examine printouts of transactions rejected by the computer as having nonexistent employee numbers. Substantive Test of Transactions: The test to see if the right dollar amount in the payrolls were recorded and paid properly. They also test to review large dollar amount in the journal entries, general ledger and payroll earnings. Examine cancelled checks for proper endorsement could be compare with a personnel record. ii. Key Audit Objective : Completeness Dodgers must record all existent payroll transactions. Test of Control: The test is to see if the existing...
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...CASE 3.1 THE TROLLEY DODGERS In 1890, the Brooklyn Trolley Dodgers professional baseball team joined the National League. Over the following years, the Dodgers would have considerable difficulty competing with the other baseball teams in the New York City area. Those teams, principal among them the New York Yankees, were much better financed and generally stocked with players of higher caliber. In 1958, after nearly seven decades of mostly frustration on and off the baseball field, the Dodgers shocked the sports world by moving to Los Angeles. Walter O’Malley, the flamboyant owner of the Dodgers, saw an opportunity to introduce professional baseball to the rapidly growing population of the West Coast. More important, O’Malley saw an opportunity to make his team more profitable. As an inducement to the Dodgers, Los Angeles County purchased a goat farm located in Chavez Ravine, an area two miles northwest of downtown Los Angeles, and gave the property to O’Malley for the site of his new baseball stadium. Since moving to Los Angeles, the Dodgers have been the envy of the baseball world: “In everything from profit to stadium maintenance . . . the Dodgers are the prototype of how a franchise should be run.”1 During the 1980s, the Dodgers reigned as the most profitable franchise in baseball with a pre-tax profit margin approaching 25 percent in many years. In late 1997, Peter O’Malley, Walter O’- Malley’s son and the Dodgers’ principal owner, sold the franchise for $350 million...
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...The Trolley Dodgers 1) It is the auditor’s objective to determine if management’s assertions are materially complete, valid and accurate. Auditors have various procedures and testing to achieve their objectives. The test of controls is used to determine the reliability of the financial statements by identifying the existence of internal controls, so it is important to understand how inaccuracies within the payroll system would affect accounts on the balance sheet and income statement. Wages are recorded as an expense on the income statement, so they reduce net income. In this Trolley Dodgers case, wages were being fraudulently inflated, so the affect would be understatement of net income on the income statement. Wages are also an accrued expense that require an adjusting entry; the wage amount would be recorded as a current liability on the balance sheet and an accrued expense on the income statement. Again, if wages are being fraudulently inflated, the current liabilities on the balance sheet would also be inflated and the overall result is a misrepresentation of the client’s performance on the financial statements. If it has been determined that the internal controls are ineffective, substantive testing is then necessary to verify accuracy of the dollar amounts. This is a more in-depth and analytical testing to verify the figures the client has provided. Auditors must test management’s assertions about account balances as they are reflected on the balance sheet. When testing...
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...Case 3.1 The Trolley Dodgers 1. The key audit objectives for a clients payroll function are a. Occurrence and existence, b. Completeness, c. Accuracy, d. Posting & summarization, e. Presentation and disclosure, f. Timing and classification. The objective of completeness requires checking all of the amounts paid to the employees to see if they are correct and paid in full. Auditors should level the control risk on all payroll transaction cycle, which is auditor’s major objective on performing tests of controls. In order to determine the nature, extent, and timing of the year-end substantive tests, auditors need to assess control risk for a transaction cycle to get strong evidences. A payroll transaction cycle has two key accounts, which are accrued payroll and payroll expenses. Auditors mainly are concerned of these two accounts violating the completeness objective for most expense and liability accounts. Auditors should use comprehensive analytical procedures when assessing periodic payroll expense to check its rationality. After checking the payroll expense and considering it with the recent average employee pay raise, auditors will develop an expectation. If the payroll expense provided by the clients is out of the auditors expectation, then, substantive procedures and are tests needed to further check those differences. 2. There are several internal control weaknesses in the Dodgers payroll system: g...
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...REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section 1: Comprehensive...
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...A CONTEMPORARY AUDITING REAL ISSUES AND CASES Seventh Edition Michael C. Knapp University of Oklahoma ; \ 1% SOUTH-WESTERN CENGAGE Learning- Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States CONTENTS SECTION 1 Comprehensive Cases 1 Case 1.1 Enron Corporation 3 Arthur Edward Andersen established a simple motto that he required his subordinates and clients to invoke: "Think straight, talk straight." For decades, that motto sewed Arthur Andersen & Co. well. Unfortunately, the firm's association with one client, Enron Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law enforcement authorities revealed a massive accounting fraud that had grossly misrepresented the company's reported operating results. Key features of the fraud were improper accounting for "vendor allowances" and intentional understatements of the company's inventory valuation allowance. K Y TOPICS: applying analytical procedures, identifying inherent risk and control risk E factors, need for auditors to monitor...
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...knowledge questions and answers www.cartiaz.ro No Questions Quiz 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Carl and the Passions changed band name to what How many rings on the Olympic flag What colour is vermilion a shade of King Zog ruled which country What colour is Spock's blood Where in your body is your patella Where can you find London bridge today What spirit is mixed with ginger beer in a Moscow mule Who was the first man in space What would you do with a Yashmak Who betrayed Jesus to the Romans Which animal lays eggs On television what was Flipper Who's band was The Quarrymen Which was the most successful Grand National horse Who starred as the Six Million Dollar Man In the song Waltzing Matilda - What is a Jumbuck Who was Dan Dare's greatest enemy in the Eagle What is Dick Grayson better known as What was given on the fourth day of Christmas What was Skippy ( on TV ) What does a funambulist do What is the name of Dennis the Menace's dog What are bactrians and dromedaries Who played The Fugitive Who was the King of Swing Who was the first man to fly across the channel Who starred as Rocky Balboa In which war was the charge of the Light Brigade Who invented the television Who would use a mashie niblick In the song who killed Cock Robin What do deciduous trees do In golf what name is given to the No 3 wood If you has caries who would you consult What other name is Mellor’s...
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...submission A/HRC/12/48 page 2 Paragraphs Page EXECUTIVE SUMMARY PART ONE INTRODUCTION I. II. III. METHODOLOGY CONTEXT EVENTS OCCURRING BETWEEN THE “CEASEFIRE” OF 18 JUNE 2008 BETWEEN ISRAEL AND THE GAZA AUTHORITIES AND THE START OF ISRAEL’S MILITARY OPERATIONS IN GAZA ON 27 DECEMBER 2008 IV. APPLICABLE LAW PART TWO OCCUPIED PALESTINIAN TERRITORY: THE GAZA STRIP Section A V. VI. THE BLOCKADE: INTRODUCTION AND OVERVIEW OVERVIEW OF MILITARY OPERATIONS CONDUCTED BY ISRAEL IN GAZA BETWEEN 27 DECEMBER 2008 AND 18 JANUARY 2009 AND DATA ON CASUALTIES ATTACKS ON GOVERNMENT BUILDINGS AND POLICE VIII. OBLIGATION ON PALESTINIAN ARMED GROUPS IN GAZA TO TAKE FEASIBLE PRECAUTIONS TO PROTECT THE CIVILIAN POPULATION VII. A/HRC/12/48 page 3 IX. OBLIGATION ON ISRAEL TO TAKE FEASIBLE PRECAUTIONS TO PROTECT CIVILIAN POPULATION AND CIVILIAN OBECTS IN GAZA X. INDISCRIMINATE ATTACKS BY ISRAELI ARMED FORCES RESULTING IN THE LOSS OF LIFE AND INJURY TO CIVILIANS XI. DELIBERATE ATTACKS AGAINST THE CIVILIAN POPULATION XII. THE USE OF CERTAIN WEAPONS XIII. ATTACKS ON THE FOUNDATIONS OF CIVILIAN LIFE IN GAZA: DESTRUCTION OF INDUSTRIAL INFRASTRUCTURE, FOOD PRODUCTION, WATER INSTALLATIONS, SEWAGE TREATMENT PLANTS AND HOUSING XIV. THE USE OF PALESTINIAN CIVILIANS AS HUMAN SHIELDS XV. DEPRIVATION OF LIBERTY: GAZANS DETAINED DURING THE ISRAELI MILITARY OPERATIONS OF 27 DECEMBER 2008 TO 18 JANUARY 2009XVI. OBJECTIVES AND STRATEGY OF ISRAEL’S MILITARY OPERATIONS IN GAZA XVI. OBJECTIVES AND STRATEGY...
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...[pic] Каушанская. Сборник упражнений по грамматике английского языка Part I. ACCIDENCE THE NOUN Exercise 1. State the morphological composition of the following nouns. Snow, sandstone, impossibility, widower, opinion, exclamation, passer-by, misunderstanding, inactivity, snowball, kingdom, anticyclone, mother-of-pearl, immobility, might, warmth, succession, ex-president, nurse, misdeed, wisdom, blackbird, attention, policeman, merry-go-round, girlhood, usefulness, fortune, friendship, statesman, brother-in-law, population, fellow-boarder, smelling-salt. Exercise 2. Point out the nouns and define the class each belongs to. 1. Don't forget, Pettinger, Europe is still the heart of the world, and Germany the heart of Europe. (Heym) 2. Pursuing his inquiries, Clennam found that the Gowan family were a very distant ramification of the Barnacles... (Dickens) 3. His face was sick with pain and rage. (Maltz) 4. He drank coffee, letting the warmth go through his cold, tired body. (This is America) 5. But there is only one place I met with the brotherhood of man, and it was in the Communist Party. (This is America) 6. The mysteries of storm and the rain and tide were revealed. (Galsworthy) 7. Having set the tea, she stood by the table and said slowly: "Tea's ready, Father. I'm going to London." (Galsworthy) 8. By this time, quite a small crowd had collected, and people were asking each other what was the matter. (Jerome i(. Jerome) 9. There were several...
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...Management Revised Edition Peter F. Drucker with Joseph A. Maciariello Contents Introduction to the Revised Edition of Management: Tasks, Responsibilities, Practices Preface 1 2 3 Part I 4 5 6 7 Part II 8 9 10 11 Part III 12 Introduction: Management and Managers Defined Management as a Social Function and Liberal Art The Dimensions of Management Management’s New Realities Knowledge Is All New Demographics The Future of the Corporation and the Way Ahead Management’s New Paradigm Business Performance The Theory of the Business The Purpose and Objectives of a Business Making the Future Today Strategic Planning: The Entrepreneurial Skill Performance in Service Institutions Managing Service Institutions in the Society of Organizations vii xxiii 1 18 26 35 37 45 51 65 83 85 97 113 122 129 131 iv Contents 13 14 15 16 Part IV 17 18 19 Part V 20 21 What Successful and Performing Nonprofits Are Teaching Business The Accountable School Rethinking “Reinventing Government” Entrepreneurship in the Public-Service Institution Productive Work and Achieving Worker Making Work Productive and the Worker Achieving Managing the Work and Worker in Manual Work Managing the Work and Worker in Knowledge Work Social Impacts and Social Responsibilities Social Impacts and Social Responsibilities The New Pluralism: How to Balance the Special Purpose of the Institution with the Common Good The Manager’s Work and Jobs Why Managers? Design and Content of Managerial Jobs Developing...
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...Todd, Hamish Whyte, Kevin Williamson. Versions of the following stories have appeared in other publications: 'The First Day Of The Edinburgh Festival' in Scream If You Want To Go Faster: New Writing Scotland 9 (ASLS), 'Traditional Sunday Breakfast'in DOG (Dec, 1991), 'It Goes Without Saying' in West Coast Magazine No. 11, 'Trainspotting at Leith Central Station' in A Parcel of Rogues (Clocktower Press), 'Grieving and Mourning In Port Sunshine' in Rebel Inc No. 1 and 'Her Man, The Elusive Mr Hunt' and 'Winter In West Granton' in Past Tense (Clocktower Press). The second part of 'Memories of Matty' also appeared in the aforementioned Clocktower Press publication as 'After The Burning'. Contents KICKING – – * THE SKAG BOYS, JEAN–CLAUDE VAN DAMME AND MOTHER SUPERIOR; JUNK DILEMMAS NO. 63; THE FIRST DAY OF THE EDINBURGH FESTIVAL; IN OVERDRIVE; GROWING UP IN PUBLIC; VICTORY ON NEW YEAR'S DAY; IT GOES WITHOUT SAYING; JUNK DILEMMAS NO. 64; HER MAN; SPEEDY RECRUITMENT RELAPSING – – * SCOTLAND TAKES DRUGS IN PSYCHIC DEFENCE; 1 THE GLASS; A DISAPPOINTMENT; COCK PROBLEMS; TRADITIONAL SUNDAY BREAKFAST; JUNK DILEMMAS VO. 65; GRIEVING AND MOURNINQ IN PORT SUNSHINE KICKING AGAIN – – * INTER SHITY; NO NO AND OTHER NAZIS; THE FIRST SHAG IN AGES; STROLLING THROUGH THE MEADOWS BLOWING IT – – *...
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...62118 0/nm 1/n1 2/nm 3/nm 4/nm 5/nm 6/nm 7/nm 8/nm 9/nm 1990s 0th/pt 1st/p 1th/tc 2nd/p 2th/tc 3rd/p 3th/tc 4th/pt 5th/pt 6th/pt 7th/pt 8th/pt 9th/pt 0s/pt a A AA AAA Aachen/M aardvark/SM Aaren/M Aarhus/M Aarika/M Aaron/M AB aback abacus/SM abaft Abagael/M Abagail/M abalone/SM abandoner/M abandon/LGDRS abandonment/SM abase/LGDSR abasement/S abaser/M abashed/UY abashment/MS abash/SDLG abate/DSRLG abated/U abatement/MS abater/M abattoir/SM Abba/M Abbe/M abbé/S abbess/SM Abbey/M abbey/MS Abbie/M Abbi/M Abbot/M abbot/MS Abbott/M abbr abbrev abbreviated/UA abbreviates/A abbreviate/XDSNG abbreviating/A abbreviation/M Abbye/M Abby/M ABC/M Abdel/M abdicate/NGDSX abdication/M abdomen/SM abdominal/YS abduct/DGS abduction/SM abductor/SM Abdul/M ab/DY abeam Abelard/M Abel/M Abelson/M Abe/M Aberdeen/M Abernathy/M aberrant/YS aberrational aberration/SM abet/S abetted abetting abettor/SM Abeu/M abeyance/MS abeyant Abey/M abhorred abhorrence/MS abhorrent/Y abhorrer/M abhorring abhor/S abidance/MS abide/JGSR abider/M abiding/Y Abidjan/M Abie/M Abigael/M Abigail/M Abigale/M Abilene/M ability/IMES abjection/MS abjectness/SM abject/SGPDY abjuration/SM abjuratory abjurer/M abjure/ZGSRD ablate/VGNSDX ablation/M ablative/SY ablaze abler/E ables/E ablest able/U abloom ablution/MS Ab/M ABM/S abnegate/NGSDX abnegation/M Abner/M abnormality/SM abnormal/SY aboard ...
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