you may see on any upcoming exams. 2006 AICPA Newly-Released Auditing Questions An auditor observes the mailing of monthly statements to a client's customers and reviews evidence of follow-up on errors reported by the customers. This test of controls most likely is performed to support management's financial statement assertions of: Presentation and disclosure Yes Yes No No Existence or occurrence Yes No Yes No a. b. c. d. ANSWER: Choice "c" is correct. In testing the existence or occurrence
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Table of Contents Introduction……………………………………………………………………………………..1-2 Issues………………………………………………………………………………………………2 The Discovery of Fraud……………………………………………………………………..…..3-4 Corporate Governance of FCB……………………………………………………………………5 Auditor Dilemma……………………………………………………………………….……….5-7 Using the Fraud Triangle Model to analyze the situation in Flat Cargo Berhad……………..…8-9 Who is responsible in the fraud of Flat Cargo Berhad ……………………………………..…10-11 Prevention Measures for Fraud ………………………………………………………………
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about 20 million customers and 80,000 employees and was the second largest long distance carrier in the U.S. WorldCom grew largely by aggressively acquiring other telecommunication companies like MCI Communications. WorldCom also owned UUNET, who controls over 50% of the wires that internet service providers use to carry internet traffic all over the world. Even before the fraud began, the company was already going through financial difficulties due to a large amount of debt and declining revenue
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a major shareholder Objective: Explain the role of budgets in management controls. 2. If an auditor can show they acted in good faith when reporting on forecasts the auditor's liability may be reduced or eliminated under a. 0 Regulation S-X. b. 0 Securities Exchange Act of 1934. c. 0 proportionate liability. d. 0 safe harbor provisions. Objective: Compare and contrast the use of budgets as financial controls between for-profit and governmental entities. There are no test questions
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Worksheet for You Decide Name _JANICE VALDEZ Course Code _AC555ON_Grade ___/ Date 4/15/_2012_ Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The Securities and Exchange Commission (SEC), an agency of the federal government, assists in providing investors with reliable information upon which to make investment decisions. The Securities Act of 1933 requires most companies planning to issue new securities to the public
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processes and records needed for the new sales and sales returns system. Principle risks will also be identified in the report. An effective internal control will be useful on addressing those risks, which will be helpful on making preventive and corrective measures. Works of auditor regarding to the new system will also be mentioned. This report is for internal use only, no circulation between third parties is allowed. Documentation, processes and records for the new sales and sales return system:
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Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction Flat Cargo Berhad (FCB) is an air cargo
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Acquisition and payment cycle All Transactions, orders, and payments processed January 1, 2007 through December 31, 2007 AUDIT OBJECTIVES: • To determine internal control compliance to sub objectives for payroll and personnel cycle, sales/revenue and collection cycle, and the acquisition and payment cycle. • To obtain control evidence and documentation about the existence, accuracy, classification, timing and completeness of recorded acquisition transactions. CRITERIA: Statement on
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Audit Planning 33 4 Auditing Techniques And Internal Audit Introduction I 44 5 Internal Control 54 6 Vouching 89 7 Verification And Valuation Of Assets And Liabilities 106 8 Introduction To Company Audit 169 SECTION - II (COST ACCOUNTING) 9 Cost Accounting 173 10 Cost and Cost Classification - Cost Sheet 187 11. Reconcilation of Profit as per Cost and Financial Accounts 204 12. Material, Labour and Overheads 221
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ACC/544 Internal Control Systems | |Copyright © 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description In this course, students gain a broad perspective of accounting and control that considers attainment of all goals of the organization, including those concerned with financial objectives. Topics include an overview of control, risk management, internal control systems, controls for current asset functions, controls for other accounting classifications, controls for
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