new audit client, the successor audit should make specific and reasonable inquiries of the predecessor auditor regarding matters that will assist the successor auditor in determining the acceptance of the engagement. Matters subject to inquiry include: information that might bear on the integrity of management, disagreements with management as to accounting procedures, or other similar significant matters, and communications to audit committees regarding fraud, or illegal acts by clients. The engagement
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a means both to improve the efficiency of processing customer payments and also to enhance control over those payments? a. CRM b. lockboxes c. aging accounts receivable d. EDI 9. For good internal control, who should approve credit memos? a. credit manager b. sales manager c. billing manager d. controller 10. For good internal control over customer remittances, the mailroom clerk should separate the checks from the remittance advices and send the customer payments to which department
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1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized
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A small LLP consisting of a group of private investigators is headed by one of your friends. The partnership has a small office with one server and six workstations. Additionally, the partnership hosts its own website where it allows clients to log in and enter their case information. You suspect that the site may be lacking fundamental security and information safeguards. During the past few weeks, staff members have noticed that the workstations are running sluggishly, and they routinely get
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considerations involved in the various alternatives.The purpose of this memo is to outline three possible decision alternatives to address the problem of small lead traces tocontents of metal whistles produced by a U.S toy company due for shipment to South America; by discussing the methods forthe selection of decision alternatives, the advantages, disadvantages, ethical considerations, financial and legal prospective ofthe each decisions . The memo will further justify and analyze the impact of the recommended
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VOUCHING A voucher is documentary evidence in support of a transaction in the books of account. Vouching is a technical term which refers to the inspection by the auditor of documentary evidence supporting and substantiating a transaction. It means to substantiate an entry in the books of account not only with any documentary evidence such as agreements, receipts, counter foils of a receipt book, or pay-in-book, contracts, but also to see that the transaction has been properly authorized, recorded
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of her questions. She wants to develop a long-term relationship with an accountant who regularly works with start-up businesses and who has global connections. You Role: You are a business planner and accountant. Your expertise is in helping clients evaluate business formation options and business strategy. You have cultivated many international contacts in a variety of fields, including manufacturing. You believe that you will be able to help Gloria find appropriate manufacturing options abroad
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Final Exam Review Practice Case IPI Case: Required: 1. Identify Accounting System Issues * System implementation * Lack of training * I: people try to override the system, inaccurate reporting * R: The company who installed the system needs to be contacted and hold training session for employees * Glitches * I: inaccurate reporting, create room for error * R: Contact the company again and get them back and give them responsibility
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Project Proposal Memo By Lisa Young 09/14/2014 CMGT/410 Adam Hawlk Technology Implementation Training Memo To: Micheal Smith Project Sponsor From: Lisa Young Project manager Mr Smith I have been hired to assist with the rollout of a new companywide compliance system all branches will comply with the changing and the implementation to the new technology. There will be 10 hours of training for all the managers across the country on both the use of the new platform as well as a
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Memo #1 To: Business Relationship Manager, XYZ Inc. From: 670-21-4428 Date: 02/14/2015 Problem: XYZ Inc. is in a situation wherein it is unable to meet a given Project X deadline with its available resources and budget constraints. Causes: The following were identified as potential causes for the problem stated above: * Lack of formal scope definition process has resulted in vagueness and open ended conclusions about the actual requirements among the associates which has resulted
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