You have been with Zaird & Associates for approximately three months and are completing your work on the BizCaz audit. BizCaz produces pullover knit shirts to address the business casual market for both men and women. Although your experience has been limited, an unexpected staff resignation has resulted in your working directly with the engagement's in-charge senior on inventory. This has been a learning experience for you, because you have helped perform various tests of controls which may
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Gene One Strategy The basis of the business strategy for Gene One has three criteria: 1. 3-yr timetable 2. 40% growth within the prescribed time-table 3. Acquire additional funding so more products can be developed Greg has identified that the Executive Board and the current leaders are not within Sarbanes Oxley Act of 2002 (SOX). The act is a United States Federal Law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named
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being manual, is subjected to usual internal control conditions and the Cost Auditor will have little difficulty in appraising them by means of ‘compliance test’ and ‘substantive’ test’. 2. Computer Procedures – i.e. the computer processing work. Auditing in this area is actually a complex activity, for which the Cost Auditor as a prudent person should develop himself for adequate EDP knowledge. Before the actually starts to conduct his audit in EDP environment he should envisage to maintain an ‘Audit
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REPORT OF COOPER AUDITING FIRM OF APOLLO SHOES, INCORPORATED To: The Board of Directors and Shareholders of Apollo Shoes, Incorporated The ____ Auditing Firm audited the balance sheets of Apollo Shoes, Inc. beginning December 31, 2008 and 2009 and the reports shared to the revenue, complete revenue, investors’ equity, and cash-flow for the period of two years that ended on December 31, 2008. ___ Auditing Firm has evaluated the manager’s statements of Apollo Shoes, Inc. that is placed with the
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Parmalat is Europe’s Enron. By: January 23, 2011 Parmalat is a corporate disaster comparable in size and complexity to its major U.S. rivals, and thus quickly call “Europe’s Enron.” In Italy in 1961, Calisto Tanzi took over family preserved-meat business, which he went on to found as Parmalat. After going public in 1990, Parmalat expanded at a breakneck pace during the rest of the decade, acquiring operations in the United States, Germany, France, Brazil, and South Africa. From 1995 through
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Auditing, Attestation, and Assurance Services Thing 1, Thing 2, Thing 3 ACC/491 February 25, 2013 Professor Thing Auditing, Attestation, and Assurance Services In the early part of the 1960s, research scientists, as part of the Advanced Research Projects Agency, generated the concept that it was possible to create a globally interconnected collection of computers. Through this experiment, it was envisioned
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CHAPTER 5 Internal Control Evaluation: Assessing Control Risk LEARNING OBJECTIVES | | | | | |Review |Exercises, Problems, | | |Checkpoints |and Simulations
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scandal( Lansing, 2011 ). This also required more frequent partner rotation off an audit engagement team. If Coopers and Lybrand were not auditing Phar-Mor Inc on a continuous basis, meaning for a period of less than five years then maybe the new auditing partner could have detected the fictitious inventory that existed in other stores. Using the same auditing partner can lead to complacent and conflict of interest. Another Section that could have helped is Section 206, conflict of interest which
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Tong Chai MA82501 Spring 2012 Case 1.3 Just For FEET, Inc. 2. Just for Feet operated large, high-volume retail stores. Identify internal control risks common to such businesses. How should these risks affect the audit planning decisions for such a client? For the large, high-volume retail stores, I identified the following internal control risks common to such businesses: * Management operating strategy is the top source of all the issues. Most retail stores are pretty decentralized and
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to senior auditors. The problem with this if they accomplish the audit in this time frame they will be expected to do it again next year. 2. What consequences for Brent, the auditing firm, and others involved, may arise from “eating time” as Han suggested? Similarly, what consequences for Brent, the auditing firm, and others involved, may arise from not completing audit procedures, as Megan suggested? As mentioned above, “eating time” may look good now, but in the future they will be
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