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REVIEW QUESTIONS Describe which of the three categories of broad objectives for internal controls are considered by the auditor in an audit of both the financial statements and internal control over financial reporting. What two aspects of internal control must management assess when reporting on internal control to comply with Section 404 of the Sarbanes–Oxley […]
TASK 1.What are the five components of internal control in the COSO internal control frame-work? What is the relationship among these five components?2. How do the COSO principles help an organization assess whether internal controls aredesigned and operating effectively?
TASK Q1. Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example. Q2. RCR has two support departments, X1 and X2, and two operating departments, Z1 and Z2. RCR has decided to use the direct method and allocate variable X1 dept. costs […]
TASK 1. Describe the three broad objectives management has when designing effective internal control. 2. Section 404(a) of the Sarbanes–Oxley Act requires management to issue a report on internal control over financial reporting. Identify the specific Section 404(a) reporting requirements for management
ASSIGNMENT In Parts I (pp. 267–269) and II (pp. 302–303) of this case, youperformed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing.The auditor also assesses fraud risk as part of risk assessment procedures performedduring audit planning. You have been invited by the audit partner on the Pinnacle engagement to […]
TASK The following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud.1. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. 2. Search sales databases for missing bill of lading numbers. 3. Use audit […]
TASK The following audit procedures are included in the audit program of Holland Equipment, Inc.1. Use audit software to examine journal entries in the sales, cash receipts, purchases,cash disbursements, payroll, and general journals for any amounts exceeding $1 mil-lion and for any entries with unusual account codings. Review related supportingdocumentation for reasonableness.2. Examine the estimate […]
ASSIGNMENT The Kowal Manufacturing Company employs about 50 production workers and has the following payroll procedures. The factory foreman interviews applicants and on the basis of the interview either hires or rejects them. When applicants are hired, they prepare a W-4 form (Employee’s Withholding Exemption Certificate) and give it to the foreman. The foreman writes […]
ASSIGNMENT The following misstatements are included in the accounting records of the Dillon Manufacturing Company: 1. Cash paid on accounts receivable was stolen by the mail clerk when the mail was opened. 2. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake. 3. Cash paid on accounts receivable that had […]
TASK The Art Appreciation Society operates a museum for the benefit and enjoyment of the community.When the museum is open to the public, two clerks who are positioned at the entrance collect a $10.00 admission fee from each nonmember patron. Members of the Art Appreciation Society are permitted to enter free of charge upon presentation […]
