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QUESTIONS Chapter 8 introduced the eight parts of the planning phase of an audit. Which parts involve the evaluation of risk? Why is it important for the auditor to consider the risk of material misstatement at the overall financial statement level? Provide two examples of factors that might increase the risk of material misstatement at […]
ASSIGNMENT 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 Q3. Provide a numerical example of special order decisions and make or buy decisions and explain how these decisions are backed by quantitative and qualitative considerations
Assignment Question(s): Q1. Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company’s internal controls to see if they are sufficient? Q2. Why do companies use the allowance method to account for bad debts? Describe the diverse methods used to estimate […]
TASK 1. At what two levels does the auditor assess the risk of material misstatement?2. Describe the types of procedures that constitute risk assessment procedure
CASE Winston Black was an audit partner in the firm of Henson, Davis & Company. He was in the process of reviewing the audit files for the audit of a new client, McMullan Resources. McMullan was in the business of heavy construction. Black was conducting his first review after the audit was substantially complete. Normally, […]
TASK This problem requires the use of ACL software, which can be accessed through the textbook website. Information about downloading and using ACL and the commands used in this problem can also be found on the textbook web- site. You should read all of the reference material preceding the instructions about “Quick Sort” before locating […]
ASSIGNMENT Target and Kohl’s are chains of stores that cater to customers who desire name-brand goods at lower prices. The Securities and Exchange Commission (SEC) Form 10-K filing rules require management of U.S. public companies to include background information about the business, as well as the most recent financial condition and results of operations. Access […]
Your comparison of the gross margin percent for Jones Drugs for the years 2016 through 2019 indicates a significant decline. This is shown by the following information: 2019 2018 2017 2016Sales (thousands) $ 14,211 $ 12,916 $ 11,462 $ 10,351CGS (thousands) 9,223 8,266 7,313 6,573Gross margin $ 4,988 $ 4,650 $ 4,149 $ 3,778Percent 35.1 […]
ASSIGNMENT The minutes of the board of directors of the Tetonic Metals Company for the year ended December 31, 2019, were provided to you. Meeting of March 5, 2019The meeting of the board of directors of Tetonic Metals was called to order byJames Cook, the chairman of the board, at 8:30 a.m. The following directors […]
DISCUSSION QUESTIONS The following are various activities an auditor does during audit planning. 1. Review accounting principles unique to the client’s industry2. Determine the likely users of the financial statements3. Evaluate the appropriate financial statement measures for determining amountslikely to be considered material by users of the financial statements4. Identify whether any specialists are required […]
