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Indicate weaknesses in their processes over cash admission fees that Smith should identify, and recommend one improvement for each of the weaknesses identified. Organize the answer as indicated in the following illustrative example

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 […]

Describe the differences in evaluating, reporting, and testing internal control for nonpublic and smaller public companies.

TASK Obtain and document an understanding of internal control. Assess control risk by linking key controls and control deficiencies to transaction-related audit objectives. Describe the process of designing and performing tests of controls. Explain how control risk impacts detection risk and the design of substantive tests. Explain requirements for auditor reporting on internal control. Describe […]

Create a bar graph of the number of restatements announced by year (extract the year from the Disclosure Date column).

0-24 (OBJECTIVES 10-2, 10-6) The Art Appreciation Society operates a museum for the ben-efit and enjoyment of the community.When the museum is open to the public, two clerks who are positioned at the entrance col-lect a $10.00 admission fee from each nonmember patron. Members of the Art AppreciationSociety are permitted to enter free of charge […]

Describe the regulation process for accounting firms that audit (a) public companies and (b) nonpublic companies.

TASK Visit the Library (access in the course home area) to research the accounting system of self-regulation. Describe at least one major historical event in the business world that occurred in the past 20 years and discuss how this affected today’s accounting system of self-regulation. Describe the legislation that altered the self-regulation process of the […]

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