Essays on Auditing Page 5

Questions 1. Identify common inherent risk factors that companies involved in the entertainment industry pose for their independent auditors. List and briefly describe specific audit procedures that would not be used on “typical” audit engagements but would be required for audits of companies involved in live theatrical productions, such as Livent. 2. Compare and contrast…

Acquisition and Payment Cycle – Audit Program Design Part II Acquisitions General: 1. )Review purchase and expenditure procedures with accounts payable personnel, receiving personnel, cashier, and vice president of finance department. 2. )Examine general ledger for large and unusual disbursement amounts. 3. )Determine whether purchases greater than $5,000 have additional approval. Audit Objective:Recorded acquisitions are…

In January 1988, the AICPA implemented Rule 102 regarding Integrity and Objectivity. This rule necessitates that members uphold objectivity and integrity, avoid conflicts of interest, and refrain from knowingly distorting facts or compromising their own judgment (AICPA). Rule 102 encompasses three distinct violation interpretations. The initial interpretation states that a member who knowingly includes or…

Professional Standards do not allow a company’s auditors to also provide tax services and retain independence. There have been numerous restrictions placed on professional service companies by the SEC and PCAOB, limiting the nonaudit services that auditors can offer clients. If a service company performs auditing services for a specific firm, they face limitations on…

Board Size After we did our vertical and horizontal analysis, we realized that there is a direct relationship between board size and audit fees. The range of the board size is from four to eleven members. This difference is due to the variety in business nature and structure. We test the relationship between board size…

Individual Assignments from the Text Resource: Modern Auditing Prepare written answers to the following assignments: Chi. 16: Comprehensive Question Control Activities in Payroll Processing Chi. 16: Comprehensive Question Potential Misstatements/Tests of Controls – Payroll * * 16-33 (Control activities in payroll processing) As part of the audit of Manor Company, you are assigned to review…

For a mountain climber, one of the chief reasons for climbing the mountain is that it is there to be conquered. The same analogy applies to life and one thing that helps in achieving that goal is education; education with a deeper focus on the desired field of interest. Accordingly, I wish to enhance my…

Questions Read the Bradmark Case located in the “Bradmark Case Description” folder and answer the following questions: 1) From the case description and the associated flowcharts, assess Bradmark’s internal controls over its revenue cycle procedures. Bradmark Comprehensive CaseChapter 10 – Expenditure Cycle 1) From the case description and the associated flowcharts, assess Bradmark’s internal controls…

The main purpose of the project is to find what strategies the company uses to market its world famous beauty soap, LUX, in Pakistan; the positive and negative aspects of those strategies.. The project discusses the process of using market segmentation, target marketing, the product, pricing, promotional and distribution strategies and a competitive analysis as…

It turns out that Olympus tried to make an effort to make the company s books accurate, at least in terms of the balance sheets. This action led to the suspicious transactions noticed by Michael C. Woodward, at the time the newly appointed president and chief executive. Gimp’s auditors in Tokyo are under scrutiny after…