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Q: The shape of the "age-earnings" profiles reflect all of the following, except that:
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A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
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A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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A: Answer) Calculation Sales on account Sales on account = Total Sales X 80% Sales on account = P…
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A: The current ratio is calculated as current assets divided by current liabilities.
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Q: Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…
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A: The journal keeps the record for day to day transactions of the business on regular basis.
Q: 1. The internal control of separation of duties requires that employe
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A: “Since you have asked multiple questions, we will solve the first question for you. If you want the…
Q: Company A has current sales of $4.000.00 and a 45% contribution margin. Its fixed costs are…
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Q: Why it is important to have auditing standards? Specifically, why are ethics important to the…
A: Auditing is the term which is defined as examination as well as investigation of the financial…
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- Provide a definition of a quality audit and describe the main objectives of a quality audit1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard - setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?
- A system audit examines the company's quality control procedures.? Question 7 options: True FalseWhat is an engagement quality control review What are the qualification of engagement quality control reviewers What are the pertinent timetable rules for the following Completion of the audit file or documentation Retention of audit file or documentationCritically Analyse the importance of quality management in auditing and assuranceand recommend how audit firms can address any quality control issues and ensurecompliance with auditing and assurance standards.
- STATEMENT I: Management Review is the process of assessing the quality of Internal Control performance periodically. In this activity, the management can assess the design and operation of controls on a timely basis and can take necessary corrective actions. STATEMENT II. There is a direct relationship between control objectives and components. Statement I only is Correct Both Statements I and II are IN CORRECT Statement II only is Correct Both Statements I and II are CORRECTQ1. Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor? (In your response, identify all of the requirements placed upon the Audit Committee by Sarbanes-Oxley, and why you think the Act placed these responsibilities with this group). Q2. Which of the following is an example of the appropriate implementation of a system of quality control? (in your response, describe the purpose of a system of quality control for an audit firm, and what the six elements of quality control are).6. Input validation checks (application controls) are applied to every bill to ensure the accuracy of the billiling process. Which of the following management assertions apply to this control? Existence & Occurence, Completeness, Rights, Valuation
- Which of the following encompass many elements of general best practices? Choices: A. Ensuring that audit paths are generally horizontal and/or vertical, and are as short as possible subject to this. B. Grouping together inputs, as well as calculated items that are related to each other. C. Creating a clear direction of logical flow within each worksheet. D. All are elements of general best practices. E. Using as few worksheets (and workbooks) as possibleWhich activities are performed in a change management audit? a) Assessment of the "design" of the change management controls b) "Operating effectiveness" testing of change approvals c) Assess source code management d) All of the abovefast plz Which of the following is a valid reason for testing the operating effectiveness: Communicate findings and recommendations Authorization based on information provided by the management observations Review the results for periodic reconciliation Authorization based on the information provided by internal source