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Assume that Elegance by Elaine is committed to the current policy of issuing cash refunds without a receipt.
What general weaknesses in Barings' internal controls contributed to the occurrence and size of the fraud?
Event Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers.
A former chairman, CFO, and controller of Donnkenny, an apparel company that makes sportswear for Pierre Cardin and Victoria Jones.
An employee from the cashier's office counts the cash, compares the total with the memorandum, and takes the cash to the cashier's office.
At the end of each day, any deposited cash receipts are placed in the bank's night depository.
Who is responsible for the integrity and objectivity of the financial statements of CVS?
What are the five components of internal controls per COSO? Which one do you believe is the most important?
Describe the legislation that altered the self-regulation process of the accounting profession.
Explain how we might evaluate auditors' whistleblowing intentions? Why would this be important to do?
Assume you are auditing a city that has a summer youth employment program. List some factors you might investigate in terms of financial statement audits.
List the criteria used to determine whether an entity is subject to the Single Audit Act.
Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer.
Write the name and address of the independent auditor. Is the auditor's opinion unqualified?
Does the annual financial report contain a single audit section? If not, does the report refer to the existence of a single audit report?
What are the red flags present that suggest the possibility of fraud? Are there conditions present suggested by the fraud triangle that may facilitate fraud?
How would the fraud impact the financial statements? What accounts would be misstated?
Imagine that you have been hired to audit the sales and collections of a medium to large merchandising company.
Discuss the opportunities and challenges for the auditing profession under the Australian auditing model.
What is the role of an audit committee in giving assurance on corporate reporting?
Brittney, a new associate at your firm, is confused about the role of the Audit Committee (AC) of public companies in the Financial Reporting Process.
Briefly explain what an external audit of financial accounts/reports is and explain its purpose.
What were the main recommendations of Sarbanes-Oxley on auditing and assurance?
Does the requirement to report CSR ensure that the reporting is effective?