ACL ADMINISTRATION PAYCHECK FILE How many records are there in database? There are 147 records in the paycheck file. How many data validity errors are there in the database? There were no validity errors in the database; all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How
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In the case of Goodner Brothers‚ Inc. ‚ the six key control weakness were no proper segregation of duties‚ no proper procedure on recording documents‚ lacking monitoring on performance review‚ low gross profit margin than benchmark‚ no control on accessing to the accounting system and inventory storage and too depends on the honesty of the employees. Woody Robinson know very well that the company have these weaknesses that give him the chances to enter the hole to start the fraud activities. Firstly
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ATH Technologies Inc.: making the Numbers The case of ATH is centered on management taking particular strategic paths in order to achieve the desired organization objective(s). Beginning with the strategy of acquiring market share‚ Scepter implemented very attractive (personal) incentives in order to achieve this goal. These “earn out” incentives did indeed push for innovation‚ growth and market segment but it didn’t put any controls on the amount of spending‚ thus ultimately leading to major
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The Company Details Uber Technologies Inc.‚ also better known as Uber‚ is the transportation mobile application company founded back in 2009 (Lashinsky‚ 2015) that specializes in transportation through their mobile platform which operate 24-hour-per-day and connect passengers and drivers (Pullen‚ 2014). It has since then grown into a well-known‚ successful‚ billion-dollar company worth over $50 billion net worth with 58 countries involve (Kim‚ 2015). The company revenues through hire service and
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The book Flash Boys tells in detail how the stock exchanges‚ the large banks‚ and especially high frequency trading have turned the financial markets into a casino where the house always wins‚ all in all a huge scam for small and medium investors. High frequency trading is sort of based on the fact that one receives an order one millisecond or two microseconds before or after hitting "enter‚" and this fact is important. For most institutional or retail traders‚ this may not be important‚ but high
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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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