Case Notes - SAK

24 From the given schedule, you are required to match audit evidence with their appropriate descriptions: Sl. No. Audit evidence Sl. No. Descriptions 1 Verbal A Bill attached to vouchers. 2 External B Explanation from client staff 3 Documentary C Confirmation by third party a. [(2) (B), (1) (C) and (3) (A)] b. None of the options c. [(1) (B), (2) (C) and (3) (A)] d. [(1) (B), (3) (C) and (2) (A)]

Calculate total projected mistreatment if the following three mistreatments were discovered in a PPS sample when the sampling interval is $1,000. Recorded Amount Audit Amount Sampling interval Total Projected Mistreatment 1st mistreatment $400 $320 $1,000 _________________ 2nd mistreatment 500 0 $1,000 _________________ 3rd mistreatment 3,000 2,500 $1,000 _________________

Case 5: FEEL NA FEEL, INC.In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter.A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you.Date Voucher No. Supplier AmountNov. 27 896 Balentong Traders P78,400Dec. 2 909 Shala Company 19,60011 918 Mukasim Dealers 44,10020 952 Boom Panes, Inc. 17,15021 955 Edi Wow Company 22,05022 968 Neknek Company 80,85031 982 Bebot, Inc. 78,400P340,550Vouchers…

Case 5: FEEL NA FEEL, INC. In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter. A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you. Voucher No. Date Nov. 27 896 909 918 952 955 968 982 Supplier Balentong Traders Shala Company Mukasim Dealers Boom Panes, Inc. Edi Wow Company Neknek Company Bebot, Inc. Amount P78,400 19,600 44,100 17,150 22,050 80,850 78,400 P340,550 Dec. 2 11 20 21 22 31…

Explain how do they get this

According to the 2020 Reports to the Nations published by the Association of Certified Fraud Examiners, approximately, what percentage of Occupational Fraud and Abuse cases are discovered through tips?   A. 41   B. 43   C. 45   D. 46

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Answer the following from Chapter 7 of the textbook (write a one page response for each question):  Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud.

Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud. (write a one page response for each question):

An external auditor of Roses Corporation sent out positive confirmation requests to 1,000 customers. Population size is 2,400 accounts, with a total recorded value of P400,000. Recorded value of samples selected is P159,960 and audited value of samples is P151,360. What is the estimated population audited value using ratio estimation? A. 400,000 B. 422,728 C. 378,480

You are auditing the financial statements of Blue Pty Ltd, a whitegoods wholesaler. You ask the audit junior to assist you to test whether or not purchases of equipment are fairly stated. You tell him that you will use dollar unit sampling.   Your assistant provides you with the information in the table below.   Number of purchases   6,000   Amount of purchases   $6,000,000   Sample size   60   Dollar value of sample   $600,000   Materiality allocated   $60,000   Error found in the sample   $600   REQUIRED: Draw a conclusion, on the basis of the information provided, as towhether or not purchases are fairly stated. Explain  your answer and show all calculations.

BER 2021 CONFIDENTIALEAB31103_Audit 2 Page 9 of 10Question 5Nurin, Aliah & Co has audited Kinokuyi Publishing Sdn Bhd (KPSB) for several years. Auditdocumentation, including internal control flowcharts as well as sales and cash receipts system,purchasing and payables system and payroll system notes, are accessible from the previousyear's file. You are the audit supervisor of Nurin, Aliah & Co, and you are evaluating thepaperwork documenting KPSB’s purchasing and payables system in preparation for theinterim and final audits for the fiscal year ending 31 December 2021. The company is a bookretailer with twelve locations across the Klang Valley and a central warehouse located in ShahAlam which holds the majority of the company's inventory. Below is an excerpt from theexisting systems notes:Store managers are in charge of placing book orders for their store. Store managers arecurrently unable to request books from any of the other eleven locations. Customers who wantto order books…

An external auditor of Roses Corporation sent out positive confirmation requests to 1,000 customers. Population size is 2,400 accounts, with a total recorded value of P400,000. Recorded value of samples selected is P159,960 and audited value of samples is P151,360. What is the estimated population audited value using ratio estimation? A. 400,000 B. 422,728 C. 378,480   Using the data provided in Roses Corporation, what is the projected misstatement using MPU estimation?A. 151,360 B. 20,640 C. 8,600

6.1 Classify each of the following controls as preventative, detective, or corrective. 6.1.1 Implementation of segregation of duties. 6.1.2 The use of pre-numbered sales invoices. 6.1.3 Security guards are assigned to all entrances and exits of the company building. 6.1.4 The performance of personnel performance reviews every six months. 6.1.5 The preparation of a debtor’s reconciliation. 6.1.6 The issue of internal audit reports on the sales department audit. 6.1.7 Frequent reviews of the log of amendments to the employee masterfile. 6.1.8 All new employees must write a computer literacy test.

KINDLY ANSWER THE TRUE OR FALSE PART NUMBER 4 AND 5. THANK YOU!

AICPA Code of Professional Conduct. Reread the Module B introduction about ScottLondon, CPA.Required:a. What code violations have occurred in this case?b. What is the range of penalties that the PCAOB could levy against London? By the California State Board of Accountancy?c. What do you think is the appropriate penalty?

A uagm.blackboard.com pard Collaborate Ultra... https://uagm.blackboard.com... Taller 4 - Bb Collaborate https://uagm.blackboard.com... Answered: 38. Which of the f... The accountant failed to m b. have been collected, but not yet earned or recorded have been earned and recorded, but not yet collected d. have been earned, but not yet collected or recorded С. 23. The accountant failed to make the adjusting entry to record the amount of interest owed on a note to the bank at the end of the year. This error would cause an overstatement of a. assets b. expenses liabilities С. d. owner's equity 24. The accountant failed to make the adjusting entry to record the depreciation for the year. This error would cause an overstatement of assets an overstatement of expenses a. b. an understatement of liabilities C. d. an understatement of owners' equity 25. Which of the following accounts would not be closed to Income Summary during the year-end closing process? a. Loss on Sale of Land b. Prepaid…

Audit procedure 1 During controls testing the auditors selected a sample of sales invoices and examined them for evidence of a second person checking the goods invoiced to the goods dispatched notes. The sample was chosen by selecting every 25th invoice in the population. Audit procedure 2 During substantive procedures the auditors selected a sample of balances included in the trade payables figure and wrote to the supplier asking them to confirm the amount owed by the audit client at the year-end. The sample was chosen by the auditor selecting the balances from anywhere within the trade payables breakdown, trying to avoid bias. Identify the ISA 500 (Audit evidence) evidence gathering technique and the sampling method used by the auditors in each of these procedures.

Upper Limit on Misstatements Calculation: Monetary Unit Sampling. Jordan Thomas is using MUS to examine a client’s accounts receivable balance. Using a sample size of 100 items and a sampling interval of $12,300, Thomas identified the following misstatements: Item Recorded Balance Audited Value 1 $15,000 $12,500 2 10,000 4,000 3 3,000 2,000 Required:a. Calculate the upper limit on misstatements assuming a risk of incorrect acceptance of (1) 5 percent and (2) 10 percent.b. Based on your calculations in part (a), comment on the relationship between the risk of incorrect acceptance and the upper limit on misstatements.

Consider each situation separately Identify the missing internal control procedure from these characteristics •Assignment of responsibilities •Separation of duties •Audits Electronic devices ⚫ Other controls (specify) (Click the icon to view the situations.) (Leave the "Reason for "Other" control column blank if "Other controls" is not selected for the "Internal Control Procedure" co a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold c. The same trusted employee has served as cashier for 12 years d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees…

FBI and Financial Fraud This assignment aligns with Outcome 4: Model techniques used to collect and analyze data. Adapted from Question 24 on pages 14-40 & 14-41 of the textbook. Go to the FBI websiteLinks to an external site. and use the search box in the top right corner to conduct a search on financial fraud. The FBI site provides numerous descriptions of financial fraud cases that they have prosecuted. Choose a case and select one of the convicted defendants named in the case. Use the profiling methods described in the chapter to perform a due diligence search and collect all the internet information that you can about this individual. The information that you collect can include news reports, addresses either physical or virtual, education background, etc. Document where you found the information by including the name of the website and its URL.

whats the answer in question 2?