In addition to these three questions, what questions should your internal control questionnaire include with respect to the company's investment in marketable equity securities? (Hint: Prepare questions to cover management's transaction assertions of occurrence, completeness, cutoff, accuracy, classification.)

Q: Securities Examination and Count. You are in charge of the audit of the financial statements of…

A: To ensure the ownership of the company, the company name on the certificates can be checked. To…

Q: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

Q: state how it is intended to help to address the risk of fraud in publicly traded organizations.

A: Corporate governance is a very important activity for the businesses. It is used to denote all the…

Q: Kay & Lee LLP was retained as the auditor for Holligan Industries to audit the financial statements…

A: Audit is defined as the examination of the books of accounts of the company through auditor followed…

Q: June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to…

A: The internal auditor is an auditor who is appointed by the Board of directors of the company and not…

Q: You have just started work for Warren Co. as part of the controller's group involved in current…

A:

Q: Typically, shares of stock are stored in the vault of the brokerage firm and you, as owner, will not…

A: A brokerage firm facilitates the sale and purchase of securities for the traders. It is also…

Q: Jane Ellerby and Sam Callison are discussing the recent fraud that occurred at LowRental Leasing,…

A: Fraudulent financial reporting: Intentional misrepresentation of financial statements to mislead the…

Q: You are a highly experienced CA financial accountant for a law firm, responsible for all aspects of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering -  – Using the money received from doing criminal activities such…

Q: The Sarbanes-Oxley Act a. created the Private Company Accounting Board. b. allows accountants to…

A: Sarbanes – Oxley act: The Sarbanes-Oxley act is enacted to keep an oversight on the public companies…

Q: You are the newest member of the staff of Brinks & Company, a medium-size investment management…

A: Share issue cost: Cost such as legal fee, promotional charge, and accounting services incurred for…

Q: The treasury department maintains the custody over the company's investments. Both the accounting…

A: Since treasury department maintains the custody over the company’s investment.Therefore,

Q: a. Boards need to consist of at least independent directors or 1/3 of the board which is higher.

A: Corporate governance is a very important activity for the businesses. It is used to denote all the…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: ABC company is a start-up company, they only have less than 20 personnel. The treasury function…

A: Segregation of duties is an internal control procedure which requires more than one person to…

Q: (Issues Raised about Investment Securities) You have just started work for Warren Co. as part of the…

A:

Q: Each of the following scenarios is based on facts in actual fraud. Categorize each scenario as…

A:

Q: auditors responsible for searching for fraud while reviewing a public companys quarterly financial…

A: Answer: No an auditor is not responsible for searching for fraud while reviewing a public company.

Q: When an entity uses a trust company as custodian of its marketable securities, the possibility of…

A:

Q: Please see attached screenshot. Thank you!!!!!

A: Current file in auditing is more likely to include the items which are relevant for current period…

Q: Rules governing the investment practices of individual certified public accountants prohibit them…

A: Pricewaterhouse Coopers (PwC) is a big firm and it was essential to ensure that all their work is…

Q: A client has a large and active investment portfolio that is kept in a bank safe deposit box. If the…

A: A specific procedure undertaken by an auditor to procure evidence in a particular audit engagement…

Q: Several years ago, Prudential Securities was charged with fraud for late trading. This was the first…

A: Criminal offence is a contravention of a law wherein there's harm to the general public or a member…

Q: You are testing the controls over bank accounts for your audit client, Orleans Ltd. You note that…

A: Bank Reconcilation: It is the process of reconcilation of an entity's bank account with its…

Q: When a sinking fund exists the auditors should be able to identify cash or other assets set aside…

A: Sinking Fund-: A Sinking Fund is a fund comprising money set differently or protected to settle a…

Q: You are testing the controls over bank accounts for your audit client, Orleans Ltd. You note that…

A: The process of reconciling the balances in an entity’s accounting records for cash account to the…

Q: The Sarbanes-Oxley Act Created the Private Company Accounting Board. Allows accountants to audit…

A: Sarbanes Oxley Act:In order to protect the rights of an investor from fraudulent practices done by…

Q: Evaluate the Board structure of ABC Ltd from a corporate governance viewpoint. As part of your…

A: Corporate governance is defined as the set of rules and regulations that guide the operating…

Q: auditor is appointed

A: Correct answer is :- B   It is conducted by the employees of the company.

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: When auditing with “fraud awareness,” auditors should especially notice and follow up employee…

A: Fraud: Fraud is the act of deliberately conduction false reporting of facts, acquiring funds or…

Q: Each of the following scenarios is based on facts in anactual fraud. Categorize each scenario as…

A: Auditing- Auditing is the independent review of financial data from any company, regardless of size…

Q: Identify the weaknesses in Randall’s system of corporate governance and provide suggestions for…

A: Randall Inc is in the business of manufacturing heavy machinery. Following would be the suggestions…

Q: ABC Company has 100 shares of IBM stock that it holds as an investment. The stock was purchased…

A: The Company issues share for the public to purchase them. The shares are numbered according to the…

Q: not true about Internal Audit

A: Option b is wrong because the statement is true. The internal auditor is appointed by the…

Q: The treasury department maintains the custody over the company's investments. Both the accounting…

A: In order to have an effective internal control, it is imperative that there is a segregation of…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: from the following given above options: OPTION(4)  would be likely considered by the internal…

Q: You are auditing one of your firm’s clients that is listed on a Stock Exchange. The client has an…

A: Solution: You are auditing one of your firm’s clients that is listed on a Stock Exchange. The client…

Q: Each of the following scenarios is based on facts in actual fraud. Categorize each scenario as…

A:

Q: Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud…

A: SOX or Sarbanes- Oxley Act came into force in 2002 after the biggest accounting scandal. The purpose…

Q: Avatar Financials, Inc., located on Madison Avenue in New York City, is a company that provides…

A: Requirement a.   Following are the internal control issues.   Since program maintenance is an…

Q: The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting…

A: As a part of the accounting reforms, PCAOB has been formed by the low of administration…

Q: While assistant treasurer of Travco Corporation, Frank Mitchell caused two checks, each payable to a…

A:

Q: When auditing with “fraud awareness,” auditors should especially notice and reviewemployee…

A: The right is( a) The company always estimates the inventory but never takes a complete physical…

Q: Avatar Financials, Inc., located on Madison Avenue, New York City, is a company that provides…

A: The individuals who are engaged in the process related to the verification of the financial records…