1. Discuss two risks from the attached “Financial Statements” that represent issues that warrant additional attention during this audit, using the audit risk model.
a. Identify one question for each risk identified in part A1 that you could ask senior management in order to obtain additional information.
b. Identify the senior management team members, by job title, with whom you would address those risks.
c. Identify additional auditing procedure(s) you could use to address these risks after your inquiry.
i. Describe how these additional auditing procedures could address these risks.
2. Identify the internal controls for the acquisition and payment cycle.
a. Identify where these internal controls should be placed in the cycle.
3. Identify the internal controls for the payroll and personnel cycle.
a. Identify where these internal controls should be placed in the cycle.
4. Identify the internal controls for the inventory and warehouse cycle.
a. Identify where these internal controls should be placed in the cycle.
Develop and write 2 pages testing plan for the following requirements
1. Discuss one financial statement account to be tested within the acquisition and payment cycle from part A2.
2. Discuss one financial statement account to be tested within the payroll and personnel cycle from part A3.
3. Discuss one financial statement account to be tested within the inventory and warehouse cycle from part A4.
4. Identify the sampling approach for each of the three financial statement accounts from parts A2–A4 to be tested.
a. Justify your choice of the sampling approach in the acquisition and payment cycle.
b. Justify your choice of the sampling approach in the payroll and personnel cycle.
c. Justify your choice of the sampling approach in the inventory and warehouse cycle.
C. Describe the necessary audit evidence gathered in parts A and B to support management’s assertions.
Managment Accounting DQ 1 and DQ 2
DQ 1
Using the GCU Library, locate a journal article about budgeting. In the subject line of your post, include the name of the article that you read. Then, in your initial post, provide a link to the article and a summary followed by your reaction to the article. The summary should be approximately 250 words and the reaction should be approximately 150 words. The summary should describe the major points of the article, and the reaction should demonstrate your interpretation of the article and how you can apply that knowledge. Do not choose an article that one of your classmates has already posted. To participate in follow-up discussion, choose one of the articles that a classmate has posted and provide your own reaction to it. Note: It may be challenging to find a relevant article if you do not use the library.
Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.
DQ 2
Review Case 5.37 in your textbook. Using the questions provided as a guide, explain how you think the budget presented may impact the company. Please review the posts of your classmates before responding to Case 5.37 and provide responses that are different than what your classmates’ have posted and suggested.
To participate in follow up discussion, ask questions and post comments regarding classmates’ posts or respond to follow-up questions posted by the instructor.
Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.
Case information:
5.37 (LO 2) Standards and behavior (CMA adapted) Miller Manufacturing makes several different products for the mountain biking enthusiast. In an extremely competitive market, Miller has assumed a strong position by stressing cost control. Several years ago, the company implemented a standard cost system based on practical standards that were considered fair and reasonable by both managers and line workers.
Last month, Miller hired Kate Daniel as its new controller. After a brief review of operations, Kate has decided to make some changes. She reviewed materials and labor standards, and believes they need to be revised. She has indicated to other managers that workers need to be better motivated and that tighter labor standards will provide that motivation. Yesterday, Kate presented each departmental manager with a new annual budget based on the new standards. There was little discussion; however, one cost accountant mentioned that the new standards appeared to be quite a bit tighter than the old ones.
Required
a. Describe any negative behaviors that managers and line workers may exhibit as a result of the tightening of the standards.
b. Can Kate take any actions to mitigate the negative behaviors you have identified?
c. How can tight standards have a positive effect on employees’ behavior?
d. Who should have participated in the setting of the new standards? How would their participation have improved the process?
BOOK USED BELOW
Davis C. E.,
ACC345 Discussion 2
Accounting Assignment Help Start the discussion by identifying your selected company name, stock
ticker, and industry, and giving a brief description of the company. In
addition, select an item from your company’s balance sheet, identify its
valuation policies, and explain whether or not you think it’s the most
appropriate option. Justify your answer with credible sources and clear
argument.
Accounting Question
The first two assignments below relate to the “current position”. It is a solvency measure of special interest to short-term creditors.
1. Assignment one: For each of the five corporations compute the current ratio, which you compute by dividing the total current assets by the total current liabilities – data is located on the balance sheet of each company. Please show your work. Then rank the five companies from one to five according to current position or solvency.
2. Assignment two. Compute the acid test or quick ratio, which you compute by dividing the total current assets (minus prepaid insurance