Please let us know if there is anything else we can provide you to make your job easier. What this means is that the main office or headquarters handled the purchasing, marketing and sales activities. Type accounting fraud The most. A typical method for determining a base estimate for the Allowance for Doubtful Accounts is by using a percentage of Total Accounts Receivables. Discrepancies shall be investigated to help assure that the customer subsidiary accounts are posted for the same total amount posted to the control account. I am not sure if industry averages are available, but that too would be helpful.
Sales credits are coded to three product line sales revenue accounts. Study these minutes — they provide a history of every important event and transaction that Apollo has undergone during the past year. Noreproductionordistributionwithout the prior written consent of McGraw-Hill Education. Baker inquired as to the status of the machinery purchased in early 2014. . Identifying the problem: Brooks vs. Our responsibility is to express an opinion on the financial statements based on our audit.
Despite competition, though, Apollo Hospitals Madras remained a leader in the provision of top-quality medical care and had made a profit for 10 straight years. Thus, allowed operations areisolated to the department that must enter and use thedata. . You must complete items 1a and b. . Management is advised to implement and follow control procedures throughout the year and to ensure that sales are not being inflated, especially at year-end.
As space exploration continues, we intend to be among the first to market our products in new worlds. Enclosed are the item that your company has requested of us, while there are some improvements to be made, your staff has done a fantastic job in assisting us with our audit. Our responsibility is to express an opinion on the financial statements based on our audit. Your prompt attention to this request will be appreciated. It is incorporated in this document by reference.
Noreproductionordistribution without the prior written consent of McGraw-Hill Education. Audit Team: Based upon the information that you glean from 1 and 2 above, do you see any need for special business knowledge in regard to the basic type of business and products Apollo manages? The action stems from the use of one of the Company's products in an aquatic environment, which may have caused severe electrical shock to the wearer s. Part of this audit includes direct verification of customer balances. Please let us know if there is any additional information that you require. I will let you know if I come across any other areas during the audit that might require an additional specialist to be added to the team. The straight-line method of depreciation is reasonable for all of Apollo's fixed assets.
The erroneous entries can be corrected through maintenancefunctions. As a result, while I don't think we should require Apollo to make a journal entry to record this possible liability, it should be mentioned in the disclosure notes to the financial statements. Noreproductionordistributionwithout the prior written consent of McGraw-Hill Education. You will need to make appropriate changes as needed and as discussed in class. In addition to other assurance services that we can provide to your organization. Net income per common share Net income per common share is computed based on the weighted average number of common and common equivalent shares outstanding for the period.
We checked the numbers that we received from the confirmation and compared them to the aged trial balance for account receivable. We will conduct our audits in accordance with the standards of the Public Company Accounting Oversight Board United States. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, become inaccurate. We will only be completing specified sections of this case as discussed below. Throughout the analytic review, it was apparent that Apollo Shoes has several accounts with either concerning or suspicious activity.
This work is protected by Canadian copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. I will appreciate your having them ready when we start fieldwork in mid January. He is the only unassigned person in the office right now. Get Better Grades in Less Time! No matter was submitted during 2013 to a vote of security holders, through the solicitation of proxies or otherwise. Will you plan enough in-depth auditing to give us assurances about errors and frauds in theaccounts? For reasons lost to history, the department also has the mailroom and the personnel department.