Question
1/ What do you think about using MUS to test selling, general and administrative expenses in a typical company? (4 marks). 2/ You have a
1/ What do you think about using MUS to test selling, general and administrative expenses in a typical company? (4 marks).
2/ You have a client where you are not required to test their controls. However you may choose to do so, why? (4 marks).
3/ John will start working as an internal auditor next Summer. He is explaining what he thinks he will be doing to his friend who is an engineer. “Internal auditors have a very important role in the company and report to the shareholders. One of the main responsibilities for internal auditors is finding areas for improvement in the company. As an internal auditor, I will be testing controls over financial reporting as well as effectiveness and efficiency of operations. I will also be involved in booking year-end adjusting entries.” What is John right about and what is he wrong about? (4 marks).
4/ You are using sampling to test the following control: all credit sales over $1,000 require a credit check. What is the population for your test?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1Using this accounting data for your experiment would give you real life exposure to the strengths and weaknesses of using it as a general testing account which can give you insights that may not have ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started