Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9-38 (OBJECTIVE 9-7) This problem is based on the JA Tires data that was first introduced in prob-lem 6-35. If you have not already accessed

9-38 (OBJECTIVE 9-7) This problem is based on the JA Tires data that was first introduced in prob-lem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website. As part of risk assessment procedures, you have been asked to perform some prelimi-nary data analytics on the sales file to assess whether individual transactions or classes of sales transactions represent increased inherent risk because they are large, unusual, or involve related parties. You can perform this analysis using Excel, or audit software such as ACL or IDEA.

Required a. Identify the five largest sales transactions. Indicate whether you believe these transactions should require an increase in inherent risk. Do you believe any of these transactions individually, or in the aggregate, should be considered a significant risk?

b. Identify any other transactions that appear to involve unusual product numbers, cus-tomers, or prices.

c. Customer 1027, New York Tire Depot, is considered a related party to JA Tires. What is the total amount of sales to this customer?

**** need answers to B and C!!! thank you

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory

Authors: William R. Scott, Patricia O'Brien

8th Edition

013416668X, 978-0134166681

More Books

Students also viewed these Accounting questions

Question

Construct a Turing machine for the following language: {a*b*}

Answered: 1 week ago