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What generic procedures are used to obtain audit evidence?

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Question 1

The audit of most large companies will focus on testing the system of controls with only limited amounts of substantive testing.

You are conducting the audit of Plexus Ltd a manufacturer of bottle tops. The audit work reveals:

  1. the sales ledger is reconciled to the nominal ledger by the cashier who is also responsible for the bank reconciliation.
  2. goods received notes for purchased goods are not prenumbered.
  3. the company has no predefined limit for seeking approval for capital expenditure transactions.
  4. statements are not sent to customers showing the amounts currently outstanding for goods sold by Plexus.
  5. Plexus does not reconcile statements received from suppliers for goods and services it has purchased.
  6. There is only one member of the wages department who does all of the calculations and no reconciliation of the movement in wages from one month to another is prepared.

For each of the items numbered 1 to 6 above explain why this is a control weakness, also indicating for each case how the truth and fairness of the financial statements may be affected by the weakness.

(3 marks each in total 18 marks)

Question 2

  • What generic procedures are used to obtain audit evidence?
  • Explain how those procedures could be used to verify balances and disclosures in the financial statements about:
    (i) The factory premises (4marks)

(ii) Motor vehicles (4marks)

 

 

 

 

 

 

Explain the difference between oral auctions and second-price auctions, including how they work and their results.

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Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process.
Write an essay examining the value of auctions in the economy by addressing the following items.
Explain the difference between oral auctions and second-price auctions, including how they work and their results.
Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher winning bid.
Explain how the number of bidders in a common value auction affects the outcome of the auction. Relate this to the effect on price in different market structures based on the number of producers.
Auctions lead to outcomes where buyers reveal their value for the products being auctioned. To successfully price discriminate, firms often rely on buyers revealing their value for products. Explain the conditions necessary for firms to be able to price discriminate.
Your essay must be at least three pages in length (not counting the title and references pages) and include at least three peer-reviewed resources. Adhere to APA Style when writing your essay, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed.

Write a five- to seven-page comparative financial statement analysis of the three companies listed below.

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Write a five- to seven-page comparative financial statement analysis of the three companies listed below, formatted according to APA style as outlined in the Ashford Writing Center. In this analysis, you will discuss the financial health of these companies with the ultimate goal of making a recommendation to other investors.
Your paper should consist of the following sections: Company Overview, Comparison of Accounting Methods, Ratio Analysis, Final Recommendation, Conclusions.

You will also submit an appendix as a separate document. Additional research may be necessary to provide company background information, or to support your analysis and recommendations.

Your paper needs to include a minimum of two scholarly, peer-reviewed, and/or credible resources.

Download the Form 10-K for each company.

The Coca-Cola Company: Form 10-K.
Financial statements and notes start on page 60.
-Accounts receivable, page 81
-Inventories, page 82
-Depreciation, page 96
-Goodwill, page 83

Dr. Pepper Annual Report
-Click on the 2018 Annual Report
-Accounts receivable, page 72
-Inventories, page 72
-Depreciation, page 73
-Goodwill, page 74

PepsiCo Annual Report :Financial statements and notes start on page 79.
-Accounts receivable, page 124
-Inventories, page 89
-Depreciation, page 95
-Goodwill, page 88

Here is a breakdown of the sections within the body of the assignment (Use paragraph headings to indicate each section):

Company Overview
-Provide a brief overview of the three companies (at least two pages). What industry is it in? What are its main products or services? Who are its competitors? Where is the company located?

Ratio Analysis
-Calculate the current ratio, quick ratio, gross profit percentage, inventory turnover, accounts receivable turnover and asset turnover ratios for all three companies for the current year.

Note: Cash includes cash and cash equivalents and short term investments.
Explain how the ratio is calculated and discuss and interpret the ratios that you calculated.
Discuss potential liquidity issues based on your calculations of the current and quick ratios.
Are there any factors that could be erroneously influencing the results of the ratios?
Discuss liquidity issues of the three companies.

Comparison of Accounting Methods
In your paper, ascertain from the notes of the financial statements the following:
-Explain the difference between the allowance method and the direct write off method for accounts receivable. Document the method used for each of the three companies.
Explain the difference between the straight line, double declining balance and the unit-of-production depreciation methods. Document the method used for each of the three companies.
Explain the difference between LIFO and FIFO and document the method used for each of the three companies.
Explain the different categories of intangible assets and document the method used for each of the three companies.

Recommendation
-Based on your analysis, would you recommend an individual invest in these companies? What strengths do you see? What risks do you see? It is perfectly acceptable to state that you would recommend avoiding this company, as long as you provide support for your position.

Conclusions
-Include an appendix in a separate document. The appendix must include screenshots of the financial statements and information obtained for the receivables, intangible assets, depreciation, and inventory.

Develop a proposal for the addition of a new sport or program to the existing program.

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This project is designed to prepare you for effectively navigating the
legislative process through a proposed policy change. To complete the project, you will need to understand
administrative roles and committee structure within a particular organization, and how the different units
collaborate to manage change. You are to select a professional organization that relates to your current
employment or career interests, and develop a proposal for the addition of a new sport or program to the
existing program. The project will be seven to eight pages, using MLA style with a minimum of six
references. Rubrics for the written paper and presentation will be provided.
a. Options: 1) addition of a new sport to annual State Games; (2) addition of a new sport to a high
school or college athletic department; (3) addition of a new sport for the Olympics; (4) new
professional sport franchise; (5) new parks and recreation program; or (6) other to be approved by
instructor.
b. Format:
i. Paper:
1. Thorough research and background on the organization
a. History
b. Sports offered
c. Participants/attendees
2. Identification of the organizational structure and legislative process
a. Include organizational chart
b. Calendar for the legislative process and meeting structure
i. Annual meetings
ii. Quarterly meetings
iii. Requirements and process for proposing legislation/policy
changes
iv. Be familiar with Robert’s Rules of Order and how they apply
to this process
c. Decision-making process
i. Who is involved? (committees, senior staff, Board, community,
public, other)
ii. Who can you consult to make your proposal stronger? (industry
experts, data, trends, etc.)
iii. Sequence of approvals, including timeline for implementing the
proposed change
3. Discussion of Sport Development Planning – Rationale and Strategy for your
proposal (relates to Sport Development Planning article, 2013)
a. Clear information from a credible source(s) to support your proposal –
you may draw from participation data, trends, community input, etc.
b. Ongoing plan to grow and sustain the sport/program (see concepts in
Sport Development Planning article, 2013)
Topic: Adding the sport of golf to the Olympics

Describe the organization’s overall structure and role.

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Information & Grading Criteria

Each student is to complete a term paper analyzing a particular area within the Human Resource function of a selected organization. In this paper, you will select an organization in which you are familiar and have access. You must be able to obtain detailed information and examples of HR policies, processes and procedures.

You are an HR Consultant, and you have been asked to assess the effectiveness of a particular Human Resource function within your organization and make recommendations for improvement.

You will begin by selecting the organization and selecting the function that you will assess. You may choose one of the following areas:

HR Planning
Staffing
Performance management
Compensation
Benefits
Following is a summary of the sections that should be included in your paper and the potential points for each section.

Executive Summary

This section should provide a brief but clear and concise overview of the entire paper, summarizing all of the major facts including the your assessment and recommendations.

Description of Organization & Strategy

Describe the organization in detail. Then describe the organization’s business strategy.

Human Resources: Strategy & Role Within Organization

Describe the organization’s overall structure and role. (How many people are in HR, what are their roles and responsibilities, where does the top HR executive fall in the company’s organization chart?)

Then describe the organization’s HR strategy, if one exists. Describe the role that the HR function plays in supporting the organizational strategy. Does HR participate in strategic planning? Is there a HR Plan based on the company’s business strategy?

Description of Selected HR Function – Current

Describe the current state of the HR function you have chosen to assess. What are the current policies and procedures? How were the current practices created? (Have they been using that performance evaluation form since the company was started back in 1952? Did they just introduce the new benefits plan?, etc…)

Analysis of selected HR Function

How is this function perceived by employees, managers, and HR staff? Do specific HR objectives related to this area exist? Does this function support the business strategy? Why or why not? Does this provide the company with any kind of competitive advantage? What is done well and what problems exist?

Recommendations for Improvement

Outline your recommendations for improvement. Provide specific recommendations such as a new strategic planning process, new compensation or benefit plans, improved staffing processes or methods, new performance evaluation methods, etc… Be sure to provide a detailed explanation of how your recommendations will help the organization be more successful. You should also address any costs, recommended timelines for completion, potential problems or other issues surrounding your recommendations.

Summary/Conclusion

Summarize your findings and the rationale for your recommendations.

Appendices

Include copies of current or recommended policies, flowcharts, procedures, forms, etc…

References

Completely and thoroughly cite any sources used, using the proper APA format.

Important Notes!

The purpose of this paper is for you to analyze a company’s HR function and apply your knowledge of strategic Human Resource Management by giving specific examples of how this organization can improve its HR effectiveness. Please do not describe a company’s HR function and explain that no improvement is needed because they are doing everything perfectly. Be sure to select a company that needs your expertise!

I feel strongly that excellent writing skills are essential in the business environment. Please note that points will be deducted for poor grammar and writing. Be sure to proofread your work!

Analyze the key elements that make up a health assessment at the community, group and individual levels.

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Analyze the key elements that make up a health assessment at the community, group and individual levels.
Explains the process involved in conducting a comprehensive health assessment and outlines best practice strategies for obtaining critical information.
Summarizes teh finidings of a health assessment for a specific population.
Use valid, scholarly research

Analyze how a specific educational approach to a health concern can overcome barriers to health promotion and disease prevention for a diverse population.

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Develop a detailed educational literature to address the primary health concerns of a diverse population. I do not care what population you chose, if I need to chose let me know.
Analyze how a specific educational approach to a health concern can overcome barriers to health promotion and disease prevention for a diverse population.
Describe barriers to health promotion and disease prevention for a diverse population

Does the weight of schoolbags contribute to students’ discomfort?

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Aim

It is an established fact that the ideal weight of bags carried by students should be 10% of their body. The awareness of this fact does not is evident in Jamaican institutions. The aim of this research is to determine the degree of impact on students carrying heavy schools bags. The research also aims to ascertain the areas of greatest discomfort as a result of carrying school bags greater than 10% of their body weight. Also determine the extent of the various stakeholders’ awareness and knowledge of the recommendation of body mass ratio.

Objectives will seek to:

  • Measure the weight of schoolbags carried by students
  • Determine the types of bags and how they are carried by students
  • Determine the ratio between the weight of the school bags carried by students and students’ body weight.
  • Determine discomfort experienced by students while carrying the habits of carrying school
  • Ascertain the perspective of school administrators/parents on the potential impact of students carrying school bags?
  • Determine from teachers the behaviour of students as it relates to carrying heavy bags with books to class.

Research Questions

  1. Does the weight of schoolbags contribute to students’ discomfort?
  2. Does the type of bags and how it is worn by students have any significant impact on their discomfort?
  3. Is there a direct correlation between students’ body weight and the weight of schoolbags as it relates to students’ discomfort?
  4. What is the ideal ratio between students’ body weight and the weight of schoolbags that will help to alleviate discomfort associated with large and heavy schoolbags?

Explain the audit risk and its three kinds as well as the audit evidence and the types of procedures?

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  1. Explain the audit risk and its three kinds as well as the audit evidence and the types of procedures?
  2. Explain the analytical procedures
  3. Explain functions and sufficiency audit documentations?

Explore and summarize what you have read about HIPAA and how it relates to HRM.

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Insurance Portability

Review the Health Insurance and Accountability Act (HIPAA) of 1996 at http://www.hhs.gov/ocr/hipaa/.Explore and summarize what you have read about HIPAA and how it relates to HRM. Your report should be well written and 275 words.