which type of audit is performed by either a consultant or an auditing firm employee? answer internal audit external audit financial audit usage audit

Answers

Answer 1

External audits are conducted by consultants or employees of accounting firms. External audit provides objective independent examination to verify the financial reflection of company.

What are main types of audits?

There are three main types of audits: External Audits, Internal Audits, and Internal Revenue Service (IRS) Audits. External audits are typically conducted by a Certified Public Accountant (CPA) firm and produce an audit report included in the audit report.

What if the auditor is an employee of the audited organization?

If the auditor is an employee of the audited organization, the audit is classified as a quality audit.

What kind of audits are employees and stakeholders conducting?

Management audits assess whether management is acting in the best interests of shareholders, employees, and the company's reputation.

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Related Questions

I have to do question A and C for TODAY

someone help me urgent please !!!!

Answers

(A) (1) The Four enterprising characteristics/skills displayed by Emer:

InnovationRisk-takingVisionaryEntrepreneurial thinking

(ii) Two methods of encouraging intrapreneurship within the business:

Employee empowerment: Allowing employees to have a say in the decision-making process, delegating tasks and responsibilities, and providing them with the necessary resources to implement their ideas can encourage intrapreneurship.Recognition and reward: Recognizing and rewarding employees for their contributions to the business can encourage them to be more innovative and to take initiative in finding new opportunities for the business.

(B) Obligations of Emer as business owner to the various stakeholders in the enterprise:

Customers: Emer has an obligation to provide a quality product and service to her customers. She is also responsible for ensuring that the restaurant is safe and hygienic for her customers.Employees: Emer is responsible for providing her employees with good rates of pay and conditions of work. She also has an obligation to provide her employees with training and development opportunities.Suppliers: Emer has an obligation to source produce from reputable suppliers and to pay her bills in a timely manner.Community: Emer has an obligation to be a responsible member of the community in which her business operates. This includes being a good neighbor and being environmentally friendly.Shareholders: Emer has an obligation to maximize shareholder value and to report financial performance honestly.

Leadership: John is a great team leader and team builder. He leads by example and is able to delegate work effectively to his employees.Problem-solving: John is able to effectively handle any problems that arise with either staff or customers. He is able to sort out issues quietly and efficiently.Communication: John is able to communicate effectively with his staff and customers. He encourages the employees, through fortnightly meetings, to suggest improvements for the business.Motivation: John is able to motivate his staff and build a loyal team. Many staff members have been promoted to positions of responsibility in the business.

What are the characteristics about?

Innovation: Emer is constantly trying to improve the restaurant's image, profitability, and range of services that it offers. She and John actively encourage the restaurant's employees to suggest improvements for the business and many ideas have been introduced, such as extending the opening hours to include breakfast and catering for outside parties and special events through the online business.

Risk-taking: Emer invested her savings and took out a long-term loan to purchase a restaurant on the south side of Dublin. She was willing to take the risk of starting her own business and has successfully built a profitable enterprise.

Visionary: Emer recognizes the importance of having a loyal customer base for the long-term success of the business. She is constantly striving to improve the restaurant's image, profitability and the range of services that it offers.

Entrepreneurial thinking: Emer is constantly looking for new opportunities and ways to improve her business. She sees the value of her employees' ideas and actively encourages them to suggest improvements for the business.

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Briefly explain two advantages of public sector businesses

Answers

Autonomous set-up and public accountability.

Taylor organizes and manages the operations department. At the end of the day, he gathers data from his team and generates a daily report for his supervisor. Which option has helped him gather and generate all the reports quickly?

A.
adoption of an information system
B.
adoption of a transaction management system
C.
adoption of a report generation tool
D.
adoption of a data processing tool

Answers

With an adoption of a data processing tool,Taylor gathered and generate all the reports quickly.

Data Processing tool is any software tool that helps to arrange

scattered,raw and unprocessed documents( text file data, excel file

data, images, audio clips, video clips etc) into a structured, readable and

useable data that can be stored and retrieved easily.

Different types of data processing tools for different reports or

management exist and some of them include:

Excel for very small data.Tableau

Qlik Sense

ThoughtSpot

FineReport. MicroStrategy etc

Taylor can therefore gather and generate his reports using a good data processing tool like Excel or Fine report software.

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A university does not have a centralized receiving function for departmental purchases of books, supplies, and equipment. Which of the following controls will most effectively prevent payment for goods not received, if performed prior to invoice payment?

a. Vendor invoices should be approved by a departmental supervisor other than the employee ordering the goods.
b. Invoices over a specified amount should be approved by the vice president of finance.
c. Names and addresses on vendor invoices should be compared to a list of department-authorized vendors.
d. Vendor invoices shoul be matched with department purchase orders.

Answers

Answer: a. Vendor invoices should be approved by a departmental supervisor other than the employee ordering the goods.

Explanation:

From the question, we are informed that a university does not have a centralized receiving function for departmental purchases of books, supplies, and equipment.

The control that will most effectively prevent payment for goods not received, if performed prior to invoice payment is that the invoices of the vendor should be approved by a departmental supervisor other than the employee ordering the goods.

______ Is a market in which a large number of suppliers compete with each other to satisfy the needs and wants of a large numbers of consumers at a competitive price.???

Answers

Answer : Monopolistic competition

Answer:

Monopolistic Competition

Explanation:

In a monopolistic competitive market, there are large numbers of sellers who do not sell identical products instead they sell differential products. They compete with each other at a competitive price. The products could be differentiated in many ways including quality, style, location and even brand name. Since they compete at a competitive price, if there is a substantial rise in the price of any of the products, the buyers could quickly shift from one product to another. The most crucial factor behind product differentiation is because of geographical factors. Under a monopolistic competitive market, the sellers do not have any influence over customer loyalty and limited control over the price.

when the company prepared its planning budget at the beginning of march, it assumed that 22 containers would have been refurbished. however, 18 containers were actually refurbished during march. the revenue variance in the revenue and spending variances column of a report comparing actual results to the flexible budget for march would have been closest to:

Answers

The revenue variance in the revenue and spending variances column of a report comparing actual results to the flexible budget for March would be unfavorable.

Because the company assumed that 22 containers would have been refurbished, but only 18 containers were actually refurbished. However, 18 containers were actually refurbished during March. To determine the revenue variance in the revenue and spending variances column of a report comparing actual results to the flexible budget for March, we would need more information about the revenue per container and costs associated with refurbishing. With the given information, we cannot provide an accurate estimate of the revenue variance.

This means that the company's revenue would be lower than expected. The amount of the revenue variance would depend on the difference between the budgeted revenue for 22 refurbished containers and the actual revenue for 18 refurbished containers.

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10. According to the inventory life cycle, after a retailer receives products, the next step is
A. to display products.
B. that the retailer prices products.
C. that the customer shops the store.
D. inventory is purchased.

Answers

The pricing of the products is the next step after the retailer receive the products, in the inventory life cycle.

What is the life cycle of a product?

The life cycle of a product refers to its progression through its four stages of market existence. Initiation, growth, maturation, and decline are the four stages of the life cycle. Depending on the product, each stage of its life cycle takes a varying period of time.

What are the four retailing mix components?

The type of goods sold, the variety and range of goods sold, the quality of customer service, and the price of the items are four retail mix components that are especially useful for categorizing shops.

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Cutting Edge Corp. Produces sporting equipment. In 2019, the first year of operations, Cutting Edge produced 25,000 units and sold 22,000 units. In 2020, the production and sales results were exactly reversed. In each year, selling price was $100, variable manufacturing costs were $40 per unit, variable selling expenses were $8 per unit, fixed manufacturing costs were $550,000, and fixed administrative expenses were $200,000. (a) Partially correct answer iconYour answer is partially correct. Compute the net income under variable costing for each year. 2019 2020 Net income $ 290000 $ 550000 eTextbook and Media Attempts: 2 of 2 used (b) Compute the net income under absorption costing for each year. 2019 2020 Net income $ $

Answers

Under variable costing, the company's net operating income for the year would be is as follows- $66,000 lower than under absorption costing.

The computation of the operating income under variable costing is shown/given below:

But before that following calculations need to be done

Fixed manufacturing overhead per unit is

= $550,000 ÷ 25,000 units

= $22 per unit

Ending Inventory units is

= 25,000 units - 22,000 units

= 3,000 units

Now Cost of ending Inventory deferred/put-off under absorption costing is

= 3,000 units × $22

= $66,000

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Complete question:

Cutting Edge Corp. produces sporting equipment. In 2012, the first year of operations, Cutting Edge produced 25,000 units and sold 20,000 units. In 2013, the production and sales results were exactly reversed. In each year, selling price was $100, variable manufacturing costs were $40 per unit, variable selling expenses were $8 per unit, fixed manufacturing costs were $540,000, and fixed administrative expenses were $200,000.

Instructions

(a) Compute the net income under variable costing for the year.

What do you do in free time to help yourself be better person?

Answers

I take my time to reflect on how I treat people. I meditate so that I can truly know how I feel.

A cash flow statement can help you develop and determine budget categories.
a. True
O b. False

Answers

B. False hope this helps!

If a bond is trading at a premium, what is the relationship between the bond's coupon rate, current yield and yield to maturity?

Answers

Bonds acquired at premiums often have lower yields to maturity than bonds purchased at market rates. This is further explained below.

What is a bond?

Generally, Bonds are financial securities that reflect loans made to the issuer by the bondholders themselves. When it comes to borrowing money, governments (at all levels) and companies (of all sizes) often turn to bonds.

In conclusion, If you buy a bond at a discount, the yield to maturity will be lower than its coupon rate.

Answers

The organizational setting at at connect academy is what is called the hollow structure.

In this type of setting, the business contract is outsourced. Those that are given these functions are agencies. While the rest of the work that is to be done would be handled by the house team.

In this type of structure, other core processes are still handled internally. The processes that are not really seen as the core are what is outsourced.

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An economy with constant velocity has real gdp growth of 3 percent, money growth of 7 percent, and a real interest rate of 2 percent. The nominal interest rate is.

Answers

The nominal interest rate is 6% of an economy where constant velocity has real gdp growth of 3 percent.

The nominal interest rate is the amount that banks, debt issuers, and investment companies advertise for loans and different types of investments. It is the stated interest rate that is earned by the investor or lender and paid to them.

According to the Information Provided:

Y = 3% real GDP growth

M=7% money growth

Real interest rate equals 2%, or r.

Constant velocity equals 0%

We need to find the nominal interest rate.

The following is the quantity theory of money (QTM) equation:

ΔM + ΔV = ΔP + ΔY

ΔP = ΔM + ΔV – ΔY

Using the percentages in the problem as a guide,

ΔP = ΔM + ΔV – ΔY

ΔP = 7% + 0% – 3%

ΔP = 4%

Real and nominal interest rates are related by the Fisher equation, which is given by

Nominal interest rate- inflation = real interest rate.

The equation is rearranged to find nominal interest

Real interest rate+ inflation = nominal interest rate.

Interest rate nominal = 2% plus 4%

Hence, 6% is the nominal interest rate.

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what does it mean when the number is negative next to the available credit on an american express business card

Answers

A negative balance typically indicates that the cardholder has earned rewards from their credit card, had fraudulent purchases reversed, or got a statement credit.

How does American Express define "negative"?

The offers that are displayed here are subject to terms. This is our complete advertising guidelines how we generate revenue a negative balance simply means that you owe money to the company that issued your credit card.

If my available balance is negative, can I still use my credit card?

In reality, the company that issued your credit card might handle the situation on its own and send you a check for the negative balance amount. You can just use your credit card to make purchases if you'd like, and the charges will be adjusted automatically to reflect the negative balance.

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Broadbill corporation, a calendar year c corporation, has two unrelated cash method shareholders: marcia owns 51% of the stock, and zack owns the remaining 49%. each shareholder is employed by the corporation at an annual salary of $240,000. during 2021, broadbill paid each shareholder-employee $220,000, with the remaining $20,000 paid in january 2022. determine how much of the 2021 salaries for marcia and zack is deductible by broadbill in 2021 if the corporation is (a) a cash method taxpayer and (b) an accrual method taxpayer.

Answers

Every stockholder of the corporation receives a $240,000 yearly compensation. Throughout Jan 2018, Broadbill charged $20,000 in addition to such $220,000 it was charged throughout 2017 for the yearly pay increase investor-employee.

What type of financial strategy is that?

The cash accounting method makes it easy to record income and outgoing costs. Up until the time the money is actually received, the firm does not record any income. When the money is really transferred, for instance, if a company signs a contract for $100,000, income is realized.

Comparing the cash method with the accrual method:

Businesses can now only report income and costs on a cash basis when actual cash is received or paid. Instead of determining when money changes hands, accrual accounting tracks revenue and costs as they are incurred (when an invoice is made or a bill is received).

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On March 17th, Rollo's Antiques accepted a credit card for a $1,000 purchase. The credit card company charges a 2% service fee. The entry to record this transaction would include a A : credit to Service Charge Expense of $20. B : debit to Cash of $1,000. C : debit to Service Charge Expense of $20. D : credit to Cash of $980.

Answers

Answer:

C : debit to Service Charge Expense of $20

Explanation:

The complete journal entry used to record this transaction would be:

March 17, 202x, sales revenue

Dr Cash 980 (assuming the transaction is processed automatically)

Dr Service charge (or Credit card) expense 20

Cr Sales revenue 1,000

Since the credit card company is charging you a 2% commission ($20), we must consider it an expense. Remember that all expenses must be debited.

If Johanna wants to label the x- and y-axes, she should click Layout, then .

Answers

Answer:Labels group

Explanation:

i believe

I need help with all those questions

Answers

I can’t read that try typing them all out:)

Which of the following is not a primary purpose of audit working papers or audit documentation?
a. To coordinate the examination.
b. To assist in preparation of the audit report.
c. To support the financial statements.
d. To provide evidence of the audit work performed.

Answers

The correct answer is:

a. To coordinate the examination.

Audit working papers or audit documentation serve several important purposes in the audit process, including assisting in the preparation of the audit report, supporting the financial statements, and providing evidence of the audit work performed.

b. To assist in preparation of the audit report: Audit working papers document the findings, conclusions, and supporting evidence gathered during the audit. They provide a reference for the auditor to prepare the audit report accurately and ensure that it is based on sufficient and appropriate evidence.

c. To support the financial statements: Audit working papers contain the audit procedures performed, including tests of controls and substantive procedures, to support the auditor's opinion on the fairness of the financial statements. They demonstrate that the audit was conducted in accordance with auditing standards and provide a basis for the auditor's conclusions.

d. To provide evidence of the audit work performed: Audit working papers serve as a record of the audit procedures carried out and the evidence obtained during the audit. They provide a trail of the auditor's work and rationale, allowing for review and evaluation by other auditors, regulators, or stakeholders.

However, coordinating the examination is not a primary purpose of audit working papers. While working papers can facilitate coordination and communication among the audit team members, their primary purpose is to document the audit procedures, evidence, and conclusions to support the audit process and findings.

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Help Wanted Ads Established company seeking full-time residential house cleaner. We will train. Must be honest and dependable. Call (123) 456-7890. Suburban medical facility seeking surgeon. Board Certified required. $1,000 signing bonus for every year of experience, up to $15,000. Send resume to 123 Medical Drive, Suburbia, GA. Temporary lifeguard needed to fill summer holiday shifts at outdoor swimming pool Must have CPR and Lifeguard certification. Apply in person to Bridgefront, 123 Bridgefront, Anytown, GA. Aircraft manufacturer seeking engineers with advanced degree in physics and no less than 15 years experience. Many positions available. Send resume to 123 Aircraft Blvd., Anytown, GA. According to the help wanted ad for a surgeon, how many years of experience will provide the LARGEST signing bonus?
A) 0-4 years
B) 5-9 years
C) 10-14 years
D) 15+ years

Answers

Answer: D 15+ years

Explanation:

The more years the larger the sign bonus

gen lab corp.'s market capitalization rate is 12%. its expected roe is 12%, and its expected eps is $2. what is the intrinsic value of the stock if the firm's plowback ratio is 80%?

Answers

Given that the market capitalization of Gen Lab Corp. is 12%, expected ROE is 12%, and expected EPS is $2, and the plowback ratio is 80%, the intrinsic value of the stock is $34.08.

What is market capitalization?

Market capitalization, also known as market cap, refers to the total dollar value of all a company's outstanding shares of stock. It is calculated by multiplying the number of outstanding shares by the current market price of one share.

The formula for calculating the intrinsic value of a stock is: Intrinsic Value per share = (Dividends per share / Required Return) + (Expected Growth rate). Whereas, Expected Growth rate = (Return on Equity x Plowback ratio) and Required Return = Dividend Yield + Growth Rate

According to the question, Market Capitalization rate = 12%, Expected ROE = 12%, Expected EPS = $2, Plowback ratio = 80%. Now, Required Return = Dividend Yield + Growth Rate. As the company is not paying any dividend, the dividend yield will be zero. Therefore, Required Return = Growth Rate.

Expected Growth rate = (Return on Equity x Plowback ratio) = 12% x 80% = 9.6%. Required Return = 0% + 9.6% = 9.6%. Now, Intrinsic Value per share = (Dividends per share / Required Return) + (Expected Growth rate) = ($0 / 9.6%) + 9.6%I = 10.42 + 9.6% = $11.39.

Expected EPS / Dividends per share = Plowback Ratio. So, Expected Dividend per share = $2 * 80% = $1.6 Intrinsic Value per share = ($1.6 / 9.6%) + 9.6% = $16.67 + 9.6% = $18.25. Therefore, the intrinsic value of the stock is $18.25.

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Which one of the following is implied by a "lead time" service level of 95 percent? a. Approximately 95 percent of demand during lead time will be satisfied b. The probability is 95 percent that demand during lead time will not exhaust the inventoryc. The probability is 95 percent that demand during lead time will exactly equal the amount on hand at the beginning of lead timed. The probability is 95s percent that demand during lead time will not exceed the amount on hand at the beginning of lead timee. None of the choices are correct

Answers

Option D. A "lead time" service level of 95% implies that there is a 95% likelihood that demand during lead time will not exceed the amount on hand at the start of lead time.

The lead time is the interval between placing an order and receiving the ordered good or service. Lead time in manufacturing is the period of time between placing an order and receiving finished goods. Lead time is a term used in inventory management to refer to both the amount of time needed to process and ship an order as well as the amount of time needed for the ordered item to arrive at its destination. Due to its direct impact on the availability of goods and services to clients, lead time is a crucial consideration in production planning and inventory management. Making informed judgements about inventory levels, production schedules, and customer service requires a thorough understanding of lead time.

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Sean is an information security architect at a financial firm. As his first project, he must design and build an efficient, sure-shot, yet cost-effective solution to detect and prevent bank credit card fraud. How should Sean proceed?

Answers

sean’s information is security code

true or false:
One of the most important jobs of a national political committee is to raise money for candidates running for office.

Answers

False.

nwowoo2k2o2i2msj2dn93xoowso

The answer is
False!
Have a great day

Hot dogs come in packs of 10, while buns come in packs of eight. What are the least numbers of packs you should buy in order to have the same numbers of hot dogs and buns?.

Answers

Answer:

5 times because you keep multiplying till they are the same

Answer:5

Explanation:

your welcome

Select all that apply) Which are features of refund advance 0% APR and includes no loan fee or Available in five possible loan amounts ($250 $500 $750 $1,250 $3,500 or the client selects which they receive or It is loaded typically within 24 hours to the client H&R Block Emerald Prepaid Master Card

Answers

These are features of Refund Advance:

0% APR and includes no loan fee.The client selects which tier they receive.Available in five possible loan amounts ($250 $500 $750 $1,250 $3,500 or the client selects which they receive

What is a Refund Advance?

Refund Advance is a no-interest loan that is repaid with your tax refund. If approved, a loan will be issued in one of five amounts ($250, $500, $750, $1,250, $3,500). Refund Advance is a loan issued by Pathward, N.A., Member FDIC; it is not one's tax refund.

Therefore, the correct answers are as given above

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production planning is important because producing too much can lead to (excess, insufficient) inventory.

Answers

Production planning is important because it helps to ensure that the right amount of goods are produced to meet customer demand.

If a company produces too much, it can lead to excess inventory which ties up valuable resources and can result in financial losses. On the other hand, producing too little can lead to insufficient inventory which can result in missed sales opportunities and customer dissatisfaction.

Effective production planning helps to strike the right balance between these two extremes and ensure that the company is producing the right amount of goods to meet demand and maximize profitability.
Production planning is important because producing too much can lead to excess inventory.

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Healthy Plants Ltd. (HP) produces its premium plant food in 50-pound bags. Demand for the product is 100,000 pounds per week. HP operates 50 weeks per year and can produce 250,000 pounds per week. The setup cost is $200, and the annual holding cost rate is $0.55 per bag. Currently, HP produces its premium plant food in batches of 1,000,000 pounds. Using the data provided in Problem 23, determine what will happen if HP uses the economic production quantity model to establish the quantity produced each cycle.

Answers

Based on the weekly demand, production capacity and holding cost, the EPQ must be 550,482.88 pounds or 11,009.66 bags.

The Economic Production Quantity can be found by the formula:

= √( ( 2 x Annual demand x Setup cost) / ( Annual holding cost per pound x ( 1 - Demand rate per week / Production rate) ) ) )

Annual demand = Demand per week x Number of weeks in HP year)

= 100,000 x 50

= 5,000,000

Annual holding cost per pound = Cost per bag / Number of pounds in bag

= 0.55 / 50 pounds

= $0.011 per pound

Economic Production Quantity = √( ( 2 x 5,000,000 x 200) / ( 0.011 x ( 1 - 100,000 / 250,000) ) ) )

= 550,481.88 pounds

In bags this is:

= 550,481.88 / 50 pounds per bag

= 11,009.66 bags

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The question is:

Calculate the economic production quantity (EPQ) in pounds and bags

Whose permission do you need to write or arrange pieces that are Traditional or in the Public Domain? I said copyright owner but my teacher says I’m wrong

Answers

Answer:

Explanation:

She's right, but you have a nice thought. It is always a good idea to try to give credit where credit is due.

Public Domain refers to written material that no one has a lien on. No one owns the copywrite. No one holds any claim on the material at all. So there is no need to try and get permission because no one is listed to get the permission from.

If you have a cell phone that does just about everything but make coffee in the morning, you can download an app called free books. Some are very good. They are all in public domain.

How are volatility and risk related in an investment?

A.
a volatile investment is less risky
B.
a volatile investment is more risky
C.
volatility and risk are not related

Answers

The terms volatility and risk are related in an investment because a volatile investment is more risky. The Option B is correct.

What is a volatile investment?

Basically, the term volatility describes when a market or security experiences periods of unpredictable and sometimes sharp, price movements. Most People often think of volatility only when prices fall, however volatility can also refer to sudden price rises too.

Most of the Increased market volatility are caused by economic or policy factors including changes in other markets, interest rate hikes, and the Fed's current monetary policy. A political instability can also lead to market volatility.