Questions from General Auditing


Q: “Woody, that’s $2,400 you owe me.

“Woody, that’s $2,400 you owe me. Okay? We’re straight on that?” “Yeah, yeah. I got you.” “And you’ll pay me back by next Friday?” “Al, I said I’d pay you back by Friday, didn’t I?” “Just checkin’.” B...

See Answer

Q: Wiley Jackson spent three months as an audit intern with a local

Wiley Jackson spent three months as an audit intern with a local practice office of a major accounting firm while he was earning an undergraduate accounting degree at the University of Wisconsin–Milwa...

See Answer

Q: Arvel Ray Smart was born in Lebanon, Missouri, and grew

Arvel Ray Smart was born in Lebanon, Missouri, and grew up in the small town of Bolivar, 40 miles west of Lebanon in southeastern Missouri. 1 Arvel’s mother and father graduated from the University o...

See Answer

Q: “The final undergraduate award today is the William J.

“The final undergraduate award today is the William J. Upchurch Medal, which is given annually to the outstanding senior in the Hopkins College of Business. 1 Nominations are made by Hopkins faculty...

See Answer

Q: Like most high school graduates, Michael Dell had a sense of

Like most high school graduates, Michael Dell had a sense of anticipation, if not exhilaration, when he left home to begin his college career. Because Dell planned to become a doctor, like his father,...

See Answer

Q: Russell Smith knew why he had been summoned to the office of

Russell Smith knew why he had been summoned to the office of A. Walter Rognlien, the 74-year-old chairman of the board and chief executive officer (CEO) of Smith’s employer, Cardillo Travel Systems, I...

See Answer

Q: Cornelius Vander Starr wanted to see the world. In 1918,

Cornelius Vander Starr wanted to see the world. In 1918, the 26-year-old Californian emptied his bank account to purchase a one-way ticket to the Far East on a steam-ship. After “bumming around” Japan...

See Answer

Q: In the early 1930s, the Great Depression forced engineering student William

In the early 1930s, the Great Depression forced engineering student William Harrah to drop out of UCLA. Known as a “hustler” by his friends, Harrah began operating a bingo parlor to support himself. A...

See Answer

Q: No doubt, Guy Enright was apprehensive as he talked to the

No doubt, Guy Enright was apprehensive as he talked to the mysterious stranger on the phone. At the time, Enright, a British citizen and Chartered Accountant, was working on an unusual engagement for...

See Answer

Q: In late 2003, Le-Nature’s Inc., a Pennsylvania-

In late 2003, Le-Nature’s Inc., a Pennsylvania-based beverage company, selected BDO Seidman to replace Ernst & Young (EY) as its independent audit firm. A few months earlier, EY had insisted that Le-N...

See Answer