Questions from General Auditing

Q: Your firm is the external auditor of South wood Trading Ltd.

Your firm is the external auditor of South wood Trading Ltd. and you are auditing the financial statements for the year ended June 30, 2020. South wood Trading has sales of $25 million and the accounts...

Q: You have been assigned to audit the sales and accounts receivable balances

You have been assigned to audit the sales and accounts receivable balances of Coppero Engineering Ltd. for the year ended September 30, 2020. Coppero Engineering is a major manufacturer of steel parts...

Q: James Bach is a CPA student working on the confirmations working paper

James Bach is a CPA student working on the confirmations working paper from one of his clients, Dunstan Electric Co. He has so far summarized the results of his testing as shown in &ium...

Q: Key documents are used throughout the sales process and each supports an

Key documents are used throughout the sales process and each supports an internal control function. Required: For each of the following documents, describe its purpose and how it contributes to inte...

Q: Namini Corp. sells its products to clients ranging from proprietorships to

Namini Corp. sells its products to clients ranging from proprietorships to medium-sized entities. Namini is controlled by two family members, and most of the employees are casual staff employed during...

Q: As the internal auditor of the Sell anything Group of companies,

As the internal auditor of the Sell anything Group of companies, you have been asked to investigate the cash sales system of Stationery Ltd., one of the subsidiaries. Stationery sells office supplies in...

Q: Harlan Venture Inc. (HV) operates a restaurant named Harlan’s

Harlan Venture Inc. (HV) operates a restaurant named Harlan’s in Toronto. The shareholder, Stephen Painter, is concerned whether the system and controls in place at the restaurant are appropriate to m...

Q: Soak City Waterpark is a family-owned business just outside of

Soak City Waterpark is a family-owned business just outside of Winnipeg. The waterpark is only open for business from May to September. During the winter months, the waterpark undergoes repairs and ma...

Q: Venture Volunteers for Troubled Teens (VVTT) is a not-

Venture Volunteers for Troubled Teens (VVTT) is a not-for-profit entity that provides counselling services to troubled teens and adolescents. While the majority of its funding comes from the government...

Q: Bestwood Ltd. is planning to replace its computerized sales accounting system

Bestwood Ltd. is planning to replace its computerized sales accounting system. The managing director has asked for your advice on certain matters relating to the new system. The existing system uses t...