What specific control procedures should be in place and operating in internal control governing revenue recognition and cash accounting?
Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones resulted in a failure to comply with each standard.
Organize your answer as shown below; specifically with a column for the standard that was violated and a column for the required action.
The paper should be pages. John Clinton, owner of Clinton Company, applied for a bank loan and was informed by the banker that audited financial statements of the business had to be submitted before the bank could consider the loan application.
Clinton informed Jones that audited financial statements were required by the bank and that the audit must be completed within three weeks. Clinton also promised to pay Jones a fixed fee plus a bonus if the bank approved the loan.
Jones agreed and accepted the engagement. The first step taken by Jones was to hire two accounting students to conduct the audit.
He spent several hours telling them exactly what to do. Jones reviewed the statements and prepared an unqualified audit report. The report, however, did not refer to generally accepted accounting principles.
List on the left side of a sheet of paper the generally accepted auditing standards that were violated by Jones, and indicate how the actions of Jones resulted in a failure to comply with each standard.
Organize your answers as follows: Generally Accepted Auditing Standards 1 The auditor must have adequate technical training and proficiency to perform the audit.Read this essay on Acc Complete Course All Week Dqs, Assignment, Chapter and Quizzes. Come browse our large digital warehouse of free sample essays.
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Describe the purpose of analytical procedures performed in the planning stage of the audit. b. Uden Supply has projected . Do you really want to delete this prezi? Neither you, nor the coeditors you shared it with will be able to recover it again.
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