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    Question.2300 - OVERVIEW The student will complete one Discussion: Comprehensive Case Analysis in this course. INSTRUCTIONS The case must be selected from Section One of the Knapp casebook (Contemporary Auditing: Real Issues & Cases). The student will post one thread of between 1000 and 2500 words, twelve-point font by 11:59 p.m. (ET) on Sunday of the assigned Module. For this thread, the student must support their assertions with at least five scholarly or practitioner sources which must be listed and cited using the current APA standards for graduate classes. Acceptable sources include both refereed scholarly journals, practitioner journals and textbooks. A Statement of Christian World View must be included in which the student will express an opinion on whether the auditor or client appeared to act in accordance with a Christian World View. At least one Bible verse must be cited to support this opinion. The Discussion: Comprehensive Case Analysis must start with a summary of the case, giving the reader a background of the case that is sufficient for the reader to understand the audit issues involved. Then, each question must be written, in order, and answered. The answers must be supported by citations to references. The Statement of Christian World View may be in a separate location or may be incorporated throughout the case analysis. Please see the Discussion Grading Rubric for complete details of how this assignment will be graded.REPLY OVERVIEW The student will post one reply for this discussion. Your one reply must be a critique of the other student’s Discussion: Comprehensive Case Analysis in this course. The critique should be between 1000 and 2500 words, twelve-point type. The student will claim the work to be critiqued by a posting in reply to the selected student’s work. The critique will consist of a thread in reply to the selected student’s work. A proper critique will address each item in the Case Analysis in order, starting with the Case Summary, stating whether you agree with the posted work and adding such comments as you think will add to the Case Analysis. Each question must be written and addressed separately. The Statement of Christian World View must be commented upon. If an item (Case Summary, question, or Statement of Christian World View) was omitted, you must supply the missing item. The student must support their assertions with at least four scholarly or practitioner sources which must be listed and cited using the current APA standards for graduate classes. Acceptable sources include both refereed scholarly journals, practitioner journals and textbooks.ACCT 622Page 2 of 2 The reply will be due the following week 11:59 p.m. (ET) on Sunday of the assigned Module.

    Answer Below:

    Comprehensive xxxx analysis xxxxx Fargo xxx Company xxxx nbsp xxxx nbsp xxxxxxx of xxxxx Fargo xxx Company xxxxx Fargo xx a xxxxxxxxxxx and xxxxxxx company xx provides xxxxxxxxx services xx retail xxx wholesale xxxxxxx and xxxxxx management xxxxxxxx to xxxxxxxxxxx businesses xxxxxxxxxxxxxx individuals xxx institutions xxxx it xxxxx in xxxx segments xxxx are xxxxxxxx Banking xxx Lending xxxxxxxxxx Banking xxxxxxxxx and xxxxxxxxxx Banking xxx Wealth xxx Investment xxxxxxx It xxx done xx the xxxx of xxxxxxxxxxxx The xxxxxxxx Banking xxx Lending xxxxxxx of xxx company xxxxx to xxxxxxx various xxxxxxxxx products xxx services xxx consumers xxx small xxxxxxxxxx The xxxxxxxx include xxxxxxxx checking xxx saving xxxxxx cards xxx debit xxxxx including xxxxxxx services xxx home xxxx personal xxx small xxxxxxxxxx Through xxx Commercial xxxxxxx segment xxx company xxxxxxxx financial xxxxxxxxx in xxx form xx banking xxxxxxxx and xxxxxx products xx many xxxxxxxxxx and xxxxxxxxxxxxxx secured xxxxxxx and xxxxxxxx and xxxxxxxxxx like xxxxxxxx management xx various xxxxx of xxxxxxxxx like xxxxxxx companies xxxxxxxxxxxx companies xxx even xxxxxx companies xxx products xxx services xx the xxxxxxxxx and xxxxxxxxxx Banking xxxxxxx comprise xxxxxxx for xxxxxxxxx investment xxxxxxx treasury xxxxxxxxxx and xxxxxxx services xxxxx services xxx for xxxxxxxxxx and xxxx estate xxx those xxxxxx a xxxxx income xx equity xxx sales xxx trading xxxxxxxxx and xxxxxxxxxx research xxxxxxxx This xxxxxxx offers xxx services xxxxxxxxx to xxxxxxx markets xxxxxx for xxxxxxx markets xxxxxxx and xxxxxxxxx products xxx services xxx given xx corporate xxxxxxxxxx real xxxxxx governments xxx institutional xxxxxxx The xxxxxx and xxxxxxxxxx Management xxxxxxx offers xxx products xxx services xx the xxxxxxx high-net-worth xxx ultra-net-worth xxxxxxx The xxxxxxxx include xxxxxxxx wealth xxxxxxxxxx brokerage xxxxxxxxx planning xxxxxxx private xxxxxxx and xxxxx and xxxxxxxxx products xx has xxx branches xxxxxxxx It xxxxxxxx through xxxx mobiles xxx internet xxxxxxxxxxxx channels xxxx company xxx its xxxxxxxxxxxx in xxx Francisco xxxxxxxxxxx and xxx US xxx foundation xxx laid xx nbsp xxxxxxxxx and xxxxxxxx Identify xxx different xxxxx or xxxxxxx of xxxxxxxx controls xxx do xxxxxxxx controls xxxx financial xxxxxxxxx ICFR xxxxxx from xxx other xxxxx or xxxxxxx of xxxxxxxx controls xxxx ANS xxxxxxxx control xxxx financial xxxxxxx is xxxx in x company xxx accounting xxx auditing xx ensures xxxx a xxxxxxx follows xxx rules xxx regulations xxx prevents xxx action xx fraud xx helps xx maintain xxx accuracy xx financial xxxxxxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Different xxxxx or xxxxxxx of xxxxxxxx controls xxx detective xxxxxxxxxx and xxxxxxxxxx An xxxxxxxx system xxxx internal xxxxxxx will xxxx all xxxxx types xx each xxx a xxxxxxxxx purpose xxxxxxxx controls xx the xxxxx hand xxxx their xxxxxxxxxxx that xxxx are xx accomplish xxx to xx so xxxx have xx go xxxxxxx continuous xxxxxxx and xxx monitored xx the xxxxxxx system xxxx nbsp xxxx nbsp xxxx Internal xxxxxxx over xxxxxxxxx reports xxxxxxx from xxx types xx internal xxxxxxxx in xxx following xxxx Internal xxxxxxxx take xxxx of xxx technical xxxxxxxxxx authorization xx invoices xxx verification xx expenses xxxxx preventive xxxxxxxx control xx to xxxx preventative xxxxxxxx so xxxx adverse xxxxxx like xxxxxx and xxxxxxxx do xxx have xxxxxxxxx information xxxxxx place xxxxxxxxxx control xx the xxxx type xx internal xxxxxxx as xxxx reduce xxx need xx counter-check xxxxxxxx by xxxxxxxxx errors xxx frauds xx the xxxxx place xx is xxxxxxx the xxxxxx is xxxxxxxxx thus xx does xxx need xxxxx labor xx this xxxx of xxxxxxx no xxxxxx person xxx authorize xxxxxxx and xxxx results xxx a xxxxxxxxx report xxx work xx divided xxxxx individuals xx this xxxx physical xxxxxx to xxxx inventories xxx other xxxxxx are xxxxxxx Preventive xxxxxxxx are xxxx in xxxxx like xxxx testing xxxxxxxx and xxxxxx backups xxxxxxxxx etc xxxx nbsp xxxxxxxx control xxxx financial xxxxxxx emphasizes xxx ways xxx process xx policies xxx procedures xx financial xxxxxxxxx assessment xxxxx detective xxxxxxxx control xxxxx in xxxxxxxxx the xxxxxxx only xxxxx it xxx occurred xxx has xxxxxx a xxxxx and xxxxxxxxxxx issue xx is xxxx by xxxxxxxxx data xxxx Some xxxxxxxx of xxxxxxxxx internal xxxxxxx are xxxxxxxx auditing xxxxxxx financial xxxxxxx physical xxxxxxxxxxx etc xxxxxxxx control xxxx financial xxxxxxx protects xxx assets xx an xxxxxxxxxxxx by xxxxx through xxxxxx and xxxxxxxxxxxxx actions xx contrast xxxxxxxxxx internal xxxxxxx is xxxxxxxxx when x problem xxxx disciplinary xxxxxx report xxxxxxx software xxxxxxx or xxxxxxxxxxxxx or xxx policies xxxxx to xx under xxxxxxx are xxxxxxxxxx Thus xx is xxxx that xxxx action xxx taken xxxx material xxxxxxxxxxx were xxxxx The xxxxx is x straightforward xxxxxxx of xxxxxxxxxx internal xxxxxxx nbsp xxxx Q xx you xxxxx with xxxx rsquo x position xxxx Wells xxxxx rsquo x improper xxxxx practices xxx not xxxxxxx the xxxxxxx rsquo x ICFR xxxxxx your xxxxxx nbsp xxx Yes x agree xxxx KPMG xxxxx s xxxxxxxx that xxxxx Fargo xxxxx s xxxxxxxx sales xxxxxxxxx did xxx involve xxx company xxxxx s xxxx It xx because xx involved xxxxxxx material xxx pervasive xxxxxxxxx over xxx financial xxxxxxxxx Fraud xxxxxxxxxx like xxxxxxxxxx money xx one xxxxxxxxxx account xx any xxxxx created xxxxxxxxxxxx account xxx not xxxxxxxxxx in xxxxxxxx the xxxxxxxxx amounts xx the xxxxxx as xxx overall xxxxxxxx remained xxx same xxx could xxx change xxx financial xxxxxxxxxx materially xxxx illegal xxxxxxxxxx could xxx even xxxxx any xxxxxxxx impact xx them xxx affected xxxxx reputation xxxx nbsp xxxx Q xxx does xxx AICPA xxxxx s xxxxxxxx Standards xxxxx define x material xxxxxxxx in xxxxxxxx control xxx does xxx PCAOB xxxxxx a xxxxxxxx weakness xx ICFR xxxx factors xxxxxx auditors xxxxxxxx in xxxxxxxx whether xx ICFR xxxxxxxxxx qualifies xx a xxxxxxxx weakness xx ICFR xxxx ANS xxx AICPAs xxxxxxxx Standards xxxxx defines x material xxxxxxxx by xxxxxxxxx an xxxxxx rsquo x internal xxxxxxx over xxx financial xxxxxxxxx nbsp xxxx nbsp xxxx PCOAB xxxxxxx material xxxxxxxx as xxx situation xxxxx the xxxxxxxx rsquo x interest xxxxx financial xxxxxxxxx of x company xxx was xxx detected xxxxxx the xxxxxxxxxx time xxxx nbsp xxxx nbsp xxxx The xxxxxxx that xxx auditors xxxxxxxx in xxxxxxxx whether xx ICFR xxxxxxxxxx qualifies xx a xxxxxxxx weakness xx ICFR xx An xxxxxxx should xxxxx its xxxxxxxxx to xxxx a xxxxx on xxx statements xxx correct xxxx on xxxx If xxx company xxxx not xxxxx its xxxxxxxxx to xx so xx time xxx as xxx the xxxx then xx comes xxxxx material xxxxxxxx nbsp xxxx Q xxxxx Fargo xxxxx s xxxxxxxxxxx board xxxxxxx concluded xxxx the xxxx rsquo x ldquo xxxxxxxxxxxxx corporate xxxxxxxxx rdquo xxx ldquo xxx root xxxxx of xxx scandal xxxxx Do xxx believe xxx decentralized xxxxxx of xxxxx Fargo xxxxx s xxxxxxxxx structure xxxxxxxxx as x ldquo xxxxxxxx weakness xxxxx in xxxxx Fargo xxxxx s xxxx Why xx why xxx nbsp xxx Yes x believe xxxx the xxxxxxxxxxxxx nature xx Wells xxxxx rsquo x corporate xxxxxxxxx qualified xx a xxxxx material xxxxxxxx rdquo xx Wells xxxxx rsquo x ICFR xxxx nbsp xxxx nbsp xxxx It xx because xxxxx amp xxxxx rsquo x decentralized xxxxxxxxxxxxxx structure xxxxxxxxx its xxxxxxxxx to xx unethical xx can xx said xx because xxx employees xxxx not xxxxxxxxxx about xxxxx illegal xxxx Having xxxx of x large xxxxxx of xxxxxxxx units xxxx did xxx make xxxxxxx to xxxx an xxx on xxx functions xx their xxxxx Thus xxxxxxxxxx businesses xxxxxxx controlling xxx team xxx thus xxxxxxx illegal xxxx nbsp xxxx nbsp x Does xx audit xxxx of x public xxxxxxx have x responsibility xx apply xxxxx procedures xxxxxxxx to xxxxxxxxx whether xxx client xxx committed xxxxxxx acts xxxx don xxxxx t xxxxxxxx impact xxx financial xxxxxxxxxx Explain xxxx responsibility xxxx an xxxxxxx of x public xxxxxxx have xx the xxxxxxx discovers xxxx illegal xxxx by xxx client xxxx ANS xx an xxxxx firm xx a xxxxxx company xxxx not xxxx a xxxxxxxxxxxxxx to xxxxx audit xxxxxxxxxx intended xx determine xxxxxxx the xxxxxx has xxxxxxxxx illegal xxxx that xxx rsquo x directly xxxxxx its xxxxxxxxx statements xxxx nbsp xxxx nbsp xxxx It xx because xxx illegal xxxxxxxx does xxx show xxx impact xx the xxxxxx of xxx financial xxxxxxxxx The xxxxxxxxx job xx to xxxxxx the xxxxxxxx and xxxxx showing xxx immediate xxxxxx on xxx material xxxxxx rather xxxx seeing xxx legality xxxx nbsp xxxx nbsp xxxx If xxx auditor xxxxxxxxx any xxxxxxx acts xx the xxxxxx then xxx auditor xxxx inform xxx audit xxxxxxx before xxxxxxx the xxxxxxx rsquo x report xx can xx both xx written xx oral xxxx but xxx verbal xxxxxxxxxxxxx should xx documented xxxx nbsp x While xxx Wells xxxxx scandal xxx unfolding xxxxxxx parties xxxxxxx out xxxx KPMG xxx served xx the xxxxxxx rsquo x audit xxxx since xxxxxxx how xxx length xx an xxxxx firm xxxxx s xxxxxx may xxxxxxxxx its xxxx assessment xxx a xxxxxx company xxxxxx nbsp xxx The xxxxxx of xx audit xxxx rsquo x tenure xxx influence xxx ICFR xxxxxxxxxx for x public xxxxxxx client xx this xxx nbsp xxxx nbsp xxxx nbsp xxxx time xx working xxx a xxxxxxx an xxxxx firm xxxxxxx familiar xxxx that xxxxxxxxx operation xx even xxxxx the xxxx to xxxxxxx better xxxxxxxxx nbsp xxxx nbsp x statement xx the xxxxxxxxx World xxxx is xxxxxx as xxxxxxx nbsp xxxxx The xxxxxxxxx worldview xxxxxxx the xxxxxxxx of xxxxx Christ xxxx all xxxxxxxx points xx the xxxxxxxxxxx worth xxx graciousness xx the xxxxxx and xxxxx for xxx true xxx proper xxxxxxx of xxx triune xxx In xxx context xx Christian xxxxxx education xxx framework xxxxxxx the xxxxxx to xx better xxxxxx of xxx rsquo x truth xxx reconciliation xx we xxxxxx to xxxxxx and xxxxxxxxx the xxxxx for xxx rsquo xx my xxxxxxx the xxxxxxx tried xx abide xx the xxxxxxxxx World xxxx It xx because xxx auditor xxxxx his xxxx to xx faithful xxxx his xxxx as xx person xx is xxxx the xxxx He xxxxx genuinely xxx adequately xxx the xxxxxxx as xx genuinely xxxxxxxx the xxxx It xxxxx that xxx auditor xxxxxx his xxxx like xxx Lord xxxx nbsp xxxx Below xx a xxxxx from xxxxx to xxxxxxx my xxxxxxx on xxxxxxxxx World xxxx nbsp xxxx Romans xxx love xx genuine xxxxx what xx evil xxxx fast xx what xx good xxxx ReferencesAuditing xxxxxxxx no xxxx no xxxx Default xxxxxxxxx at xxxxx pcaobus xxx oversight xxxxxxxxx archived-standards xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx details xxxxxxxx Standard xxxxxxxx May xxxxxxxx control xxxxxxxxxxxx in xxxxxx nbsp xx date xxxxxxxx Control xxxxxxxxxxxx in xxxxxx Available xx https xxx gfoa xxx materials xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Accessed xxx Kenton x b xxxxxxxx controls xxxxxxxxxx types xxx importance xxxxxxxxxxxx Available xx https xxx investopedia xxx terms x internalcontrols xxx Accessed xxx Plc x no xxxx Wells xxxxx amp xx Company xxxxxxx - xxxxxxxx GlobalData xxxxxxxxx at xxxxx www xxxxxxxxxx com xxxxxxxxxxxxxxx wells-fargo-co xxxx Wells xxxxx Co xxx and xxxxxxxxxxxx C xxxxxxx Accessed xxx No xxxx What xxx the xxxxx of xxxxxxxx controls xxxxx riskoptics x reciprocity xxxxxxxxx at xxxxx reciprocity xxx resources xxxxxxxxxxxxx -types-of-internal-controls xxxxxxxx May xxxxx Fargo xxx Company xxx Company xxxxxxx amp xxxxx nbsp xxxxx Finance xxxxxxxxx at xxxxx finance xxxxx com xxxxx WFC xxxxxxx guccounter xxx guce xxxxxxxx aHR xxx Ly x cuZ xx xlLmNvbS xxx guce xxxxxxxx sig xxxxxxxxxxx hcijzDWbE xxx CJAY xxx BioHZsw xxx gFCyqOjCvaI xx WtCROJke xxxxxx vJRxHp x We xxxxx Md xxxxxxxxx jePMBFoKYS xxxxx KT xxxxxxxxxxxxxxx cNq xx u xxx ZEkkbgVyhNcqh xxxxxxxx May xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxxxxxxx considers xxxx and xxxxxxxxxxx that xxx generally xxxxxxxxxx by xxxxxxxx tohave x direct xxx material xxxxxx on xxx determination xx financial xxxxxxxxxxxxxxxxxxx considers xxxx and xxxxxxxxxxx that xxx generally xxxxxxxxxx by xxxxxxxx tohave x direct xxx material xxxxxx on xxx determination xx financial xxxxxxxxx nbsp xxxx According xx AS xxx severity xx a xxxxxxxxxx depends xx two xxxxxxx Whether xxxxx is x reasonable xxxxxxxxxxx that xxx company's xxxxxxxx will xxxx toprevent xx detect x misstatement xx an xxxxxxx balance xx disclosure xxxxxxxxxxxx of xxx potential xxxxxxxxxxxx resulting xxxx the xxxxxxxxxx ordeficiencies xx is xxxxx the xxxx factors xxxxxx the xxxxxxxxxxx ofmisstatements xxxxxxx are xxx nature xx the xxxxxxxx the xxxxxxxxxxxxxx of xxxxxxxxxx asset xx liability xx loss xx fraud xxx possible xxxxxx consequences xx thedeficiency xx is xxxxx the xxxxxxx that xxxxxx the xxxxxxxxx of xxxxxxxxxxxxxxx Example xxx the xxxxxxxxx statement xxxxxxx that xxx subject xx themisstatement xxx the xxxxxx of xxxxxxxx in xxx account xxxxxxx or xxxxx oftransactions xxxxxxx to xxx deficiency xxxx has xxxxxxxx in xxx current xxxxxx orthat xx expected xx future xxxxxxx AS xxxx that xxx auditor xxxxxx evaluate xxx effect xx compensatingcontrols xxxx determining xxxxxxx a xxxxxxx deficiency xx combination xxxxxxxxxxxxxx is x material xxxxxxxx AS x are xxxxxxxxxx of xxxxxxxx misstatements xxxxxxx includeidentification xx fraud xxxxxxxx senior xxxxxxxxxx restatement xx previouslyissued xxxxxxxxx statements xxxxxxxxxxxxxx of xxxxxxxx misstatement xx current xxxx ineffective xxxxxxxxx by xxx audit xxxxxxxxx The xxxxxxx should xxxx considerwhether xx not xxx deficiencies xxxxxxx prudent xxxxxxxxx in xxx conduct xx theirown xxxxxxx from xxxxxxxxxx that xxxx have xxxxxxxxxx assurance xxxx transactionsare xxxxxxxx as xxxxxxxxx to xxxxxx the xxxxxxxxxxx of xxxxxxxxx statements xxxxxxxxxxxx with xxxx According xx AS xxx severity xx a xxxxxxxxxx depends xx two xxxxxxx Whether xxxxx is x reasonable xxxxxxxxxxx that xxx company's xxxxxxxx will xxxx toprevent xx detect x misstatement xx an xxxxxxx balance xx disclosure xxxxxxxxxxxx of xxx potential xxxxxxxxxxxx resulting xxxx the xxxxxxxxxx ordeficiencies xx is xxxxx the xxxx factors xxxxxx the xxxxxxxxxxx ofmisstatements xxxxxxx are xxx nature xx the xxxxxxxx the xxxxxxxxxxxxxx of xxxxxxxxxx asset xx liability xx loss xx fraud xxx possible xxxxxx consequences xx thedeficiency xx is xxxxx the xxxxxxx that xxxxxx the xxxxxxxxx of xxxxxxxxxxxxxxx Example xxx the xxxxxxxxx statement xxxxxxx that xxx subject xx themisstatement xxx the xxxxxx of xxxxxxxx in xxx account xxxxxxx or xxxxx oftransactions xxxxxxx to xxx deficiency xxxx has xxxxxxxx in xxx current xxxxxx orthat xx expected xx future xxxxxxx AS xxxx that xxx auditor xxxxxx evaluate xxx effect xx compensatingcontrols xxxx determining xxxxxxx a xxxxxxx deficiency xx combination xxxxxxxxxxxxxx is x material xxxxxxxx AS x are xxxxxxxxxx of xxxxxxxx misstatements xxxxxxx includeidentification xx fraud xxxxxxxx senior xxxxxxxxxx restatement xx previouslyissued xxxxxxxxx statements xxxxxxxxxxxxxx of xxxxxxxx misstatement xx current xxxx ineffective xxxxxxxxx by xxx audit xxxxxxxxx The xxxxxxx should xxxx considerwhether xx not xxx deficiencies xxxxxxx prudent xxxxxxxxx in xxx conduct xx theirown xxxxxxx from xxxxxxxxxx that xxxx have xxxxxxxxxx assurance xxxx transactionsare xxxxxxxx as xxxxxxxxx to xxxxxx the xxxxxxxxxxx of xxxxxxxxx statements xxxxxxxxxxxx with xxxx The xxxxxxxx of x deficiency xxxxxxx on xxx factors xxxxxxx there xx a xxxxxxxxxx possibility xxxx the xxxxxxxxx controls xxxx fail xxxxxxxxx or xxxxxx a xxxxxxxxxxxx of xx account xxxxxxx or xxxxxxxxxx Themagnitude xx the xxxxxxxxx misstatement xxxxxxxxx from xxx deficiency xxxxxxxxxxxxxx AS xx about xxx risk xxxxxxx affect xxx possibility xxxxxxxxxxxxxxx Example xxx the xxxxxx of xxx accounts xxx susceptibility xx therelated xxxxx or xxxxxxxxx to xxxx or xxxxx the xxxxxxxx future xxxxxxxxxxxx of xxxxxxxxxxxxx AS xx about xxx factors xxxx affect xxx magnitude xx themisstatement xxxxxxx are xxx financial xxxxxxxxx amounts xxxx are xxxxxxx to xxxxxxxxxxxxxxx and xxx volume xx activity xx the xxxxxxx balance xx class xxxxxxxxxxxxxx exposed xx the xxxxxxxxxx that xxx occurred xx the xxxxxxx period xxxxxx is xxxxxxxx in xxxxxx periods xx said xxxx the xxxxxxx should xxxxxxxx the xxxxxx of xxxxxxxxxxxxxxxxxxxx when xxxxxxxxxxx whether x control xxxxxxxxxx or xxxxxxxxxxx ofdeficiencies xx a xxxxxxxx weakness xxxx nbsp xxxx nbsp xxxx PCAOB xxxxxxx nbsp xxxxx ensurescompany xxxxx s xxxxx statement xx its xxxxxxxxx statements xxxx not xx detected xx prevented xx time xxxx nbsp xxxx company xxxxx s xxxxx statement xx its xxxxxxxxx statements xxxx not xx detected xx prevented xx timThe xxxxx factor xx auditor xxxxxx consider xx if xxx design xxx control xx an xxxxxxxxx can xx nbsp xxx I xxxxx with xxxx rsquo x position xxxx Wells xxxxx rsquo x improper xxxxx practices xxxxxx involve xxx company xxxxx s xxx ICFR xxx unauthorized xxxxx accounts xxxx wereopened xx the xxxxxxxxxxx did xxx impact xxx total xxxxxxx significantly xxx thus xxxxx not xxxxxx the xxxxxxxxx statement xxxxxxxxxx as xxxxx Also xxx employeesinvolved xx the xxxxxxxxxxxx accounts xxxx not xxxx to xxxxxxxxx the xxxxxxxxxxxxxxxxxxx According xx AS xx one xx more xxxxxxxx weaknesses xxxxx the xxxxxxxxx internal xxxxxxx over xxxxxxxxx reporting xxxxxx be xxxxxxxxxxxxxxxxxxx In xxxx case xxxxxxxx sales xxxxxxxxx are xxx considered x materialweakness xxx I xxxxx with xxxx rsquo x position xxxx Wells xxxxx rsquo x improper xxxxx practices xxxxxx involve xxx company xxxxx s xxx ICFR xxx unauthorized xxxxx accounts xxxx wereopened xx the xxxxxxxxxxx did xxx impact xxx total xxxxxxx significantly xxx thus xxxxx not xxxxxx the xxxxxxxxx statement xxxxxxxxxx as xxxxx Also xxx employeesinvolved xx the xxxxxxxxxxxx accounts xxxx not xxxx to xxxxxxxxx the xxxxxxxxxxxxxxxxxxx According xx AS xx one xx more xxxxxxxx weaknesses xxxxx the xxxxxxxxx internal xxxxxxx over xxxxxxxxx reporting xxxxxx be xxxxxxxxxxxxxxxxxxx In xxxx case xxxxxxxx sales xxxxxxxxx are xxx considered x materialweakness xxx I xxxxx with xxxx rsquo x position xxxx Wells xxxxx rsquo x improper xxxxx practices xxxxxx involve xxx company xxxxx s xxx ICFR xxx unauthorized xxxxx accounts xxxx wereopened xx the xxxxxxxxxxx did xxx impact xxx total xxxxxxx significantly xxx thus xxxxx not xxxxxx the xxxxxxxxx statement xxxxxxxxxx as xxxxx Also xxx employeesinvolved xx the xxxxxxxxxxxx accounts xxxx not xxxx to xxxxxxxxx the xxxxxxxxxxxxxxxxxxx According xx AS xx one xx more xxxxxxxx weaknesses xxxxx the xxxxxxxxx internal xxxxxxx over xxxxxxxxx reporting xxxxxx be xxxxxxxxxxxxxxxxxxx In xxxx case xxxxxxxx sales xxxxxxxxx are xxx considered x materialweakness xxx I xxxxx with xxxx rsquo x position xxxx Wells xxxxx rsquo x improper xxxxx practices xxxxxx involve xxx company xxxxx s xxx ICFR xxx unauthorized xxxxx accounts xxxx wereopened xx the xxxxxxxxxxx did xxx impact xxx total xxxxxxx significantly xxx thus xxxxx not xxxxxx the xxxxxxxxx statement xxxxxxxxxx as xxxxx Also xxx employeesinvolved xx the xxxxxxxxxxxx accounts xxxx not xxxx to xxxxxxxxx the xxxxxxxxxxxxxxxxxxx According xx AS xx one xx more xxxxxxxx weaknesses xxxxx the xxxxxxxxx internal xxxxxxx over xxxxxxxxx reporting xxxxxx be xxxxxxxxxxxxxxxxxxx In xxxx case xxxxxxxx sales xxxxxxxxx are xxx considered x materialweakness xxxx Yes x agree xxxx KPMG xxxxx s xxxxxxxx that xxxxx Fargo xxxxx s xxxxxxxx sales xxxxxxxxx didnot xxxxxxx the xxxxxxx rsquo x key xxxx The xxxxxxxxxxxx dummy xxxxxxxx that xxxxxxxxxx by xxx salesperson xxx not xxxxxx the xxxxx revenue xxxxxxxxxxxxx and xxxx itdid xxx impact xxx financial xxxxxxxxx materially xx whole xxxx the xxxxxxxxxxxxxxxxx in xxx unauthorized xxxxxxxx were xxx able xx influence xxx financialstatements xxxxxxxxx to xx If xxx or xxxx material xxxxxxxxxx exist xxx company's xxxxxxxx control xxxx financial xxxxxxxxx cannot xx consideredeffective xx this xxxx improper xxxxx practices xxx not xxxxxxxxxx a xxxxxxxxxxxxxxxx Yes x agree xxxx KPMG xxxxx s xxxxxxxx that xxxxx Fargo xxxxx s xxxxxxxx sales xxxxxxxxx didnot xxxxxxx the xxxxxxx rsquo x key xxxx The xxxxxxxxxxxx dummy xxxxxxxx that xxxxxxxxxx by xxx salesperson xxx not xxxxxx the xxxxx revenue xxxxxxxxxxxxx and xxxx itdid xxx impact xxx financial xxxxxxxxx materially xx whole xxxx the xxxxxxxxxxxxxxxxx in xxx unauthorized xxxxxxxx were xxx able xx influence xxx financialstatements xxxxxxxxx to xx If xxx or xxxx material xxxxxxxxxx exist xxx company's xxxxxxxx control xxxx financial xxxxxxxxx cannot xx consideredeffective xx this xxxx improper xxxxx practices xxx not xxxxxxxxxx a xxxxxxxxxxxxxxxx nbsp xxxx nbsp xxxx what xxx understood x agree xxxx KPMG xxxxx s xxxxxxxx on xxx matter xxx mainFrom xxxx was xxxxxxxxxx I xxxxx with xxxx rsquo x position xx the xxxxxx The xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx

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    Answer: Net profit after tax of $72,000 in the first year under plan A (sell 3,750 shares of common stock to one or more. investors for $125,000 cash) is equa...
    Question: Review the chapter's opening feature involving Games2U. Assume that the company currently ha...
    Answer: Sales AssetsTotal Assets Turnover Current $ 8,000,000.00 $ 2,500,000.00 3.2 Propose d $ 12,000,000.00 $ 3,000,000.00 4 Increase 50% 20% 25%Total asset...
    Question: Instructions   George is the accounting and finance manager for a manufacturer. At year- e...
    Answer: “A product warranty liability and warranty expense should be recorded at the time the product is sold, if it is probable that customers will be ...
    Question: Instructions   Review the associated chapter's opening feature involving Chance Cl...
    Answer: Chance, Lynn, and their future partners should specify the following details in the general partnership agreements. The Partnership agreement should i...
    Question: Income Statement 2008 & 2007 1/1/2008-12/31/2008Revenue $3,249,580.53 Direct Expenses Salari...
    Answer: Ans 1) Liquidity ratio Current ratio = current assets / current liabilities 2008: Current ratio = 1836770.12/ 306805.71 = 5.99 2007: Current ratio = 1...
    Question: 1. Given the following information: Total assets $100,000 Debt (12% interest rate) $80,000 Equity $2...
    Answer: Ans 1) If the output is increased by 10% then the operating income will increase by a higher percentage as fixed cost will remain the same. Further, n...
    Question: You have joined Member Company as an accounting manager. You were reviewing the financial statements...
    Answer: Contributions to a pension plan are made by the employer alone or the employer and the employee with contributions by both employer and employee. This...
    Question: You have just joined a CPA firm. Your manager is impressed with the recommendations that you provide...
    Answer: ? The new client has the following securities on his or her books on Dec 31, 2011: Available-for-sale securities Cost Fair Value 2,000 shares of ABC s...
    Question: Write a 350- to 700-word article analysis in which you identify situations that might lead to u...
    Answer: Unethical practices and behavior in accounting and role of Sarbanes-Oxley Act Unethical practices and behavior in accounting has been worrying factor ...
    Question: Is it realistic to assume that the economic concept of operating at the point where marginal revenue...
    Answer: In the real world, a company cannot control its revenue which is beyond its control but it can control its costs on which a company has full control. ...
    Question:  The budgeting process and budgets themselves have significant impacts on management actions an...
    Answer: To Budget Managers From CEO Date 1 March 2013 Subject Budget expenditure It has come to my attention that generally speaking, organizations tend to sp...
    Question: Instructions: Complete the problems below. This assignment can be completed in either: Microsoft Exc...
    Answer: Instructions: Complete the problems below. This assignment can be completed in either: Microsoft Excel, Word, or hand-written and scanned in PDF forma...
    Question: Instructions: Complete the problems below. This assignment can be completed in either: Microsoft Exc...
    Answer: Instructions: Complete the problems below. This assignment can be completed in either: Microsoft Excel, Word, or hand-written and scanned in PDF forma...
    Question: Michael E Porter's five forces of competitive position model and diagrams ...
    Answer: Michael Porter's famous Five Forces of Competitive Position model provides a simple way of assessing and analyzing the competitive strength an...
    Question: 1. A flour mill produces $1000 worth of flour, of which $700 goes to a bakery and $300 to consumers....
    Answer: 1) Given : Flour Mill: Total Production of flour = $1000 Amount that goes to bakery = $700 Amount that goes to customers=$300 Wages Paid = $400 Water ...
    Question: Suppose you deposit $ 1,000 in the First National Bank. Using a balance sheet, show the impact of yo...
    Answer: Suppose you deposit $ 1,000 in the First National Bank. Using a balance sheet, show the impact of your deposit on the bank's assets and liabil...
    Question: Question 3 Sarah Qadhi is going to get her life onto a better track in Rossland, BC, and she will st...
    Answer: Question 3 Sarah Qadhi is going to get her life onto a better track in Rossland, BC, and she will start next Tuesday evening with weekly yoga classes,...
    Question: Directions: Answer the following five questions on a separate document. Explain how you reached the ...
    Answer: Solution: Answer 1: One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability. The sentence above is ...
    Question: Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating...
    Answer: While considering a investment in a biotech company, doing a simple analyses on stock based on earnings, expenses or some other financial figure might...
    Question: The debate of whether an auditor who performs non-attest services (e.g. Consulting) for an audit cli...
    Answer: DiscussionThe integrity of the auditing profession is largely dependent on the discussion surrounding the possible compromise of auditor independence ...
    Question: Discussion Topic: Auditors must consider the possibility of fraud by employees or management on ever...
    Answer: Auditors make sure that financial statements are accurate and reliable. Their responsibilities go beyond just checking figures; they also have to tak...
    Question: Discussion Topic: Auditors must consider the possibility of fraud by employees or management on ever...
    Answer: Auditors make sure that financial statements are accurate and reliable. Their responsibilities go beyond just checking figures; they also have to take...
    Question: Discussion Topic:When performing an audit, auditors are especially concerned about engagement risk. ...
    Answer: 1. Auditors and Engagement Risk:Engagement risk is the possibility that an auditor's relationship with a client could harm their reputation, cause the...
    Question: Which concept(s) from this chapter is(are) the most difficult for you?What arguments can be made for...
    Answer: The most challenging chapter for me is LIFO and FIFO and how they impact financial statements.FIFO assumes that the earliest (oldest) items purchased ...
    Question: In Chapter 5, 6 and 7, we discussed three different asset accounts/categories in more depth. Thinkin...
    Answer: In Chapters 5, 6, and 7, Accounts Receivable, Inventory, and Long-term Assets have similar ways of recording transactions to keep their values accurat...
    Question: Chapter nine covers long-term debt and chapter 10 covers stock. When companies raise money by borro...
    Answer: Debt financing, or borrowing money, is riskier since a business must repay the loan and pay interest on a monthly basis regardless of its earnings. Fo...
    Question: We are taking a brief look at the Statement of Cash Flows. It presents the cash inflows and outflows...
    Answer: I think the Statement of Cash Flows is the most useful because it clearly shows the actual cash coming in and going out of the business. It helps me u...
    Question: Chapter nine covers long-term debt and chapter 10 covers stock. When companies raise money by borrow...
    Answer: Debt financing, or borrowing money, is riskier since a business must repay the loan and pay interest on a monthly basis regardless of its earnings. Fo...
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