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2 years ago

responsibility for setting all audit standards to be followed on audit of public companies rests with the .

1 answer:

7 0

Responsibility for setting all audit standards to be followed in the audit of public companies rests with the NGOs.

<h3>Who is responsible for setting auditing standards?</h3>

Certified public accountants receive standards, guidelines, auditing, attestation, and quality control statements from the Auditing Standards Board (ASB) (CPAs). It is the senior technical committee of the AIPCA, and its job is to create generally accepted auditing standards (GAAS) for private companies.

The auditor has a duty to prepare and carry out the audit in order to get a reasonable assurance regarding the absence of a major misstatement, whether brought on by fraud or error.

In order to reduce audit risk, the Public Company Accounting Oversight Board (PCAOB), a nonprofit organization, regulates audits of publicly traded corporations. In order to address the accounting crises of the late 1990s, the PCAOB was founded concurrently with the Sarbanes-Oxley Act of 2002.

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Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special

masya89 [10]

Answer:

Here is the complete question with options: Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's inventory.

item#1: Goods in transit shipped to Abbey(Purchaser) FOB destination:

item#2: Goods in transit shipped to Abbey(purchaser) FOB shipping point.

item#3: Goods in transit shipped by Abbey(seller) FOB destination.

item#4: Goods in transit shipped by Abbey(seller) shipping point.

Now, checking how these items are handled by Abbey company´s inventory.

item#1: Goods in transit shipped to Abbey(purchaser) FOB destination: Excluded from inventory as goods has not arrived to the buyer´s place, therefore, ownership will not be transferred.

item#2: Goods in transit shipped to Abbey FOB (purchaser) shipping point: Included in inventory as goods are shipped to shipping point, so ownership will be transferred if carrier accept the goods from the seller.

item#3: Goods in transit shipped by Abbey FOB(seller) destination: Included in the inventory as Abbey owns the goods while goods is in transit.

item#4: Goods in transit shipped by Abbey(seller) shipping point: Excluded from inventory as a seller, Ownership has been transferred from Abbey.

4 0

4 years ago

a firm has a pure discount loan with face value of $75,000 that is due in six months. the assets of the firm are currently worth

ioda

As you owns stock in a firm that has a pure discount loan due in six months. The loan has a face value of $70,000. The assets of the firm are currently worth $96,000. The stockholders in this firm basically own a <u>call option</u> on the assets of the firm with a strike price of <u>$70,000</u>.

<h3>What Is a Call Option?</h3>

Basically, a call options refers to a financial contracts that give the option buyer the right, but not an obligation to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.

<h3>What is a Strike price?</h3>

On an options contract, a strike price refers to the the price at which the underlying security can be either bought or sold once exercised. It is also known as the exercise price and it is a key feature of an options contract.

In conclusion, as the firm has a pure discount loan with face value of $75,000 which is due in six months whereas its assets are worth $96,000, then, we will say the firm have a call option with a strike price of $96,000.

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8 0

1 year ago

"The fictional country of Yieng has had an influx of updated technology to its manufacturing plants and the medical field in the

mario62 [17]

Answer:

In the previous years when the country's productivity was increasing t a 75% rate, the unemployment rate must have fallen a lot and the wages must have increased. Since productivity has stopped increasing, the unemployment rate will probably start to rise since their is gap between high labor supply (due to high wages) and a weakening labor demand.

3 0

3 years ago

Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and

leva [86]

a) The required Sample Size is 40.

b) the required Sample Size is 62.

Step-by-step explanation:

Given the data in the question;

standard deviation σ = 4 minutes

margin of error E = 75 seconds = ( 75 / 60 )minutes = 1.25 minutes

And 95% confidence.

Now, the Critical Value of z for 0.95 confidence interval;

∝ = 1 - 0.95 = 0.05

= 1.96

so, sample size n will be;

n = [ × σ/E ]²

we substitute;

n = [ 1.96 × (4/1.25) ]²

n = [ 1.96 × 3.2 ]²

n = [ 6.272 ]²

n = 39.338

Since we referring to a number of samples, it approximately becomes 40

Therefore, the required Sample Size is 40

margin of error E = 1 minutes

And 95% confidence.

Now, the Critical Value of z for 0.95 confidence interval;

∝ = 1 - 0.95 = 0.05

= 1.96

so, sample size n will be;

n = [ × σ/E ]²

we substitute;

n = [ 1.96 × (4/1) ]²

n = [ 1.96 × 4 ]²

n = [ 7.84 ]²

n = 61.466

Since we referring to a number of samples, its approximately becomes 62.

Therefore, the required Sample Size is 62.

Sample size determination involves choosing the number of observations or repetitions to include in a statistical sample.

The sample size is an important feature of any experimental study where the goal is to draw conclusions about a population from a sample.

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3 0

2 years ago

Based on research evidence, top-down management and rules-based management styles suggest that:______.

Setler79 [48]

Top-down management and rules-based management styles suggest that due process and committee cycles govern change.

Top-down management occurs when your company's senior leaders decide on goals, projects, and tasks independently of their teams. These objectives, projects, and tasks are then shared with the rest of the organization.

The top-down management is preferred by many teams because it eliminates confusion, reduces risk, and keeps initiatives organized across larger teams. Top-down management, on the other hand, is not for everyone. It can stifle creativity and slow problem-solving, so it might not be the best choice for teams that need more flexibility and responsiveness.

The concept of rule-based management is the control of the security of communications and IT events via rule- or filter-driven systems. Firewalls, proxies, routers, IDS, IPS, antivirus, and other rule-based security management systems are examples. Each of these systems is governed by a set of rules. Each rule expressly allows or denies. If no rule matches an event or packet, it should be denied by default.

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7 0

1 year ago