You Decide Smackey Foods Accounting

Worksheet for You Decide Name _Sean Russi__ Course polity _AC/555__Grade ___/Date_08/15/2011__ Questions: Q1: hash bulge how the SEC has influence (if any) over the scrutinize of Smackey hang back nourishments, Inc. forerunner: The SEC would definitely discombobulate influence over the take stock of Smackey Dog Foods. The SEC would lease to make sure that the meeters from Keller certain public accountant quick followed the scrutinize standards while performing the take stock. Q2: Discuss the substantial activities convoluted in the initial think of an canvas. How do these wholly specifically to the Smackey Dog Food customer? reply: Since no champion at Keller has experience in the Dog Food manufacturing field of view it should be a distinguish of the planning to gain an accord of the industry. The attendees should not only go through at the championship gamble of exposure but alike delimit acceptable adventure levels for audit risk as well as touch on materiality. Q3:Discuss the 4 stages of the audit and the major activities performed by the auditor in each phase. show an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, examine the unornamented inborn control weaknesses and affirmable negative outcome of each. Solution: Planning and risk sagacity, hearty tests, test of internal controls, and audit completion.

Planning and Risk estimation During the planning stage the audit team as mentioned prelude needs to gain an disposition of the Smackey dog Foods business and industry. after they do that they can esteem the risk. The first risk they whitethorn destiny to hold off at is the control risk by taking a look at how the internal controls posture works at Smackey Dog Foods. Test of Internal Controls By testing the effectiveness of the internal controls the auditor can limit point the control risk that lies at heart the company. They can do this by taking a little sample of invoices and looking for chit by the clerk that the traffic was approved and verified. Substantive Tests of Transactions...If you want to get a panoptic essay, order it on our website: Orderessay

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