I wasn't sure if you would be willing to workd on the assignment or not, I have comple most of it.;here is what I havn't complete yet, so tell me how much you are willing to take for. This is urgent,that is why I cannot afford to wait long. Thank you.;Section;Micro Chip Corporation (MCC) has a special PO Box for customer payments. Jane is responsible for;- going to the post office every day;- emptying the post office box;- opening the mail;- making a prelist;- sending the remittance advices to accounts receivable, and;- sending the checks to the cashier's office.;Jane has opening a business account at her bank for Master Cleaning Company (MCC). Several of Micro Chips checks are made out with only the initials MCC. Jane selects certain checks made out only with the initials MCC and deposits them in her business account. She would destroy the remittance advice.;1) Name two controls that would prevent or detect this fraud.;2) Name two audit procedures that might detect this fraud.;33. The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the;A. factors that raise doubts about the auditability of the financial statements.;B. operating effectiveness of internal control policies and procedures.;C. risk that material misstatements exist in the financial statements.;D. possibility that the nature and extent of substantive tests may be reduced.;34. Proper segregation of duties reduces the opportunities to allow persons to be in positions to both;A. journalize entries and prepare financial statements.;B. record cash receipts and cash disbursements.;C. establish internal controls and authorize transactions.;D. perpetuate and conceal errors and fraud.;25. Select the description that best illustrates sampling risk.;A. Applying audit procedures, which are inappropriate for the audit objectives.;B. Failing to recognize misstatements or deviations in the documents examined.;C. Arriving at incorrect statistical conclusions due to computational errors.;D. Choosing a sample which has proportionately more errors than the population.;21. The Orange Corporation was audited for the year ended December 31 and the reports were delivered on February 15. After the fieldwork was completed on January 25, the auditor learned of a two-for-one stock split on February 1. If dual dating is used, what are the proper dates for the audit reports?;A. December 31 and January 25.;B. January 25 and February 1.;C. January 25 and February 15.;D. February I and February 15.;22. A second-partner review of the audit documentation and financial statements is performed to ensure that the;A. "To-do lists" are reviewed and cleared.;B. Audit program procedures are "signed off.;C. Tick-mark notations are cleared.;D. Audit work meets the quality standards of the firm.;23. The primary objective of analytical procedures used in the final review stage of an audit is to;A. Obtain evidence from details tested to corroborate management assertions.;B. Obtain evidence on the validity of the assessment of control risk.;C. Assist the auditor in evaluating the overall financial statement presentation.;D. Identify areas that represent specific risks relevant to the audit.;15. Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to the equipment (fixed asset) account are not understated?;A. Depreciation expense.;B. Gain on disposal of equipment.;C. Accounts payable.;D. Repairs and maintenance expense.;16. An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the control procedures leave no audit trail of documentary evidence, the auditor most likely will test the procedures by;A. confirmation and observation.;B. observation and inquiry.;C. analytical procedures and confirmation.;D. inquiry and analytical procedures.;8. Confirmations of accounts receivable provide the most evidence for which of the following assertions?;A. Existence.;B. Valuation or Allocation.;C. Rights and obligations.;D. Completeness.;9. In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from;A. an aging schedule of past due accounts which the auditor has tested.;B. correspondence with the client's collection agency.;C. financial statements of individual customers.;D. no reply to negative confirmations.;4. Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances?;A. The cashier prepares the daily deposit.;B. The cashier makes the daily deposit at a local bank.;C. The cashier posts the receipts to the accounts receivable subsidiary ledger cards.;D. The cashier endorses the checks.;2. Auditors ordinarily send a standard confirmation request to all banks with which the client has done business during the year under audit, regardless of the year-end balances. A purpose of this procedure is to;A. provide the data necessary to prepare a proof of cash.;B. request that a cutoff bank statement and related checks be sent to the audit.;C. detect kiting activities that may otherwise not be discovered.;D. seek information about contingent liabilities and security agreements.
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