Audit Review And Documentation 2

Question Description

To properly assess the internal controls that are in place at Bovar Company, you have found that there are three major objectives that an entity should follow in designing an effective internal control system. They are as follows:

  • Reliability of financial reporting
  • Efficiency and effectiveness of operations
  • Compliance with laws and regulations

In 3–4 paragraphs, complete the following:

  • Discuss the meaning of each of the following major objectives:
    • Reliability of financial reporting
    • Efficiency and effectiveness of operations
    • Compliance with laws and regulations
  • Discuss how they might be satisfied at Bovar Company.
  • Prepare an unadjusted misstatement audit schedule with a comment on your judgment of the audit findings based on the following audit results for Bovar. Bovar has the following misstatements (any amount more than 5% of current assets, total assets, and income before taxes):
    • Understated allowance for uncollectible accounts: $95,000 estimated based on analytical procedures
    • Accounts receivable or sales cutoff misstatements: $60,000 estimated population misstatements based on the sample, including sampling error ($60,000 accounts receivables or sales were not included in the cutoff reporting period.)
    • Difference between physical inventory and book figures: $120,000 actual population misstatements. (The physical inventory is higher than the book figures by $120,000.)
    • Unrecorded liabilities: $285,000 estimated population misstatements based on the sample, including sampling error
    • Repairs or expense items that should have been capitalized: $90,000 estimated based on analytical procedures.

    PLEASE include references.

Get 20% Discount on The assignment
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on The Assignment

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

EssayBrill has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At EssayBrill, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.