Question
During a statutory audit, the auditor discovers a
pattern of journal entries posted near year-end reversing shortly after year-end that inflate reported profit. Management explains entries as timing differences. What is the auditor’s most appropriate immediate course of action?Solution
Unusual patterns of year-end adjustments that reverse post year-end are red flags for possible earnings management/fraud. Auditor must perform expanded substantive and fraud procedures, evaluate control weaknesses, and communicate appropriately; only after procedures conclude consider opinion impact.
Despite the setback, New Delhi must persevere with its efforts. To begin with, Bhutan’s objections are environmental, not political, and its gover...
I cannot tell you the number of times that I have gone looking for the lavatory in a cinema and ended up standed in an alley on the wrong side of a self...
The question below consists of a set of labeled sentences. Out of the four options given, select the most logical order of the sentences to form a cohe...
P: The main manifestations of violence in recent times have been extremism, terrorism, assassination by bombs and bullets. Q: In the modern world, viole...
In its audit of various regions, the Ministry’s report has calculated a cumulative loss of forests in Mizoram, Nagaland and Arunachal of nearly 1,...
1. Animators across the world have been working against the odds and the same holds true for India.
2. They are underpaid, their work relegate...
Five statements are given below labelled 1), 2), 3), 4) and 5). Among these, four statements are in logical order and form a coherent paragraph/passage...
Sentences of a paragraph are given below in jumbled order. Arrange the sentences in the correct order to form a meaningful and coherent paragraph.
...Five statements are given below labelled 1), 2), 3), 4) and 5). Among these, four statements are in logical order and form a coherent paragraph/passage....
Given below are four jumbled sentences .Select the option that gives their correct order forming a meaningful and coherent paragraph.
A- Coasta...
