As one of the year-end audit procedures, the auditor instructed the entity's personnel to prepare a standard bank confirmation request for a bank account that had been closed during the year. After the entity's treasurer had signed the request, it was mailed to the bank by the assistant treasurer. What is the major flaw in this audit procedure?
A. The confirmation request was signed by the treasurer.
B. Sending the request was meaningless because the account was closed before the year-end.
C. The request was mailed by the assistant treasurer.
D. The CPA did not sign the confirmation request before it was mailed.
C. The request was mailed by the assistant treasurer.
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[APPENDIX] For 2015, Wasabi Company has accounting revenues of $6,000 . However, because of temporary differences between tax and accounting, $1,000 of this is not subject to tax. If expenses are $3,000 for both tax and accounting, and the tax rate is 40%, what is the amount of tax payable to the IRS?
a. $ 400 b. $ 800 c. $1,200 d. $1,600
The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers
A) demographic B) technological C) political D) social E) cultural
A written document appointing an agent is a
a. power of attorney. b. collective bargaining agreement. c. fiduciary. d. lien.
The term open interest refers to the
A) total amount of interest paid on an options margin account. B) number of option contracts in existence at a point in time. C) interest accumulated on a Treasury bond contract. D) striking price of an interest rate swap.