A forensic audit firm has five audit jobs remaining at a point in time. The audits...

A forensic audit firm has five audit jobs remaining at a point in time. The audits are labeled as jobs 1, 2, 3, 4 and 5. The respective audit times (in days) and the remaining days before the due date are given in the table below. Audit job Time required Due (at the end of) day

Audit job	Time required	Due (at the end of) day
1	10	60
2	28	45
3	30	30
4	1	32
5	2	31

a) Determine the job sequence using each of these priority rules: (1) CR, (2) SPT and (3) EDD b) Determine the performance of each rule using (1) average flow time, (2) average days late, and 3) average work in progress c) Apply the appropriate method to determine the sequence which will minimize the total number of late jobs

Expert Solution

keosha answered 1 month ago

Forensic Audits. Present arguments that you believe a forensic audit will never become an accepted fraud...

Forensic Audits. Present arguments that you believe a forensic audit will never become an accepted fraud detection practice.

What benefits does a forensic audit have over other types of audits in supporting a remedial...

What benefits does a forensic audit have over other types of audits in supporting a remedial action?

Various Types of Forensic and Non-forensic Audits Case 3 A small biomedical company has had great...

Various Types of Forensic and Non-forensic Audits Case 3 A small biomedical company has had great success in the last four years and is now generating $75 million per year in sales. The company has only three employees, all siblings. Their strategy for success has involved leveraging a few valuable patents and outsourcing almost all business functions. The siblings are planning to take their company public with the hope of generating capital for expansion. Launching an IPO, however, will require...

You are the partner in charge of audit quality in your firm. There are five audit...

You are the partner in charge of audit quality in your firm. There are five audit partners in the firm and you have reviewed the completed audit files of one client for each audit partner. In each case, an unmodified audit opinion was issued. You have found the following: Client A: faced severe cashflow problems just before the end of the financial year but the financial statements had been drawn up on the going concern basis. The directors had been...

Define ethics from the view point of audit firm? Why is it important for the audit...

Define ethics from the view point of audit firm? Why is it important for the audit firm?

All audits should have a well-developed time budget, which is used to determine the audit fee....

All audits should have a well-developed time budget, which is used to determine the audit fee. Suppose your client representative reviewed the time budget and noticed a significant amount of time is being allocated to inventory observation. To reduce audit fees, she proposes a significant reduction in time by offering to provide a representation letter regarding the inventory balance. Please discuss the sufficiency of this audit evidence. Discuss and explain the additional information you will need to determine how to...

Your firm has been appointed for the first time to carry out the audit of Sarooj...

Your firm has been appointed for the first time to carry out the audit of Sarooj Construction, a small construction firm in Muscat, for the year ending December 31, 2019. Sarooj Construction has been in operations for the last five years. It was doing well on the first two years but competition affected the business and they started to struggle from the third year up to this year, their fifth year in operation. As part of knowing the business, you...

Your firm has been appointed for the first time to carry out the audit of Teejan...

Your firm has been appointed for the first time to carry out the audit of Teejan Enterprises for the year ending December 31, 2019. The entity is engaged in trading of office furnitures and operates from 6 branches in various cities. Teejan Enterprises has been in operation for nearly 8 years and was far bigger now than when it first started by its original owners. Teejan was originally owned by two people who became husband and wife. As the years...

Your firm has been appointed for the first time to carry out the audit of ZZZ...

Your firm has been appointed for the first time to carry out the audit of ZZZ Construction, a small construction firm in Muscat, for the year ending December 31, 2019. Sarooj Construction has been in operations for the last five years. It was doing well on the first two years but competition affected the business and they started to struggle from the third year up to this year, their fifth year in operation. As part of knowing the business, you...

Grove Clark is a ten-partner accountancy firm. It has been approached by five potential audit clients...

Grove Clark is a ten-partner accountancy firm. It has been approached by five potential audit clients and the partners are considering the independence and ethical risks associated with taking on these audits. Client A is a company in the financial services industry. Grove Clark have no experience in this industry but they would like to build up some expertise in this industry. The chief financial officer of Client A used to be a Grove Clark partner. Client B has been...

Question