You are an Audit Senior currently planning the 30 June 20X9 audit of Technology Limited, an Australian-owned company that produces and exports computer chips to China. At a recent planning meeting with Technology Limited’s senior staff, you obtained the following overview of this year’s operations: Tight checks by Australian custom officials have delayed several shipments of computer chips. These delays have angered Chinese customers who are threatening to deduct 20% from the amounts owing as compensation for lost production time. One of Technology Limited’s customers, Blue Chip Limited, is claiming that the latest batch of computer chips it received was found to be faulty. Blue Chip Limited is refusing to pay its account, which is allegedly seven months overdue. Technology Limited has claimed to have launched an investigation into the allegations, but as yet not been able to substantiate them. Technology Limited has suffered significant cash flow problems because another major customer, Creative Limited (Creative), is experiencing financial difficulties. As a result, Creative is taking well over 120 days to pay outstanding amounts, despite Creative’s terms of trade being payment within 30 days. Creative makes up 40 per cent of Technology Limited’s sales and the board has been reluctant to take any action that might adversely affect those sales. Consequently, Technology Limited has had to increase its dependency on its line of credit, and this has caused it to temporarily breach the debt to equity ratio required in its loan covenant with Big Bank Limited. One of Technology Limited’s major suppliers went bankrupt one month ago, causing major product shortages. To overcome the problem, Peter James, the husband of the finance director, Natalie James, provided electronic components used in the production of computer chips to Technology Limited through his private company Norton Limited. Norton Limited demands payment in $US prior to the electronic components being supplied. There is no formal agreement in place with Peter James, however, the goods are being provided at competitive prices. You are concerned about the electronic components that Peter James’ company is supplying, because his products are new to the market and you have heard some of Technology Limited’s staff complaining that they are of poor quality. Due to increased competitive pressure, Technology Limited has recently moved the manufacture of some of its computer chips to Bangladesh. Technology Limited saves around 25 per cent in costs compared to the equivalent Australian made items. However, the manufacturing process takes longer and on a few occasions late delivery from Bangladesh has resulted in lost sales. Last month, a protester suffered a broken leg, allegedly because he was hit by a company truck. The protester is now suing Technology Limited for damages, claiming the contractor was in fact an employee of Technology Limited at the time of the accident, and was acting on Technology Limited’s instructions. Technology Limited is fighting the case and appears to have a reasonable chance of winning; however, the adverse publicity being generated is making the company nervous about its sales in the future. During the period, the Australian dollar has remained steady against the Chinese Yuan, although it fell by about 3% against the US dollar. Debtors are invoiced in $US at the time of shipment, and payment is received in $US one month after the shipment is delivered. It takes around six weeks for the charter vessels to travel from Technology Limited’s shipyard at Bigmantle Bay to China. A recent downturn in the Chinese economy is affecting forward orders, which have fallen by 15%. Required: Prepare a memorandum to the audit manager, outlining your risk assessment relating to Technology Limited. When making your risk assessment: (a) Identify two (2) balance sheet accounts from the information provided that are subjected to an increase in audit risk. Briefly explain what factors increase the audit risk associated with the two (2) account balances identified. In your explanation, please mention the key assertion(s) at risk of material misstatement and the components of the audit risk model affected for each account balance identified. (b) Identify how the audit plan will be affected and recommend specific audit procedures to address the risks associated with each account balance identified.
In: Accounting
The number of chromosomes in a diploid sexual species is 14. What is the exact probability that an individual of this species could produce by meiosis a gamete that includes all 7 chromosomes that the individual itself inherited from it's mother while excluding all 7 chromosomes inherited from its father?
A) Zero
B) 7/14 = 50%
C) 1/2 7
D) 7 1/2
E) 1/7 (1 out of seven gametes) = 14%
F) There is no answer to this question
In: Biology
Suppose the individuals view their loss of income from income taxes as offset by the benefits of public services purchased with revenues. How are their labor supply decisions affected?
(a) Draw the optimal choice of a representative individual in leisure-consumption space before tax imposition.
(b) Describe the change of budget constraint when the income tax is imposed and all the revenue from income tax is returned as the individual’s consumption through public service provision.
(c) Show the change of optimal choice of the representative individual.
In: Economics
Ben deposits $2,500 into an account paying 5 percent interest, compounded annually. At the same time, Mike deposits $2,500 into an account paying 2.5 percent interest, compounded annually. At the end of five years:
A. Ben will have earned somewhere between 1 and 2 times the amount of interest that Mike earned.
B. Both Ben and Mike will have earned the same amount of interest.
C. Ben will have earned exactly twice the amount of interest as Mike earned.
D. Ben will have earned more than twice the amount of interest that Mike earned.
In: Finance
Students will conduct an analysis on the current state of the compensation system and address pay-for-performance and benefits. Reference should be made to individual and group incentives, performance appraisals, legally mandated benefits, options benefits, and benefit determination process. (Note – do not simply copy paste the benefits offered).
The body of the paper will be 4-5 pages. This does not include extraneous pages like title page, reference page, appendices. APA formatting standards are required. A minimum of 5 scholarly resources need to be used. An example of a scholarly resource can be an interview with an HR professional or a peer reviewed article from a Park University Library Journal Database. Course materials and personal experience do not count. A formal third person tone is required.
Supplemental information (e.g. worksheets that are currently being used) can be presented in Appendices but do not count toward the body of the paper.
Note: Recommendations should not be made at this point – you will make these in Unit 8. This is an analysis of current standing. Keep in mind however, if an organization doesn’t have a pay-for-performance plan or optional benefit offerings, the paper doesn’t end at that point. Student needs to include a discussion of the offerings that could be used. Again, recommendations will be made in Unit 8.
Please provide with references as well
In: Operations Management
Over the years, students of the University of
Professional Studies, Accra (UPSA), have complained about the mode
of payment of school fees and other fees. Their main concern has
been that students have to go to the banking hall of the
University’s bankers and queue for long hours before they can make
payment. The Student Representative Council (SRC) of the University
has presented a petition on this matter to the University
Council. The Council has directed the University management to take
urgent steps to address the issues. The Finance Department of the
University has appointed you as the lead consultant to help them
address the concerns of students.
Required:
a) With the aid of a diagram, identify the existing mode of school
fees payment in UPSA.
b) With the aid of diagram, make proposal of a future school fees
payment system.
c) How can your new payment system facilitate quicker registration
of students at the beginning of each
semester? (
In: Finance
Over the years, students of the University of Professional Studies, Accra (UPSA), have complained about the mode of payment of school fees and other fees. Their main concern has been that students have to go to the banking hall of the University’s bankers and queue for long hours before they can make payment. The Student Representative Council (SRC) of the University has presented a petition on this matter to the University Council. The Council has directed the University management to take urgent steps to address the issues. The Finance Department of the University has appointed you as the lead consultant to help them address the concerns of students. Required: a) With the aid of a diagram, identify the existing mode of school fees payment in UPSA. b) With the aid of diagram, make proposal of a future school fees payment system. c) How can your new payment system facilitate quicker registration of students at the beginning of each semester?
In: Accounting
Over the years, students of the University of Professional Studies, Accra (UPSA), have complained about the mode of payment of school fees and other fees. Their main concern has been that students have to go to the banking hall of the University’s bankers and queue for long hours before they can make payment. The Student Representative Council (SRC) of the University has presented a petition on this matter to the University Council. The Council has directed the University management to take urgent steps to address the issues. The Finance Department of the University has appointed you as the lead consultant to help them address the concerns of students. Required:
a) With the aid of a diagram, identify the existing mode of school fees payment in UPSA.
b) With the aid of diagram, make proposal of a future school fees payment system.
c) How can your new payment system facilitate quicker registration of students at the beginning of each semester?
In: Finance
1.What is the WTO? What are the main principles on which the WTO was founded? Briefly discuss the principle areas (trade topics) which the WTO addresses and is seeking to achieve consensus in trade?
2. Briefly discuss the benefits and disadvantages of trade liberalization to Caricom economies.
3. Briefly discuss some of the key considerations when adopting new technology.
Provide References
In: Economics
home / study / social sciences / psychology / psychology questions and answers / Evaluate The Importance Of Scientific Inquiry (research) In Social And Cultural Competence. ... Question: Evaluate the importance of scientific inquiry (research) in social and cultural competence. Consi... evaluate the importance of scientific inquiry (research) in social and cultural competence. Consider the historical foundations social psychological inquiry has been founded.
In: Psychology