1. What is Internal Auditing base on the case provided? (5 pts)

2. 2. What is the Management Objective? Is the management objective clear? Explain your answer. (5 pts)

3. 3. Should the auditor accept or reject the engagement? Cite in the context the basis of your answer and relate it with the concept of our discussion (10 pts)

4. Give atleast 3 approaches/audit activities that the auditor should take for Tokyo on the assumption that the engagement was accepted?Explain your answers (10 pts)

Case Analysis

The group internal audit department of a domestic products multinational company headquartered in London is undertaking an audit engagement of the multinational’s operating unit in Tokyo. At an early point in the planning process of this engagement, the audit team establishes who has oversight responsibility for the Tokyo operating unitThe production director has a number of direct reports spread across the world, with oversight responsibility for each. The production director needs to know that all is in order within each of these operating units. He or she can go and find out for himself or herself. But the production director will
rarely find the time to do so, and would hardly know how to set about doing so effectively. Internal audit looks round corners that management are unable easily to look round for themselves. At a later stage, the emerging audit findings will be discussed with the head of the Tokyo operating unit, whose responses will be built into the final audit report; the audit report will be addressed to the production director in London who may be regarded as the main client of this particular audit engagement. The report will be copied to the head of the Tokyo operating unit. In this way, the audit findings will be addressed to the level of management that needs to know and that is capable of ensuring appropriate action on audit findings is taken. Should the production director fail to ensure this, the chief audit executive will then need to consider whether the audit results, together with reference to the CAE’s view that insufficient action has been taken upon them, should be communicated to an even higher level. However, the CAE may consider that the degree of importance of the audit findings, when matched to the seniority of the production director, means that escalation above the level of the production director is not warranted as it may be legitimate for the production director to decide whether to live with a level of risk identified during the audit engagement. Meanwhile, early during the planning of the audit engagement, having established that the production director has oversight responsibility for the Tokyo operating unit, the audit team arrange to meet with the production director. Initially the auditors ask the production director to explain: “What are your objectives for the Tokyo operation?” As with all information offered to the audit team during the course of the audit engagement, the auditors will consider how they can independently verify the validity of the statement of management’s objectives that the team has been given. If the production director points out to the audit team that he or she has not thought much about the Tokyo operation for a while and cannot immediately recall whether there are any established objectives for Tokyo, then audit findings are already starting to emerge as clearly this is unsatisfactory. Nevertheless, the audit engagement cannot proceed further until the audit team has hammered out with the production director an agreed upon set of objectives for the Tokyo operation. Next, in effect the audit team asks the production director the following question: “OK, we are agreed on your objectives for the Tokyo operating unit. What information do you need to be receiving so that you know whether these objectives are being achieved?” Again, if the production director is uncertain, then further provisional audit findings are starting to emerge—even though this discussion is taking place only during the planning phase of the audit engagement, before the audit team have left London for Tokyo. But planning the engagement cannot proceed further until the audit team has hammered out with the production director an agreement on the nature of the information he or she needs to be in receipt of in order to monitor whether management’s objectives for the Tokyo operation are being achieved. The next step is for the audit team to ask to see the information the production director is receiving: “OK, we are agreed on the information you need to get from Tokyo to monitor that management’s objectives for Tokyo are being achieved. Can you show us the information you are receiving about the Tokyo operation, please?” When the audit team reviews this information they may discover that it is incomplete, unclear, inconsistent or untimely. So, further important provisional audit findings are starting to emerge. Nevertheless, the audit team endeavours to interpret the information so as to determine the most valuable focus for the audit fieldwork in Tokyo—that is, their audit objectives. They will discuss their proposed audit objectives with the production director with the intention of getting his “buy-in” to them.But being an assurance engagement, not the provision of a consulting service, it should be the decision of the chief audit executive what the audit objectives are to be: internal auditors do not subordinate their judgement on professional matters to that of others

1. What is Internal Auditing base on the case provided?

2.    What is the Management Objective? Is the management objective clear? Explain your answer.

3.    Should the auditor accept or reject the engagement? Cite in the context the basis of your answer and relate it with the overview of the audit process

4. Give atleast 3 approaches/audit activities that the auditor should take for Tokyo on the assumption that the engagement was accepted? Explain your answer.

Audit activities:
Initiating the audit
Preoaring audit activities
Conducting the audit activities
Preparing and disyributing the audit report
Completing the audit
Conducying audit follow up

Please provide at least 2 reasons why 2:1 current ratio might not be adequate for a particular company. Thanks!

1. what is the therapeutic regimen for contraception initiation?

2. give at least 2 lab tests for contraception initiation,

a. give the definition and description of those labs

b. explain why those labs are ordered for contraception initiation

Put it in your own words. Please do not copy and paste. Thank you

STEP 1: Get 2 sheets of 8½ by 11 paper and 2 sheets of aluminum foil. You will need to cut the aluminum foil so that both sheets are 8½ by 11.

STEP 2: Ball up one of the sheets of paper and one of the sheets of aluminum foil.

STEP 3: Take the remaining sheet of paper and fold it in half twice so that instead of being 8½ by 11 it is 4¼ by 5½ (roughly, it doesnt have to be exact). Then do the same with the remaining sheet of aluminum foil. In the end, the folded sheet of paper and the folded sheet of aluminum foil should be roughly the same size.

STEP 4 You now have four objects (2 balled & 2 folded). You will now conduct races between the objects in the following manner. Take two of the objects, hold them at the same height (at least shoulder level) and drop them simultaneously. Observe which one strikes the ground first. It should be obvious which one strikes the ground first. If it is not then the race is a tie. You should conduct each race multiple times to verify your results. Part A Perform the following races and then enter the winner of the race in the space provided. For example, in the first race, if the balled paper wins, then type 1. If the folded paper wins, then type 2. If it is a tie, then type 3. Your answers to Part B will be based on the results of your races.

1. Race 1 (1) balled paper vs. (2) folded paper

Race 2 (1) balled paper vs. (2) folded aluminum foil

Race 3 (1) balled aluminum foil vs. (2) folded paper

Race 4 (1) balled aluminum foil vs. (2) folded aluminum foil

Race 5 (1) folded paper vs. (2) folded aluminum foil

6. Race 6 (1) balled paper vs. (2) balled aluminum foil

Part B Based on the results of your races from Part A, answer the following questions.

7. Identify the trend for the first 4 races.

The balled object always won.

The paper object always beat the foiled object.

The folded object always won.

The foiled object always beat the paper object. It was always a tie.

8. Which one of the following statements best explains the trend you observed in the first 4 races?

The two objects had no significant differences between them.

Gravity pulled harder on the winning object than it did on the other object.

The winning object had a significantly smaller surface area than the other object.

The winning object was significantly heavier than the other object.

Although one object was significantly heavier, the other object had a significantly smaller surface area. These two differences canceled each other out.

9. Which one of the following statements best explains the results of Race 5?

Since they both had roughly the same weight, surface area, & shape, the race was a tie.

Since they both had roughly the same surface area & shape, most likely the winning object had significantly more weight and thus had a higher terminal velocity.

The material the winning object is made from cuts through the air significantly better than the material the other object is made from.

The race was a tie because in the absence of air drag all objects will fall with the same acceleration.

It is impossible to explain the results.

10. Which one of the following statements best explains the results of Race 6?

Since they both had roughly the same weight, surface area, & shape, the race was a tie.

Since they both had roughly the same surface area & shape, most likely the winning object had significantly more weight and thus had a higher terminal velocity.

The material the winning object is made from cuts through the air significantly better than the material the other object is made from.

The race was a tie because in the absence of air drag all objects will fall with the same acceleration.

It is impossible to explain the results.

Comprehensive Problem 2

Part 1 and Part 2:

Palisade Creek Co. is a merchandising business. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows:

Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark (√) in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below.

Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers.

For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

May 1: Paid rent for May, $5,000.

May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.

May 4: Paid freight on purchase of May 3, $600.

May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.

May 7: Received $22,300 cash from Halstad Co. on account.

May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.

May 13: Paid for merchandise purchased on May 3.

May 15: Paid advertising expense for last half of May, $11,000.

May 16: Received cash from sale of May 6.

May 19: Purchased merchandise for cash, $18,700.

May 19: Paid $33,450 to Buttons Co. on account.

May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000.

May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.

May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.

May 21: Received $42,900 cash from Gee Co. on account.

May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.

May 24: Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.

May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.

May 28: Paid sales salaries of $56,000 and office salaries of $29,000.

May 29: Purchased store supplies for cash, $2,400.

May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.

May 30: Received cash from sale of May 20 plus freight paid on May 21.

May 31: Paid for purchase of May 21, less return of May 24.

2.

Comprehensive Problem 2

Part 3:

NOTE: You must complete parts 1 and 2 before completing part 3.

Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

Linear programming.

Solve the following two (2) Linear programming problems (#1 and #2) and then answer question 3:

1.. Solve the following LP problem graphically:

Maximize profit =            X + 10Y

Subject to:                        4X + 3Y < /= 36
                                           2X +4Y < / = 40
                                           Y > / = 3
                                           X, Y > / = 0

2. Considering the following LP problem and answer the questions, Part a and Part b:

Maximize profit =            30X₁ + 10X₂

Subject to:                        3X₁ + X₂ < /= 300
                                           X₁ +X₂ < / = 200
                                           X₁ < / = 100
                                           X₂ > / = 50
                                           X₁ – X₂ < / = 0
                                           X₁, X₂ > / = 0

a. Solve graphically
b. Is there more than one optimal solution? Explain

3. How many feasible solutions are there in a LP program/problem? Which ones do we need to examine to find the optimal solution?

1. Find a Cartesian equation for the curve.

r cos(θ) = 2

Identify the curve.

2. Find a Cartesian equation for the curve.

r = 4 sin(θ)

Identify the curve.

1. Describe what is meant by a prior period adjustment, and give 2 examples.

2. List and explain the advantages of a corporation.

3. List and explain the disadvantages of a corporation.

Let K = { s+t * 2^(1/2), such that s, t are Rational}. Show that K is a Field