Express Comfy Co. operates an airline business since few years ago. The company’s year-end is 31 December of each year. You are the Engagement partner in charge and you have started planning the audit. You are setting a meeting with the client to identify any relevant audit risks. From your meeting you came across the following: In order to expand their flight network, Express Comfy Co will need to acquire more aeroplanes; they have placed orders for another six planes at an estimated total cost of QR70 millions and the company’s CEO has requested from the procurement director to handle this matter. Accordingly, the Procurement Director assigned Mr. Hamad ALKaaby to handle this transaction. Due to his prolonged experience and the trust the company is having in Mr Hamad, the Procurement Director has delegated all power and authority to Mr Hamad with no need to return back to him during the processing of this transaction. Mr. Hamad is now the one communicating with the vendors (suppliers), preparing the invoices, following up on things, and he is the one to check the fleet of planes when they arrive to ensure they meet the quality standards set by the company. 3 In addition, the company has spent an estimated QR50 millions on refurbishing (restoring) their existing planes. In order to fund the expansion, the Finance Department has applied for a loan of QR80 millions. It has yet to hear from the bank as to whether it will lend them the money. Notably, the CFO of the company has assigned four accountants from the finance department to handle the processing of this loan request. Four accountants have been assigned due to the fact that Ms. Reem Almansoury, the Chief Internal Auditor of the company, is currently on vacation and one of these four accountants has been asked to cover for her during her absence. The company receives bookings from travel agents as well as from individuals directly via their website. The travel agents are given a 90-day credit period to pay Express Comfy Co, however, due to difficult trading conditions a number of the receivables (travel agents) are struggling to pay. Furthermore, and due to the complexity of the online transactions, Engineer Ahmed El-Sabbahy has been assigned to handle these transactions, who in turn is responsible for all the online transactions with no other control procedures to protect the company from any sort of errors and/or fraud. Worth noting too, the website was launched few months ago and has consistently encountered difficulties with customer complaints that tickets have been booked and paid for online but Express Comfy Co has no documented record of them and hence has sold the seat to another customer. For this reason, the company is currently in communication with an external expert IT company to look into this issue.

2. Outline the members of the audit team who are expected to audit the records of East Comfy highlighting the role played by each of these members.

3. Outline the steps involved in the audit cycle as well as the audit strategy and relate these to East Comfy.

Ratios:

Current Ratio: 3.6093

Quick Ratio:                           2.1799

Times Interest Earned: 9.9143

ROE                                        16.48%

ROA                                        12.01%

Equity Multiplier                    1.3714

Inventory Turnover 1.3489

The P/E (Price/Earnings) Ratio is defined as: P/E ratio = Price per Common Share / Net Income per Common Share.

Which of the following statements are true with respect to the P/E Ratio?

Select one:

a. A P/E Ratio of 15 would tell us that each Common Stock is selling for 15 times the Net Income per common share

b. If you were an investor buying a Common Stock, you would hope that the P/E Ratio would go down after you purchased the shares.

c. If the firm’s Net Income per Common Share remained the same but the P/E Ratio went down, the firm’s stock price per Common Share would go up

d. All of the above statements are true

e. None of the above statements are true.

Write an abstract/brief summary of the Economic and Social Cost of the Opioid Crisis in the US. Provide some data/research about this problem. Please write as much as you can and don't copy everything from the internet.

▪ Research and describe how information and communication technologies are playing a vital role during COVID-19 pandemic in enabling many of us to carry out our regular duties from the comfort of our homes.

economic history

Discuss the westward expansion and the impact on Native Americans. How has this expansion impacted the US today? What is the influence on institutions and laws that came from the removal of the Native Americans? about 3 paragraphs

1)“Race has been a social construction that has allowed US to set apart racial minorities from European immigrants” (9). Explain how this adds to social construction. Give examples. Agree? Disagree?

Part I – Our behaviors are influenced by society because we are parts of the society in which we live. For most of us, we are born, we grow up, and live our lives in a society. The norms and beliefs that are prevalent in society are parts of culture.

Please educate us about the role of “independence” and “interdependence” in your society and/or cultural psychology.

a)     How does your society view independence and interdependence?

b)     What is the relationship of independence to interdependence (and vice versa)?

If you’re looking for definitions in the textbook, remember that the textbook is rooted in western psychology originating from western European beliefs and traditions. Unless your family and society are rooted in western European traditions, for this assignment, please speak of your society’s psychology and/or cultural philosophy. Let’s learn from each other’s psychologies!

Part II - Describe an experience or encounter you have had with the stigma attached to mental disorders* or unusual behavior. Then explain how the situation was addressed. Please explain also how you acted within that situation and how your actions are related to social influence. If you were not satisfied with how things happened, explain how you would address that situation in the future.

*Please note that you are not being asked to diagnose someone; only registered professionals have the credentials to do that. Thus, if the situation you are describing involves a condition that has been diagnosed by a mental health professional then you can mention that the condition was “diagnosed”. Otherwise, if you are relating a story about someone who behaved in an ‘unusual’ manner, then simply state that the behavior seemed abnormal. The point of this discussion is about the stigma and not necessarily about whether a diagnosis was conducted. An official diagnosis, or lack thereof, is important only to provide context to the condition and to any related effects.

Quiz Company sells its product for $10 per unit. Variable costs are $6 per unit and fixed costs are $15,000 per week. During the third week of July, Quiz Company sold 5,000 units.

1. Determine the number of units Quiz Company must sell to earn operating income of $8,000.

2. Determine the sales revenue (in dollars) Quiz Company must generate to break even.

3. Determine the sales revenue (in dollars) Quiz Company must generate to earn operating income of $8,000.

4. Determine the margin of safety in units for the week.

5. Determine the margin of safety in dollars for the week.

6. Suppose Quiz Company increased spending for advertising by $2,500 per week. As a result, sales in the fourth week increased by $5,000 compared to the third (current) week.

Determine the operating income earned in the fourth week.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345

1. An asset turnover ratio of 1.87 for a company indicates that:

a.the company has $1.87 of long-term debt for each dollar of operating revenue earned.

b.the company is generating $1.87 of sales revenue for each dollar of long-term operating assets invested.

c.the company is generating $1.87 of net income for each dollar of retained earnings.

d.the company has $1.87 of current assets for each dollar of fixed assets invested.

2. The following information is available for Amanda Co. for the current year.

Calculate the company's earnings per share.

a.$2.60

b.$1.40

c.$1.10

d.$2.00

3. On July 1, George Co. issued $3,000,000 of 10-year, 8% bonds at par. Interest on the bonds is payable semiannually on December 31 and June 30. As a result of this transaction, net assets of the company:

a.is not effected.

b.decrease by $120,000.

c.increase by $3,000,000.

d.decrease by $240,000.