The answer to that is no. Laramie operates out of a single building complex totaling 500,000 square feet, which includes office space 3% , production area 57% , shipping and receiving 15% , and finished goods and raw materials inventory warehousing 25%. As a result, either inventory is understated or overstated on the balance sheet for 2008. As an individual interacts with others, they learn morals, attitudes mastery and intentions for engaging in criminal behavior. Focus specifically on each of the five management assertions existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure for the inventory account. The raw materials inventory storage area is located near the shipping and receiving area for convenience.
In the next part of the letter, I will be explaining the answers to your queries and clearly clarify whether the company need in having an audit. I will begin with an explanation of the objectives, responsibilities and strategies for completing the audit. Costs from overtime payments will decrease. Words: 927 - Pages: 4. The most fascinating aspects of the play are the various reactions and emotions of the people that were interviewed. The five assertions are existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure. Whether you spend a lot on your shoes, or don't have much to spend, taking care of your shoes makes sense.
Link any risks you identified for this account in question 1 to the related management assertion. Simple analytical procedures comparisons, ratio analysis, trend analysis, and common size financial statements are effective as attention directing tools in the planning and final review stages of the audit. This is the first year your firm has conducted the audit for this particular client. Link any risks you identified for this account in question 1 to the related management assertion. Procedures and records for tracking materials upon arrival, through the production process, and into finished goods and shipping, appear to be well designed. Africans do not live on trees or hunt game with spears. When carry oning an audit of internal controls over fiscal coverage, the hearer must derive an apprehension of the audit.
Existence or occurrence, There should be a bar code system applied to all the inventory to ensure that all the items can be easily accounted for. For example, days sales in receivables increased from 48. Plus, finished goods, copper rod, and plastic inventories increased as a percent of sales. Procedures and records for tracking materials upon arrival, through the production process, and into finished goods and shipping, appear to be well designed. Determining this factor, we know that Laramie is inefficient in their preparation. The term ghate crimeh was given the name in the 1980's by journalists that were trying to describe a number of incidents directed towards Jews, Asians and African Americans. Material of wire - wires of different densities will block more or less electrons Temperature - the vibration of warm molecules makes them more likely to collide with electrons, and resistance increases with temperature.
The use of analytical procedures is one method of increasing auditor efficiency. When calculating the percentage change in inventories, an issue arises when using either the lower cost of market or the market value. Laramie buys copper rod and plastic materials to produce insulated copper wiring. And then he explained to him that nobody lived on trees, not even the poorest Congolese. One analytical procedure that does not use financial data is the amount of square footage Laramie has designated for finished goods and raw inventory in its building complex. Perform analytical procedures to help you identify relatively risky areas 2.
Inventories need to be looked at as well since the amounts have increased from the previous year. Because it is known how much inventory is stored on the spools, how much room they take up, and how many there are; by using the cost rate structure also provided by the staff accountant the resources to determine the actual finished goods inventory are provided. Company tends to overstate their revenue. Manufacturing takes turns under all types of economic systems. Each pallet measures 6 feet by 6 feet, stands 5 feet tall, and holds 1,500 pounds of copper rod. Based on the finding in our team, the statistic is not shown is not specifically state the accident. The senior auditor has been assigned to auditing inventories in the planning stages of the audit, and must conduct analytical procedures.
Second, for completeness, the auditors should make sure that all existing inventories have been recorded completely , go around the warehouse and ensure all the inventories are recorded in the inventory ledger. Kaufman along with his theater troupe made six visits to Laramie, Wyoming, where the murder took place, to interview people about what happened and how they felt about the crime in their community. Section 101 Group Project — Appendix 6C March 25, 2013 Rachel Barrows Mike Fields Maria Gomozova Sviatlana Lizun Patricia Vaz Megan Wark Very good! This is a true fact but not to the extent that people outside of Africa perceive. Omar Little is a homsexual, black male, who is seen spending time with boyfriends, yet, he goes against the gay stereotype of being sensitive, and kind, and is one of the most dangerous criminals in Baltimore. The copper rod inventory is stored on 5 feet tall and 6 feet by 6 feet non stackable pallets that hold 1,500 pounds of copper rod. The building complex is composed of 3% office space, 57% production area, 15% shipping and receiving area, and 25% finished goods and raw materials inventory warehousing area. The fifth management assertion Laramie must look over is its rights and obligations.
Thus, the auditors should physically count finished goods, copper rod, and plastic inventories, and determine actual increase of inventories at year end. Reverend Phelps and his people gave an emphasis that Matthew Shepard deserved to die, for he was a sinner and a disgrace to God. If they updated their standard costs properly, maybe they just have more inventories. In The Laramie Project and The Laramie Project: 10 Years Later, the town of Laramie consisted of many social problems, which led to individuals violently projecting their bias towards homosexuals… 1735 Words 7 Pages Laramie, Wyoming is known as a mostly conservative, republican party majority, which is why there were no hate crime laws that had to deal with sexual orientation or gender identity. Within the storage location insulated copper wire is stored on stackable spools with approximately 500,000 feet of wire per spool. However, Laramie did not use the right valuation method pertaining to the plastics inventory. In fact, although Laramie has previously engaged accountants to perform limited review services for the purpose of obtaining bank loans, this is the first year Laramie has contracted for a full-scale audit of its financial statements.
The importance of classifying inventory correctly 1464 Words 6 Pages production and make some money and be able to bring some income in than bring nothing in at all and pay expenses out of pocket and savings. The auditors need to have a question if they are expecting to have more sales and make sure that the company's standard cost for copper and plastics are reasonable. Company tends to increase their gross margin so that they appear to be more efficient than they are. Determining this factor, we know that Laramie is inefficient in their preparation. Laramie operates out of a single building complex totaling 500,000 square feet, which includes office space 3% , production area 57% , shipping and receiving 15% , and finished goods and raw materials inventory warehousing 25%. If its hard drawing its fed to the block but when its further drawing its directly fed into the drawing basin. As the industry changes, the company should continue reevaluating the cost of goods and labor and compare to recent percentages of sales.
Variables Independent- length Dependent - Voltage, current to measure, resistance Controlled - Temperature, material of wire, cross sectional area Circuit diagram Method 1. Crimes against homosexuals have been reported nationwide, but a hate crime in Laramie, Wyoming has changed the gay community. On an annual basis, certain items should be manually counted to ensure accuracy. Perform analytical procedures to help you identify relatively risky areas 2. With the financial data which has been provided by the inexperienced staff assistant the most obvious analytical procedure to start with is to compare the 2005 financial date with the 2004 financial data. It is function to tidy the tangled wire. An executive asked him if he still lived on trees.