Assignment 8.2 Handout Decision Case This case is based on an


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need help asap please! I have attached the file that contains the question. thank you accounting_1_handout_lesson_8.2.pdf Assignment 8.2 Handout Decision Case This case is based on an actual situation. Centennial Construction Company, headquartered in Dallas, built a Rodeway Motel 35 miles north of Dallas. The construction foreman, whose name was Slim Chance, hired the 40 workers needed to complete the project. Slim had the construction workers fill out the necessary tax forms, and he sent their documents to the home office. Work on the motel began on April 1 and ended September 1. Each week, Slim filled out a time card of hours worked by each employee during the week. Slim faxed the time sheets to the home office, which prepared the payroll checks on Friday morning. Slim drove to the home office on Friday, picked up the payroll checks, and returned to the construction site. At 5 PM on Friday, Slim distributed payroll checks to the workers. Requirements R1. Describe in detail the main internal control weakness in this situation. Specify what negative result(s) could occur because of the internal control weakness. R2. Describe what you would do to correct the internal control weakness. Financial Statement Case Study the audit opinion (labeled Report of Ernst & Young LLP) of Amazon.com and the 2009 Amazon.com Financial Statements handout. Answer the following questions about the company. Requirements 1. What is the name of Amazon.com’s outside auditing firm (independent registered public accounting firm)? What office of this firm signed the audit report? How long after the Amazon year-end did the auditors issue their opinion? 2. Who bears primary responsibility for the financial statements? How can you tell? 3. Does it appear that the Amazon internal controls are adequate? How can you tell? 4. What standard of auditing did the outside auditors use in examining the Amazon financial statements? By what accounting standards were the statements evaluated? 5. By how much did Amazon’s cash balance (including cash equivalents) change during 2009? What were the beginning and ending cash balances?

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