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Problem - Five college seniors with majors in accounting are discussing alternative career plans. The first senior plans to become an internal revenue agent because his primary interest is income taxes. He believes the background in tax auditing will provide him with better exposure to income taxes than will any other available career choice. The second senior has decided to go to work for a CPA firm for at least 5 years, possibly as a permanent career. She believes the variety of experience in auditing and related fields offers a better alternative than any other available choice. The third senior has decided on a career in internal auditing with a large industrial company because of the many different aspects of the organization with which internal auditors become involved. The fourth senior plans to become an auditor for the GAO because she believes that this career will provide excellent experience in computer risk assessment techniques. The fifth senior plans to pursue some aspect of auditing as a career but has not decided on the type of organization to enter. He is especially interested in an opportunity to continue to grow professionally, but meaningful and interesting employment is also a consideration.
a. What are the major advantages and disadvantages of each of the four types of auditing careers?
b. What other types of auditing careers are available to those who are qualified?
Forest Ltd's financial report, identify two factors in the information provided that increase audit risk - Discuss one adjustment to be made to your audit plan in response to the audit risk associated with each of the factors identified in part (a).
For each of the scenarios above, identify which of the components of audit risk (inherent, control or detection risk) are affected. In your answer you will need to justify you choice.
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Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Provide support for your position.
Your assignment should answer the following questions: Provide a brief overview of the nature of the fraud auditing, ethical issue/s involved. How does auditing promote common good
BUACC3741: Auditing - Explain how auditing and auditors deal with such issues and why should we trust directors? How are shareholders' protected?
What should Jimmy do? Decide your response using the AAA ethical decision model.
Review each companys situation and describe any potential threats, identifying the relevant section of the Professional Code of Ethics - Your audit client Magpie Pty Ltd has requested that a junior staff member of the audit team be loaned to the cl..
Find the 90% confidence interval for estimating ¼d based on these paired data and assuming normality.
Consider the situation above and highlight the business risks. Then consider the extent to which those risks could have an impact on the financial statements.
question for each of the following safeguards identify whether they are safeguards created by the profession by
Identify specific fraud risk present during PwC's audits of the Lipper hedge funds. Explain how Pwc should have responded to the fraud risk factors that you identified.
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