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Depending on the results of their tests of control, the auditors may restrict substitutive procedures.
• Discuss and contrast the following concepts:
o the planned assessment of control risk
o the revised assessment of the risk after tests of controls have been performed
- Identify and analyze the types of risks that organizations face and to apply the applicable risk knowledge to understand and perform better audits.
- Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
- Assess and explain the risks associated with all sampling procedures and how to use probability proportional to size sampling to test account balances.
Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made and demonstrate the entry that should be made at the inception of the lease in government activities journal.
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.
Write a recommendation brief for the client in which you justify the benefits of using an internal auditor. Conclude your recommendation by referring a particular person for the job based on their background.
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
The following is a common example of a circumstance imposed scope limitation. An auditor might identify a material weakness at an interim date, and the entity implements new controls to correct the deficiency. If the new controls are placed in ope..
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
Once a company has received a going-concern audit opinion, speculate to likelihood that company will remain in business.
Discuss what you believe to be the most sgnificant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
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