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Can you comment on the following two areas?
1) A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning, (3) assessing the risk of fraud for an assertion, and (4) making a final assessment of control risk for relevant controls. A risk matrix or the audit risk model can be used to solve for the revised acceptable level of detection risk associated with analytical procedures and tests of details based on the actual assessed levels of inherent and control risk and the auditor's specification of audit risk.
2) In some cases where substantive analytical procedures are effective, they may also add to the efficiency of the audit. For example, for public utilities and cable companies, relatively small amounts of revenue are billed to and collected from many thousands of customers each month. Tests of details of these high-volume, low-value revenue transactions would be very tedious and costly. On the other hand, revenues in such cases can often be estimated with a fair degree of precision using independent variables such as number of subscribers, billing rates for various types of services, temperature data (for electric and gas utilities), and so on. Alternatively, total sales commissions expense could normally be estimated from total sales revenues rather than examining the details of entries to sales commissions.
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?
In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
An auditor evaluation and study of the internal accounting control system
The importance of internal controls ... a little side trip due to current events: This is an article that highlights the importance of internal controls in managing financial functions (and by extension to managing all business functions). Can you..
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
What are the organizational implications when most managers have different or similar values?
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