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"Audit Reports" Please respond to the subsequent:
In an economic downturn, assess whether you would expect more or fewer companies to get a going-concern audit opinion. Give your rationale.
Once a company has received a going-concern audit opinion, speculate to likelihood that company will remain in business.
You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
Explain the economic benefits provided by a financial statement audit. Explain the inherent limitations that might prevent auditors from finding every potential material misstatement in financial statements.
Given time and cost constraints of an audit, explain how materiality and audit risk are assessed and applied to make an audit efficient and effective.
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
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