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Kent, CPA, is engaged in the audit of Davidson Corp.'s financial statements for the year ended December 31, 20XX. Kent is about to commence auditing Davidson's employee pension expense, but Kent's preliminary inquiries concerning Davidson's defined benefit pension plan led Kent to believe that some of the actuarial computations and assumptions are so complex that they are beyond the competence ordinarily required of an auditor. Kent is considering engaging Park, an actuary, to assist with this portion of the audit.
What factors should Kent consider in the process of selecting Park?What matters should be understood among Kent, Park, and Davison's management as to the nature of the work to be performed by Park?
Determine the information contained in internal audit report
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You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
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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?
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
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