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What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision?
What other types of engagements are auditors involved in besides auditing? What are the other types of reports that auditors will issue? What types of responsibilities does the auditor assume in these engagements?
What is meant by the evaluation of a client's ability to continue as a going concern?
What are some situations that would require modification of the auditor's opinion related to going concern? What is the auditor's responsibility for assessing a client's ability to continue as a going concern?
What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion?
Adjusting Entries: Interest receivable at 1/1/06 was $5,000. During 2006 cash received from debtors for interest on outstanding notes receivable amounted to $6,000.
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Compare the relationships among auditor, client, and external users. How do professional standards for CPAs govern these relationships?
What was the balance inn Branson Co.'s cash account before recognizing any of these reconciling items? What was the balance shown on the bank statement before recognizing any of these reconciling items?
Prepare a correct bank reconciliation( Hint: Deduct the amount of the theft from the adjusted balance per books).
Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?
What is the purpose of external auditors providing an opinion on a company's financial statements?
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
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