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Analytical procedures consist of evaluations of financial information made by a study of plausible relationships among both financial and non-financial data. They range from comparisons to use the complex models involving many relationship and elements of data. They involve comparisons of recorded amounts, or ratios developed from recorded amounts, to expectations developed by the auditors.
Required
a. Describe the broad purposes of analytical procedures
b. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
c. Describe the factors that influence the extent to which an auditor will use the results of analytical procedures to reduce detailed tests in meeting audit objectives.
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
Explain what the following five words mean to you non CPA audit, financial audit, compliance audit, operational audit, fraud audit
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards. Analyze the importance of ethics in the audit process.
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
A not-for-profit organization periodically conducts focus groups of employees, service beneficiaries and governance board members to reevaluate its mission, vision, and values to determine the accuracy of the strategic statements to refine them wh..
Differences between the book value and the fair value of the identifiable assets of Salem Company
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Evaluate the following quotation: "If a CPA firm completes a nonpublic company audit of Adam Company's financial statements following AICPA generally accepted auditing standards and is satisfied with the results of the audit, an unmodified audit r..
Code of Ethics for Professional Accountants
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