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You are a manager at a CPA firm, and you have been asked to write an article on audit planning for the firm's monthly newsletter.Using the library, conduct research on audit planning. Prepare the article for your firm's monthly newsletter, and include the following information:
• Components of the audit planning stages
• How to understand the client's business
• What the risk assessment portions of audit planning are
• Understand how to plan an audit engagement, the auditor's consideration of internal control, the public company audits of internal control, and the review of audit evidence before completing the audit;
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
What is the rationale for accounting for (nonexpendable) endowment funds on the full, rather than a modified, accrual basis? Why is it important that depreciation be charged on capital assets held as endowment fund investments?
Explain the control principle of independent internal verification. What practices are important in applying this principle?
What are the implications of having the same person performing accounts payable and accounts receivable functions?
FIFO means "first in, first out." This follows the assumption that the first items received into inventory are the first items sold. In some cases, this may not be true because companies often have to sell new items after old ones have become outd..
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Discuss the following in your essay and discuss the following in your essay so what is your view, giving a rational explanation to your view.
Distinguish between vulnerabilities and threats. Provide examples that illustrate these distinctions. In what way are vulnerabilities and threats related to consequences of the threats that are carried out?
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Show the audit inherent risk and rate the risk as low, medium or high.
Explain in detail the professional ethics of an auditor and its importance to the auditing perfession. Provide examples of five ethical dilemmas that could arise during the audit process and determinge how you would resolve them.
Using a standard format memo please discuss the why it is desirable for corporations, charities, and NGOs to change their External Audit firms every 7-10 years.
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