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Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
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.
Show the cash flows from investing and financing activities sections of the cash flows statement.
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
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