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Auditing Practice, S1 2015
Assessment
Word limit: 1500 words.
Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.
1. List and describe the possible inherent risks in the retail industry.
2. Determine which inherent risks may currently be considered critical.
3. Determine which practices might address the inherent risk identified in'2' above.
When it comes to taxes, one should always be mindful of the fact that without the IRS, there would not be tax issues to worry about. So as a follow-up question:
Milner Corp. uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,000 account of a customer, C. Schaub. On December 9, it receives a $200 payment from Schaub.
based on peach blossom cologne company - audit case.1. what are expectations of the board of directors concerning audit
garza and neely cpas are preparing their service revenue sales budget for the coming year 2012. the practice is divided
Spacer Company has 2 service departments and two operating departments. Budgeted costs and budgeted activity in the several departments
Can you help me with this? 1) How much will you charge to give me a list of specific ideas to write about and 2) how much for say a 10 page essay on this matter?
Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.
What is the length of the channel the bank uses to distribute its own checking account products? How would you describe the channel positioning of People's Bank? What is People's unique selling proposition (USP) OR unique value proposition?
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
Create the workpaper eliminating entries for a consolidated statements workpaper on 31 st December, 2014. Prince uses the cost method and evaluate the total no controlling interest to be reported on the consolidated balance sheet on 31 st December,..
What is Financial auditing
What qualifications does an auditor have to have, does the auditor have to always be an external person and explain the rights, duties and liabilities of an auditor
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