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Why is it important that users perceive auditors to be independent? What is the difference between being independent in fact and being independent in appearance?
It has been stated that auditors must be independent because audited financial statements must serve the needs of a wide variety of users. If the auditor were to favor one group, such as existing shareholders, there might be a bias against another group, such as prospective investors.
a. What steps has the external auditing profession taken to minimize potential bias toward important users and thereby encourage auditor independence?
b. Describe the users of audited financial statements and the decisions that they need to make based on reliable information.
Establish a separate department that will provide internal audit service to his audit clients.
Identify the key audit deficiencies related to accounts, disclosures, and assertions in the revenue cycle. For each identified deficiency, indicate the appropriate action that should have been taken by the auditor.
In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these questions:
Discuss briefly the broad responsibilities of the aforementioned parties and conclude with a 500 word overview of the alleged corporate governance failures that surrounded most of the financial failures
Which do you think matters more to Fisher's board of directors: internal or external auditing and why do you think so
What are the expected rates of reimbursement for this time frame for each payer? What is your expected accounts receivable? What is the rate that you should charge for these services (using one charge rate for all payers)? Find the total charges for ..
It is critical for the investigator to understand the possible security risks that computer and network users face before conducting computer forensic investigations.
Quincy Inc. has 20,000 shares of $10 par value common stock and 1,000 shares of $100 par value, 9%, cumulative, preferred stock. No dividends were paid the previous year.
What is the purpose of a bank reconciliation? When speaking to an account manager and she/he told you they don't have time to reconcile the bank account every month, how would that need to be encouraged to be done?
Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following:
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