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Knowing that my company 2007 audit will include attestation services, I want to know more about what attestation services encompass and what my team and I can do to prepare for this service.
Brainstorm with the auditing department about these:
What are attestation services?
What may I request from the CPA firm in regard to attestation services?
What can my team do to prepare?
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.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
You need provide a practice in validating your proposal to leadership. You gain experience in justifying change and expenditures in order to mitigate risk while validating your ideas.
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Consider the implications of the above information for revenues. What assertions, if any, are likely to be misstated? As a result, what accounts are likely to be overstated or understated? Explain your reasoning.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division of a company from within?
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
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