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Auditing and Regulation
Effective communication is necessary throughout the audit process. The auditor should communicate with the audit committee or others of equivalent authority to make sure that they know of any important fact such as illegal act. The communication can be oral or written. If it is oral, the nature of the communication and discussion should be documented in the audit files. If the client either refuses to accept the auditor's modified report or fails to take appropriate remedial action concerning any matters discussed, the auditor may find it necessary to withdraw from the engagement. If the client is publicly held, the auditor must also report the matter directly to the SEC. Such decisions are complex and normally involve consultation by the auditor with the auditor's legal counsel. Please discuss the following questions:
1. Identify and describe the types of communication required with clients in the audit process.2. Do you think these communication methods are effective, and why or why not?3. Discuss the actions an auditor should take when the auditor discovers an illegal act.4. Discuss three reasons why auditors are responsible for "reasonable" but not "absolute" assurance.5. Distinguish between management's responsibility and the auditor's responsibility for the financial statements under audit.
In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.
For each of the above independent situations: (1) describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
One aspect of the ZZZ Best Case focused on client acceptance and the predecessor-successor auditor relationship. Integrate this article with the case and discuss how this has impacted the current Audit environment
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
A company sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 30. Based on experience, 70 percent of all customers will take the discount.
What are examples of Auditor's Standards of Practice. Which organizations have issued standards or guidance to the auditor. Why are the "Equity Funding" and "Enron" events so important to computer auditing
Prepare a seven minutes video: on an auditing scandal, where students can act themselves or use material available to summarise the auditing scandal.
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
Explain the control principle of independent internal verification. What practices are important in applying this principle?
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
In auditing a privately held entity, an auditor must follow the professional standards established
Identify the ethical principles violated - In each discussion /excerpt above identify the specific threat to independence.
A memo question will be assigned during lecture or tutorial and a written description of that question will be posted to the assignment section of Blackboard. A total of four to five Memos will be assigned during the term.
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