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Assignment: Auditing Principles and Procedures
Questions:
1- While performing an audit what kind of observation an auditor should perform for the physical inventory count. Explain relevant procedures in your own words and give examples?
2- Explain in detail the inherent risks factors are involved while assessing the risks for the intangible assets?
3- Clarify in detail what are substantive analytical procedures can be used in the audit of property, plant, and equipment?
4- Describe in detail the substantive analytical procedures can be used in auditing the income statements?
Discuss the arguments for and against the auditors insisting that MPS begin expensing sonic portion of the construction costs rather than continuing to accumulate as ever-increasing asset. Indicate the position you would take as the auditor.
What are the functions of audit documentation? The testing of hierarchy is considered to be more effective and more efficient. Why?
List and show the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
What is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing). Why do you think that these measures were introduced?
Discussion of the five generalizations from the findings in this study relating to managing earnings. Discussion of management's ability to manage earnings in the long-term given the operational manipulations discussed in the case.
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Discuss importance of "Evidence" in auditing. Define "Independence" and "Objectivity" as they relate to auditing. Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase.
What are some examples of ethics violations? Why do you think these situations were considered unethical (i.e., what was wrong with the situation)?
Do some research on your bank using the Internet and the CyberLibrary, and write a short paper that put it all together in making a recommendation on whether or not you think one should buy shares in your bank as part of your own investment portfo..
Role of an internal auditor who has been asked to identify a minimum of three high quality propositions that management can implement to establish a tone
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
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