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1 The Statement on Auditing Standards (SAS) No. 1 states that due professional care requires the auditor to exercise professional skepticism. Professional skepticism can be divided into three attributes. Of the three attributes, discuss which you believe is most important in exercising professional skepticism. Provide support for your rationale.
2 Reflect upon the three elements of the "Fraud Triangle". While it is understood that all three elements are important, select one and explain why it is the most important. Provide support for your rationale.
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Code of Ethics for Professional Accountants
Prepare Swag's consolidated balance sheet
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
State whether Event is adjusting or non-adjusting event.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
To identify principal audit risk and corresponding audit procedures
Show the audit inherent risk and rate the risk as low, medium or high.
Explain the role of the following three 'bodies' in National Health Reform
Prepare a memo on the 'state of the company's industry' and associated risk factors.
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