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Sarah O'Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class and it was clear that he didn't really understand the nature of the audit process as he asked the following questions:
a. What is the main objective of the audit of an entity's financial statements?b. The audit represents the CPA firm's guarantee about the accuracy of the financial statements. Right?c. Isn't the auditor's primary responsibility to detect all kinds of fraud at the client?d. Given the CPA firm is auditing financial statements, why would they need to understand anything about the client's business?e. What does the auditor do in an audit other than verify the mathematical accuracy of the numbers in the financial statements?Require:If you were Sarah, how would you respond to each question?
Think about the persuasiveness and reliability of verbal evidence - How would affect your assessment of CR? What would be the subsequent effect?
suppose that you are audit senior in an accounting firm. your firm has recently won an audit for a company elders ltd.
What are the responsibilities of the independent auditor for the detection of fraud involving misappropriation of assets and fraudulent financial reporting Discuss fully, including your assessment of whether the auditor's responsibility for the de..
question 1a. define inherent risk and residual risk.inherent risk -residual risk -b. which of the two types of risk
Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated
What material types of transactions and transaction cycles are involved - What are the high-risk areas?
Prepare a response to the graduate's concerns. You should include a description of what an internal control is, the relationship between internal control components, organisational objectives and the different divisions of the organisation, and a ..
Describe three internal controls that should exist over sales or royalty transactions or over the database tables and describe four computer assisted audit tests (CAATs) that you could run using generalized audit software in order to audit royalty ..
Why do you think it will be an interesting focus for your economic analysis? What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the brokerage fee is waived. This is just a virtual exercis..
1.You have been asked to provide assurance on information contained in New Dominion's Corporate Sustainability Report.
Please read the case provided in the link below and then answer the four questions at the end of the case.
Which of the following is not explicitly stated in the standard unqualified audit report? Which of the following is not a SysTrust Services principle as defined by the AICPA?
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