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Complete part (A) of the homework as instructed. Which assertions are most likely to be misstated?
New part (B): For each assertion in part (a), identify the audit procedure you would use to collect persuasive evidence. Try and be as specific as possiblem don't just say "documentary" for example, tell me exactly what sort of document would you be looking at?
(a) They are asking for the TYPES of evidence here - documentary, computational etc
(b) I'd have a read of ASA520 - it could be helpful 5.35 Instead of applying ASA 600, use ASA 610 for this question. When would we decide not to use the work of the internal auditor?
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
Difference between net cash provided by operating activities and net income. Speculate on which number is likely to be the better indicator of long-term profitability.
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
General Audit Procedures and Financial Statement Assertions. The eight general audit procedures produce evidence about the principal management assertions in financial statements.
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
A retailer needs to choose between two suppliers for one of its products. The only criterion used for the decision is the cost. The following information about the product is available:
Which do you think matters more to Fisher's board of directors: internal or external auditing and why do you think so
Calculate full unit cost for products X and Y under the traditional costing system and calculate full unit cost for products X and Y under the new activity-based costing (ABC) system.
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
the ceo of your company recently met with the external auditors to discuss the scope of the years audit. the auditors
Why is the audit plan and why
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
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