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Discussion Questions- Auditing Class
Please answer the following 6 discussion questions inatleast 100 words per question. Do not answer them as an essay. Please answer them under the question set.
1. Explain the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company. List several audit procedures in the acquisition and payment cycle that support your explanation.
2. List five tests of controls that can be performed for the payroll and personnel cycle and state the purpose of each control tested.
3. What major audit procedures are involved in testing for the ownership of inventory during the observation of the physical counts and as a part of subsequent valuation tests?
4. Define what is meant by compilation tests. List several examples of audit procedures to verify compilation.
5. Explain the relationship between the payroll and personnel cycle and inventory valuation.
6. Explain what is meant by an imprest payroll account. What is its purpose as a control over payroll?
Discuss the appropriate places to use audit sampling. Discuss and assess the risks associated with all sampling procedures. Discuss the differences between non-statistical and statistical sampling as a basis to determine the appropriate sampling me..
Explain what is meant by the Single Audit Act. What is its purpose?
Define actual and perceived independence, and explain the importance of each - discuss possible alternative courses of action the auditor should have taken in order to properly discharge their professional responsibilities
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
Bombeck Company sells a product for $1,500. When the customer buys it, Bombeck provides a one-year warranty. Prepare a journal entry to record the estimated liability.
What is audit documentation, and why is it important to a quality audit? Given that the conduct of the two auditors had no impact on the client's financial statements or on E&Y's conclusions, why
Identify the weaknesses in the stocktake procedures above and identify how they could be improved and describe audit procedures to ensure the accuracy of the summary of property plant and equipment.
the individual insurance association iia was founded in 1904 as a mutual owned by policyholders insurer selling
Diebold's accounting for accrued liabilities and capitalized expenses and what the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
1. address each of the questions clearly indicating which question your answer relates to.2. maximum 2000 words in
Describe and explain the nature and scope of forensic auditing and how it differs fromthe normal statutory audit of companies and the sufficiency of the Firm's emphasis on the critical need to exercise due care and professional skepticism when perfo..
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
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