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List the factors that would lead auditors to assess control risk at a higher level. Discuss the techniques that the auditor uses to understand management's risk assessment and other internal control components.
Explain how ratio analysis and industry comparisons can be useful to the auditor in identifying potential risk of material misstatement on an audit engagement. How can such analysis also help the auditor plan the audit?
What are the strengths of MUS? Provide at least three examples in which MUS might be used. What are the difficulties that the auditor may experience in using MUS?
Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000.
Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?
What are management's incentives to misstate revenue transactions? What controls should Zynga management have in place to mit- igate the risks associated with revenue transactions?
Discuss the implications of the external auditor providing an internal audit service to a client, explaining the current ethical guidance on the provision of other services to clients.
The inventory at the end of 2008 was found to be overstated by $15,000. At the same time it was discovered that the inventory at the end of 2007 had been overstated by $35,000. The company uses the perpetual inventory system.
The following questions relate to the AICPA Code of Professional Conduct:
It is critical for the investigator to understand the possible security risks that computer and network users face before conducting computer forensic investigations.
Chief executive officer compensation can be a material amount and is often scrutinized by regulators, analysts, competitors, and investors.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
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