Made by the crook puppy investments

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Reference no: EM132173464

1. The Audit firm Dewy, Cheatham, & Howe was offered such a high fee to do an attest audit of Crook Puppy Investments (CPI) Ltd that they accepted. However, a week into the audit, they found and documented in the audit working papers many serious irregularities—including weak to non-existent internal controls, accounting clerks who are living well beyond their means, large sums of investor (client) monies that are missing and unaccounted for, evidence that CPI is engaging in money laundering for Bikie Gangs.

2. The Management Representation Letter is prepared by the Auditor and signed by senior management—the assertions within that letter ensure that management accepts their responsibility for ensuring their organization's general purpose financial report (GPFR) isTrue and Fair and verification of those clearly stated assertions provide a focus for the audit. List four key assertions should be made by the Crook Puppy Investments (CPI) Ltd management and briefly discuss how they should be tested.

Reference no: EM132173464

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