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During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence. However, the regulatory agency was not notified. None of these events had any effect on the financials and the company was to receive a clean opinion. What would you do with this information?
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
What are the organizational implications when most managers have different or similar values?
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
Prepare a memo on the 'state of the company's industry' and associated risk factors.
Prepare the consolidation removal entries
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
Which of the following is not one of the shields provided by internal control?
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
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