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Problem
Smith Manufacturing's bank has just informed the company's CFO that an audit is required to obtain an operating line of credit (LOC). The company needs the LOC to maintain its cash flow. Mr. Jones has contacted you to see if your firm is willing to perform an audit. Prepare a memo to Mr. Jones that addresses any concerns you may have regarding the audit. Consider whether your firm can complete the audit, or whether it is a conflict of interest.
In addition, Mr. Jones is unfamiliar with the standard unqualified audit opinion report. He has asked that you provide a copy of what the opinion would look like. Prepare a sample draft of a standard unqualified audit opinion as an attachment to your memo. Make sure you include a clause that the opinion is a "Sample Only" and not to be used for any other purpose.
What are some vitally important internal controls which should be in place including separation of duties in that department?) Again, be specific.
Distinguish among the following types of operational audits: functional, organizational, and special assignment. State an example of each for a not-for-profit hospital.
Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities.
BAO5524 PROFESSIONAL AUDITING ASSIGNMENT. You are assisting your Audit Manager in planning for the audit of the entity's financial statements
How would you justify the incremental expenses of establishing an internal audit function in this company? Response should be in own words with a minimum of 90-word count.
A few years back, Dave and Jana bought a new home.
Who are the potential stakeholders involved in situation and what alternatives does Fred have in this situation? What might the company do to prevent this situation from occurring?
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
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.
you are a manager at a cpa firm and you have been asked to write an article on audit planning for the firms monthly
What are the potential red flags with respect to the Jost audit? If you were Yancy Corliss, would you go ahead and recommend to Sharon Rules that the firm should submit a bid for the Jost audit? Why or why not?
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
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