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You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these questions:
a. How is the "scope" of an audit determined? What role should the auditors' fee play in setting setting the scope?
b. How can the auditors examine the financial statements and related records of a company without reconstructing every financial transaction of the period under examination?
c. In the auditors' opinion he auditors state whether of not the financial statements are presented "fairly." What, if anything, does this opinion of "fairness" have to do with accuracy of the statements?
d. If a company uses an accounting principle that is inconsistent with an FASB pronouncement, what must auditors disclose?
e. What are the general reasons for issuing a qualified opinion?
How would you answer these questions?
Which of the following is not one of the shields provided by internal control?
What is an audit program? Identify two tasks that need to be accomplished in the framework for developing an audit program. What essential information is generally documented in an audit program?
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
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?
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
There are three stages of the audit in which analytical procedures are performed. Identify one of these three stages and discuss the purpose of performing analytical procedures in that stage.
As the Chief Human Resource Officer, you have just been contacted by your legal team. They just informed you that your organization has been selected to undergo a Federal I-9 audit.
Provide and discuss some of the evidence regarding the significance of fraud in the United States.
Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
Discuss what you believe to be the most sgnificant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.
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