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Question:
Propose a broad audit plan:
a. What material kinds of transactions and transaction cycles are involved?
b. What are the high-risk areas?
c. What do you meant by the low-risk areas?
d. If management faced tremendous pressure regarding the entity's financial performance, what opportunities exist for them to engage in fraudulent financial reporting?
e. To what extent do you suppose it will be appropriate to reduce assessed control risk?
f. How can audit effort be allocated among geographical areas?
g. What form of auditors' report do you expect will be issued; what does it understand?
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
What are the differences and similarities in audits of financial statements, compliance audits and operational audits?
What is an unqualified auditor's opinion? Why is it important for financial statements to receive an unqualified auditor's opinion?
What makes audit evidence persuasive? What criteria must all evidence meet to be considered persuasive?
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
What are the advantages and disadvantages of the primary types of auditor? There are several types of auditors, the most common types of auditors are:
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Show the cash flows from investing and financing activities sections of the cash flows statement.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors and prepare a list of three useful sources and perform overall analytical procedures
With reference to each one of the five ratios in turn and the other information provided explain what the results of your calculations indicate for Globe Ltd's going concern - What other audit techniques could the auditor use to indicate whether Gl..
Analyze how complex global instruments contributed to the fraud and the failure of it to be detected by regulators and auditors of MF Global.
Use what you have learned to create a story that summarizes and/or illustrates selected key concepts and techniques related to organizational fraud.
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