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1. What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
2. What are the components of the audit risk model? How does the audit risk model affect an audit plan?
3. The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?
- The relative competence of evidence obtained from external and internal sources.
- The role of internal control with respect to internal evidence produced by a client's data processing system.
- The relative persuasiveness of auditor observation and recalculation evidence compared to external, external-internal, and internal documentary evidence.
Income tax liability. Fisher's tax attorney informed you that it is possible that the client will have to pay $875,000 in taxes regarding a tax dispute that started four years ago.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss.
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
To identify principal audit risk and corresponding audit procedures
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
Analyze the money laundering issue that caused a major scandal for the bank. What was the problem with the AML programs? How did the regulators fail at first?
What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.
What potential risks may be present in this engagement? What specific auditing and accounting problems appear to exist? What additional information do you feel you need to know about the company? Do you believe the engagement should be accepted or re..
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