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Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
1. Bank statement sent directly to the auditor by the bank.2. Bank statement obtained from client's files.3. Vendor invoice in client's unpaid voucher file.4. Duplicate customer invoices in filled order file.5. Time cards in payroll department files.6. Credit memo in customer's account file.7. Material requisitions filed in stock room.8. Creditor's outstanding balance statement in client's files.9. Management spreadsheets documenting accounting estimates.10. Cleared checks returned with bank statement in (1) above.11. Memo from collection agency on collectibility of a customer's balance.12. Authorization from treasurer to write-off a customer's account.
Rank these four in terms of least to most persuasive evidence (quality of evidence).
Audit report search: Many companies publish their annual reports on their website, usually in an "Investor Relations" section.
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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.
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Identify four types of control mechanisms (ways controls are applied) used in Wal-Mart organization. Compare and contrast these control mechanisms. Determine the effectiveness of these control mechanisms.
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From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
Show the audit inherent risk and rate the risk as low, medium or high.
What are the circumstances that could prevent the external auditors from providing an unqualified report? What steps can be taken by CSSC to address any concerns?
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