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Refer to the Professional Judgment in Context feature at the outset of the chapter, which features the litigation charges against KPMG for its audit failures during the subprime mortgage crisis.
a. How does the business environment affect the litigation risk faced by audit firms?
b. Should auditors be held liable if their client's business fails or if the financial statements contain a fraud that the auditors did not detect?
c. What defenses do auditors use in response to litigation?
d. What actions can auditors take to minimize litigation exposure?
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
questionnicoles getaway spa ngs has been so successful that nicole has decided to expand her spa by selling
Why is Elizabeth's misrepresentation of her work so important to the firm? What did Elizabeth ultimately do right in this situation, once her misrepresentation was discovered?
Explain the role of professional skepticism in the context of evaluating management's explanations for their accounting for reserves in this context.
How these ratios depict the financial health of this company as compared to the industry average. 2. what the company might do to get better in each area.
Create the journal entry or entries to show the proper recording of revenue (this may require more than on journal entry). Create the subsequent journal entry to show spending of the funds.
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
What additional types of evidence should the auditor examine prior to recognizing any gain on the transaction?
What is the effect on the amount of evidence the auditor must accumulate when inherent risk is increased from medium to high for an audit objective?
What step should the auditor perform to determine the actual cause of the changes - Distinguish between Cash and Cash Equivalents - Prepared a bank reconciliation that shows both the unadjusted and adjusted balance per books
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