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An investor is suing an auditor for issuing an unqualified opinion on the financial statements of Duluth Industries, which contained a material error. The auditor was negligent in performing the audit. The investor had reason to believe the statements were wrong prior to purchasing stock in the company. In the subsequent period, Duluth Industries sustained operating losses, the stock price went down by 40%, and the investor sold the stock at a loss. During the period that the investor held this stock, the Dow Jones Industrial Average declined 10%. What defenses might the auditor use against the investor's lawsuit to recover losses?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
questionsally and bob unmarried taxpayers each owned 50 of lostalot inc. an s corporation. the corporation had a 50000
Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?
For each of the scenarios above, identify which of the components of audit risk (inherent, control or detection risk) are affected. In your answer you will need to justify you choice.
Determine whether SOX has been effective in regulating ethical behavior of for-profit health care organizations. Defend your position.
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
Identify the strengths and weaknesses of ABC Ltd's audit committee - The committee has just completed having its formal charter drawn up which details its rights and responsibilities.
Evaluate the audit findings - Determine planning materiality, and tolerable misstatement
Describe three internal controls that should exist over sales or royalty transactions or over the database tables and describe four computer assisted audit tests (CAATs) that you could run using generalized audit software in order to audit royalty ..
Make sure to address the critical elements so you will be successful in completing this assignment. Please answer the following questions in your paper:
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