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Audit Reporting
Wade Corporation has been your audit client for several years. At the beginning of the current year, the company changed its method of inventory valuation from average cost to last in, first out (LIFO). The change, which had been under consideration for some time, was in your opinion a logical and proper step for the company to take. What effect, if any, will this situation have on your audit report for the current year? Remember to complete all parts of the problems. Do not forget to show the necessary steps and explain how you attained that outcome.
Legal Status of Company without Company Secretary - A company requires a minimum of 2 directors and a company secretary.
Explain how the concepts of audit risk and materiality are related. Must an auditor make a decision on materiality in order to determine the appropriate level of audit risk?
Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?
What are some examples of ethics violations? Why do you think these situations were considered unethical (i.e., what was wrong with the situation)?
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
Identify the accounts affected and whether this will be an overstatement or understatement.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
For this assignment you will go to the ACL web site (www.acl.com) and detail uses of ACL software for audit and fraud analysis. In addition, comment on continuous monitoring and how ACL may be used to aid auditors.
question conducting the assurance engagementavf inc. manufactures various lines of packaging equipment. the company
questionwhile out at a consulting engagement one of your graduate staff members comes to you with the following
Briefly summarize the other audit deficiencies outlined in these releases. Comment on the punishments that the auditors received and the ethical implications of the auditors' actions.
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