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Problem
You made it through your first two weeks as a controller. It is May 15th and the end of month is May 31st. The prior controller took two weeks to close the books and management has found this unacceptable. The pressure is on to get the close down to five days. Discuss some processes and procedures that you could get in place to begin to get the process down to five days. What resources might you consider? As a new controller, describe the documentation you should review with regards to your department. What are some processes that could be outsourced? Discuss some pros and cons of outsourcing various functions.
List on the left side of a sheet of paper the generally accepted auditing standards that were violated by Jones, and indicate how the actions of Jones resulted in a failure to comply with each standard.
What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?
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Compare the similarities between the responsibilities of external and internal audit functions. Compare the differences between the benefits of two functions.
1.Explain the auditor's responsibility to consider compliance with laws and regulations.
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What does it mean to audit around the computer? What is required for this approach to be effective
Define actual and perceived independence, and explain the importance of each. For each of the above independent situations list any professional standards and regulatory requirements breached and discusspossible alternative courses of action the aud..
Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.
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