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Refer to the Auditing in Practice feature, "Professional Skepticism."
a. What is professional skepticism?
b. Why is professional skepticism necessary to detecting fraud?
c. What are the key behaviors needed to successfully exercise pro- fessional skepticism during the performance of the audit?
d. Why is it sometimes difficult for auditors to exercise appropri- ate levels of professional skepticism in practice?
e. Imagine that you are working on an audit engagement. What are the personal characteristics and behaviors of management or other company employees that might make you skeptical about whether or not they are providing you accurate audit evidence? Aside from personal observations, what publicly available information about management or other company employees could you obtain to determine whether you should exercise heightened professional skepticism in your dealings with these individuals?
What are the pros and cons of using the strategic audit as a framework for case analysis? Choose one section of the case analysis discussed and apply this to Wal-Mart
questionabc ltd recently established an audit committee in compliance with the australian stock exchange listing
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
Do some research on your bank using the Internet and the CyberLibrary, and write a short paper that put it all together in making a recommendation on whether or not you think one should buy shares in your bank as part of your own investment portfo..
Which an auditor or audit firm was deemed to be liable for some form of misconduct in an audit. For what were they considered guilty and what was the penalty or punishment placed on the auditor?
Various types of accounting changes can affect audit reporting.
Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss.
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Identify the weaknesses in the existing procedures and identify improvements to the existing system - Descibe the control weaknesses in accounting for cash receipts.
If the upper limit of deviation exceeds the tolerable deviation rate in attributes sampling, what alternative courses of action are available to the auditor?
Calculate full unit cost for products X and Y under the traditional costing system and calculate full unit cost for products X and Y under the new activity-based costing (ABC) system.
Your client, Red Horse, Inc., prepared the following schedule for long term debt for the audit of financial statements for the year ended December 31, 2013:
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