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Explain why professional skepticism is important in making professional judgments. What are the types of actions that a professionally skeptical auditor will take?
Refer to the Auditing in Practice feature "What Was He Thinking? An Example of Poor Professional Judgment and Low Audit Quality."
a. Briefly explain the common themes indicating poor professional judgment evident from the facts about the Prospero Minerals audit, the Cal Bay audit, and the LitFunding audit.
b. What do you think Scharfman's motivation was in explaining his conduct?
c. Why were Scharfman's actions so potentially harmful to external users of the audited financial statements?
Explain the difference between relevance and reliability. How does an auditor determine the reliability of potential audit evidence?
You have been asked to assess the interface for company XYZ's online job bank and resume submission function. Only pieces of data available are: (1) HR is overwhelmed with the number of submissions, (2) internal users complain their applications d..
answer the subsequent questions regarding the federal governments financial statementsa. who issues the audit
What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
Determine the significance of the notes to the financial statements - Clarify the process by which fund financial statements are converted to government-wide financial statements.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
What should Jimmy do? Decide your response using the AAA ethical decision model.
State the audit evidence that you should expect to find in undertaking your review of the audit working papers and financial statements of Aspersion.
Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.
The approach taken in each audit is briefly described below:
What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision?
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