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For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer.
(a) Materiality is used only at the planning stage of the audit.
(b) Auditor performs analytical work only at the end of the audit.
(c) In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client.
(d) In the preliminary evaluation of internal control, auditor documents internal control systems of the audit client. Auditor has only one method- narrative- for providing the overview of the internal control systems.
(e) As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud.
Seek Out Transactions with Related Parties Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Distinguish between early and modern audits
Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
what is the nature and scope of forensic auditing?
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to
Audit Approach - Audit of Accounting Estimates The accounting and auditing matters are mainly concerned along with recognizing the point in time at that the initial disclosure
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