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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.
(a) State the FIVE threats contained within Auditor's Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat. (b) You a
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Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
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describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
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