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How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the audit consider when encountering an error?
Draft Cohen and Single's combined audit report with opinions on the financial statements and ICFR as described.
The auditor in charge of the engagement is adamant. We really have no choice.
Customers arrive at Paul Harrold’s Styling Shop at a rate of 3 per hour, distributed in a Poisson fashion.
Discuss what you believe to be the most significant audit risk in an economic downturn.
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form).
Calculate the net realizable value of accounts receivable at December 31, 2011, and allowance for bad debts for Gibbs Co., as of that point in time.
Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit.
Question: Describe what is meant by generalized audit software. Would auditors even consider using Word or Excel?
Obtain and review the annual report of a public company and locate its audit committed charter.
Define the audit risk model. What is meant by inherent risk? Identify four factors that make for high inherent risk in audits.
What can the T/P do if no agreement can be reach between him and IRS? What are some common examples of the timing strategy?
What is materiality (in your own words)? What steps would you apply to determine materiality?
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable?
If the bank sells a 3,000 traveler's check, which of the following statements is true?
Discuss any potential violations of the applicable audit standards.
At what point does payroll reach the break- even point with the service calls (Volume)?
Audit Assessment Steps: a. What is the initial audit risk? High, medium or low?
(1) Describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
It is now 25 August, 20X7 and you are reviewing the audit working papers prepared by the audit assistant
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm.
Discuss how materiality translates to a company's financial-statement assertions and account balance assertions.
Describe the process of performing an external audit in an organization implementing strategic planning for the first time.
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures
The company had a negative cash flow and was behind on its mortgage payments.