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Describe the substantive auditing procedures Brown may consider performing with computerized audit software using Big Z's
How does the understanding of internal control differ for assertions where the auditor plans a lower assessed level of control risk
How is this item relevant to the audit of financial statements of a closely-held company?
How does the control relate to the ONE of the five elements of an effective internal control system
Should the production and sale of the round heat exchanger be discontinued? Show your analysis to support your answer.
How should a company conduct itself when foreign laws and/or norms are different than U.S. laws?
How does a fraud investigation get started? What is the criteria? And when should law enforcement ever be engaged?
Given the limited information from previous weeks, what kind of opinion would you give to Anthony's Orchard?
Discuss your thoughts on Madoff's auditor and the lack of awareness any regulators had that such a large company was audited by a sole-practitioner firm
Discuss the issue of an audit client's business model and the concept of risk in an audit.
How does rotation of the audit partner (as required by SOX and the SEC) interact with the need for industry knowledge and risk of performing an audit?
In the current environment, what situations create these vulnerabilities for auditors?
Discuss the issue of the level of risk an auditor may associate with performing the audit of a not-for-profit organization
Discuss a recent (or not-so recent) fraud that you have read about, either in the textbook or in the news.
What specific moral or ethical obligations, if any, would these circumstances impose on this accounting firm?
what has been done to strengthen the audit function since the cases occurred, and what has not been (or cannot be) done to reduce the likelihood
Fieldwork is very important when you consider that this is where you will conduct all of your actual testing of account balances, transactions, and managements)
Raymond learned of the rollover method and iron curtain method for evaluating the performance materiality of misstatements.
How do auditors use the rollover method and iron curtain method to evaluate uncorrected misstatements?
Welch Manufacturing Corporation for the year ended December 31, your post balance- sheet substantive procedures disclosed the following items:
How does the misstatement identified in 2014 affect net income, assets, liabilities, and equity? (Assume a 35 percent tax rate for Connell.)
The board of directors of Evans Industries Inc. engaged Maxfield & Murphy, CPAs, to audit the financial statements for the year ended December 31, 2014.
Why is it important for accountants to remain ethical and "protect the public"? What are the ethics of disclosure?
However, CPAs charged with "malpractice" must prove their innocence. Do you feel the potential legal liability for CPAs exceeds that of physicians?
Are the AICPA rules and the PCAOB rules the same with respect to commissions and referral fees?