1. Consult Paragraphs 26–27 of PCAOB Auditing Standard No. 5. Do you believe that the period-end financial reporting process should always be evaluated by auditors as a significant and material process during an audit of internal control? Why or why not?
2. Consult Paragraphs 71–72 of PCAOB Auditing Standard No. 12. Identify one specific control procedure that could be designed to prevent or detect a mis- statement related to a top-side adjusting journal entry.