Solved: What is the auditors responsibility under auditing, Accounting Basics

+44 141 628 6080
[email protected]

What is the auditors responsibility under auditing

Auditing and assurance service 16th edition

Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for planning the financial statement audit of Spence, Inc. Two new staff auditors are assisting you with the inital audit planning and have asked you the following questions.

Briefly summarize your response to the staff auditor questions:

a) what is the purpose of the audit teams's brainstorming session?

b) who should attend the brainstorming session and when should the session be held?

c) what is the role of the two staff auditors in the brainstorming session?

d) what is the auditors responsibility under auditing standards for detecting fraud?

e) what must the auditor document in the working papers related to the brainstorming session?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: What is the auditors responsibility under auditing

Reference No:- TGS02556607

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How teenagers in an impoverished urban area spend their time

The purpose is to examine the psychological factors affecting how teenagers in an impoverished urban area spend their time outside of school using:

Discussion about the nature versus nurture

In our readings, we learn more about the nature versus nurture argument. For this discussion, I want you to go in depth a bit more and debate the importance

Discuss children diagnosed with developmental disabilities

When Min decided to begin his supervised field experience, he applied at a company in his hometown that provided applied behavior analysis

How we perceive objects in the real world

Suppose that a group of researchers would like to explore how we perceive objects in the real world, rather than just in a laboratory

Discussion about gender stereotyping

Prior to your taking this graduate HR law class you had heard of the term "gender stereotyping," but didn't know much about it.

Identify one antecedent, one behaviour, and one consequence

Sahir is the most active student in your kindergarten class. He tends to be very disruptive when the teacher you work with is teaching the class,

Problem on journal articles and non-journal materials

Amanda said? Excellent post, Chrystal. You provided great insight into the helpful resource ERIC digital library is. I appreciate how it states the information

Solution Preview :

Prepared by a verified Expert

Accounting Basics: What is the auditors responsibility under auditing

Reference No:- TGS02556607

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Discuss the various presentations seen from the exploration

Q : Civl0011 - discuss methods of transport planning process

Q : What would be the net increase or decrease in income if

Q : Distinguish between dependent and independent demand in a

Q : What is the auditors responsibility under auditing

Q : In applying most formulas involving a rate a fractional or

Q : Cost minimization the production function for a product is

Q : The amount that should be reported by smith corporation as

Q : If an income item is within the all-inclusive definition of