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Determine the types and amount of audit evidence to collect in order to keep the overall audit risk of engagements to minimum or below defined tolerable limits.
Prepare a scenario in which a company conceals financial fraud from the auditing firm through the use of information technology.
Discuss the advantages and disadvantages of at least two sampling methods. Make a recommendation for the best method to sample accounts receivables.
Identify at least two situations when an auditor should test account balances. Support your rationale with related examples of such circumstances.
Analyze at least three concepts that you found eye opening that you were not aware of before taking this course.
Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen organization?
Explore the topic of audit failure, in professional articles and in materials release by the SEC and the PCAOB. Explore current thinking about causes and cures.
Describe the different kinds of fraud and the Fraud Triangle, an auditor's responsibility to identify and assess fraud.
How could you have improved teamwork and collaboration? Are there ways you would have approached a project of this magnitude differently if you did it again?
State the company selected and explain the reasons for choosing it. Describe insights gained by performing some planning for this company.
Explain the process that you will utilize to formulate your audit opinion. Discuss the methodology that you would employ if misstatements are discovered.
Calculate the WACC given the above assumptions. Indicate how these might be useful to determine the feasibility of the capital project.
Discuss audit sampling for tests of details of balances and for tests of controls and substantive tests of transactions. How do they differ?
Examine the negative results on stakeholders and the financial statements of an IRS audit which generates additional tax and penalties or subsequent audits.
Discuss the levels of assurance that can be provided on audit reports. Explain how the internal controls of a company can impact the overall business.
Create a list of at least five auditing best practices for organizations to follow when implementing their quality assurance auditing programs.
What specifically was going wrong at Tyco? What should the board have done when the finder's fee became known?
Analyze the audit committee's responsibilities regarding risk assessment and internal control monitoring.
Evaluate the tools that you would propose to use to make your plan more effective in mitigating or eliminating fraud and how you would justify the risk / reward
ACC 547 Auditing: You are performing an annual audit of a company with a December 31, 20X1 year-end.
Discuss auditor independence in the AICPA Code rules. Examine current safeguards available to reduce the risks of violating auditor independence.
The objectivity of external auditors may be threatened or appear to be threatened in the following circumstances:
ACC305 - Auditing and Professional Practice: Explain the benefits of carrying out a business risk assessment and describe the steps involved in risk management.
Describe the audit report issued by the external auditing firm from the company's Website for the year it was accused of fraud.