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For each transaction-related audit objective for sales, list appropriate substantive tests of transactions audit procedures, considering internal controls.
Read the release and the accompanying complaint in this matter and briefly summarize the three types of alleged revenue frauds.
State what is meant by a representative sample and explain its importance in sampling audit populations.
Explain the difference between replacement sampling and nonreplacement sampling. Which method do auditors usually follow? Why?
Describe systematic sample selection and explain how an auditor will select 40 numbers from a population of 2,800 items using this approach.
Create a facility audit form (checklist) for the facility your sport is played in. Your audit form should be thorough and comprehensive.
Each item of equipment purchased by a customer comes with a two-year spare parts and labour warranty from MSL.
Discussion of any factors or strategies that might mitigate or affect the heuristic/bias.
Analyze the primary ways in which auditors would use the information from downgrades to assess business risk or evaluate the likelihood that the downgrades.
Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
Chang isnot highly involved in the operations of her business since she is located in Toronto, Ontario. Shehas entrusted the management of Touring Inc.
Hernandez Trucking started paying kickbacks to Robert Max, vice president of Bell, equaling about $2 per truckload of dirt delivered to county landfills.
Indicate the weaknesses in internal accounting control in the handling of collections.
Identify the sanctions and section of the report the company should have modified to address departures from GAAP.
Describe the responsibilities of management for errors, omissions, material fraud, illegal acts, and provide examples.
Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting.
In relation to the purchasing of equipment and spare parts, describe two business risks to MSL that Crampton and Hasaad will consider in planning the 2015.
You are a partner in your CPA firm, and one of your audit clients offers you box seats to a basketball game. Do you accept the tickets?
When would statistical sampling be appropriate versus when nonstatistical sampling might be a better methodology?
Distinguish between the roles of an internal and an external auditor.
Since the Commission has legal powers, it has been able to insist that the various local government authorities provide information to enable a comprehensive .
Clearly defined authority limits and controls over cash-handling purchasing commitments and capital expenditure.
What are the objectives of a well-designed internal control structure in an organization?
Consider the extent to which it would be reasonable to extent the auditor responsibilities beyond that suggested by apc and the practical problems.
An auditing guideline has been published on the auditors' responsibility in relation to fraud and the irregularities and errors (February 1990).