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Explain how the audit documentation requirements detailed in AS 1215 help to support the opinion that the auditor rendered in their report.
Why must an auditor use sampling? Explain the importance of observing physical inventory during an audit.
Examine the significant factors relative to the omission by the client that would result in a criminal investigation rather than a civil fraud proposal by IRS.
Were the auditors justified in issuing a qualified opinion in situation? State your opinion as to the course of action that was appropriate in this situation.
What segregation of duties would you recommend to attain maximum internal control over purchasing activities in a manufacturing concern?
Discussion Post: External Audit- Verification of Inventories- How much reliance, if any, can auditors place on the inventory certificate of outside specialists?
Compare the auditors' approach to the verification of liabilities with their approach to the verification of assets.
Discuss the goal is to research, consider, and report what you know about these topics. Consider the question and decide: what would you want to know?
What will you include in your audit plan? What are the risks related to inventory and the year end inventory value reflected on the balance sheet?
You are to develop a comprehensive audit plan. The auditing standards describe the components of what is to be included in an audit plan.
How would you approach a client who was caught engaging in unethical practices, in light of a Christian worldview?
How does sampling risk compare with nonsampling risk? Which, if any, of these methods would lead to a random sample if properly applied?
Evaluate this statement. Remember to complete all parts of the problems. Do not forget to show the necessary steps.
Remember to complete all parts of the problems. Do not forget to show the necessary steps and explain how you attained that outcome.
What effect, if any, will this situation have on your audit report for the current year? Remember to complete all parts of the problems.
Give reasons to support your answer. Do not forget to show the necessary steps and explain how you attained that outcome.
Describe what is meant by a walk-through. Do not forget to show the necessary steps and explain how you attained that outcome.
Wilson Corporation's management had no other source for this information. Did Fell violate the AICPA Code of Professional Conduct? Explain fully.
What type of opinion should the auditors issue if they decide that the exceptions are immaterial? Material? Very material?
Using the IRS form 990, what do you learn about compensation and the management of the NFP entity? This is usually in Part VII, Section A.
What did management conclude about the effectiveness of its internal controls? What basis did management use to make that assessment?
An information systems department usually performs numerous IT processing functions that would be separated in a manual system.
While evaluating an Internal Control system in an IT environment. Discuss with suitable examples the different Control Activities in IT System.
What are unrecorded liabilities, and how can auditors search for them? Are they intentionally unrecorded, and what are the implications of this practice?