Problem 1. Evaluate assertions regarding the financial statement. Consider the following: A. Accuracy and valuation, existence, completeness, rights and obligations, and presentation and disclosure
Problem 2. Describe the control gaps and anomalies present in the summary of audit findings.
Problem 3. Present how the findings are in accordance with generally accepted auditing standards (GAAS).
Problem 4. Formulate an opinion of the audit results. Include the following: A. The validity of the results B. The impact of the external audit on the client C. The rationale for an unqualified opinion versus the other three opinion types
Problem 5. Identify the required elements to be communicated in the audit report.