Auditing
Explain the steps or procedures the hospital and the auditors will go through from the beginning till the audit activity ends.
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Which of the following best describes what is meant by generally accepted auditing standards? A Audit...
Which of the following best describes what is meant by generally accepted auditing standards? A Audit objectives generally determined on audit engagements. B Measures of the quality of the auditors' performance. C Acts to be performed by the auditors. D Procedures to be used to gather evidence to support financial statements.
1. Explain the procedures auditors perform when planning an audit, particularly for ensuring the auditor is...
1. Explain the procedures auditors perform when planning an audit, particularly for ensuring the auditor is exercising due care. 2. Explain how the auditor determines materiality (4 STEPS). 3. Explain how the auditor understands the entity.
Which of the following is TRUE about the auditor’s observation of the client physical inventory? The...
Which of the following is TRUE about the auditor’s observation of the client physical inventory? The auditors should plan the physical inventory The auditors should segregate damaged and obsolete goods The auditors should supervise the clients personal The auditors should evaluate the adequacy of the client’s counting procedures Auditor should perform audit procedures relating to subsequent events. Thought year end Through the day of auditor’s report Through issuance of the audit report
Ch.11 Discussion topic As you probably read in the chapter as well as in my ch.11...
Ch.11 Discussion topic As you probably read in the chapter as well as in my ch.11 lecture notes, understanding the control risk assessment flow chart would be crucial not only for studying ch.11 Internal Control Assessment topics, but also would be critical to have a solid conceptual framework for the entire audit process. In your own words and understanding, list and explain briefly the phases/ steps of a control evaluation of a client's internal control system-it's design, placement, and operating...
auditing
The Green N Clean Recycling Services (GCRS) receives cash payment for services, fees and recycled products. Cash is defined as payments made in liquid cash by debit or credit cards, and by cheques. Five GCRS are located within the state which covers many hundreds of kilometers, the largest of which also acts as the headquarters. The sites have the following controls in place to assure proper cash receipt, handling, depositing and recording.i. Payments are deposited within 24 hoursii. Payments are...
Auditing Question two Mukwa is a privately owned business that sells medical product and devices to...
Auditing
Question two Mukwa is a privately owned business that sells medical product and devices to hospitals, clinics and the public. Certain changes have occurred in Mukwa during the year undergoing the audit. The auditor needs to evaluate the effect these changes have on audit risk and procedures.. Client changes: 1. An internal audit department headed by the finance director has been established. 2. A new inventory control system has been installed that reduces the access of unauthorized parties. 3....
Ingrid Shalansky, an audit senior, was given the task of auditing Crabapple Ltd., an investment company....
Ingrid Shalansky, an audit senior, was given the task of auditing Crabapple Ltd., an investment company. Her firm had not performed the audit before; however, from a discussion with the previous year’s auditors, she found out that the following transactions occurred during the previous year: • payment of debenture interest • accrual of debenture interest, payable at the year end • redemption of outstanding debentures • purchase of a portfolio of shares Ingrid has been asked to detail audit procedures...
Incorporating elements of unpredictability in the selection of audit procedures to be performed by auditors is...
Incorporating elements of unpredictability in the selection of audit procedures to be performed by auditors is important. Explain why.
Alphine Cupcake Case Study Based on your review of the testing of controls (TOC) procedures (working...
Alphine Cupcake Case Study Based on your review of the testing of controls (TOC) procedures (working papers C.2.1 to C.2.11), you believe that there were some issues with the internal audit work performed in the area of cash receipts, disbursements and reconciliation. Review in detail the auditing procedures from the internal audit program and the related documentation provided (TOC part I and TOC part II). Did the staff internal auditors perform all of the steps associated with the audit program?...
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business....
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business. However, let’s think about the types of audits that need to be performed and the frequency of these audits. Create a timeline that occurs during the fiscal year of audits that should occur and “who” should conduct the audits? Are they internal individuals, system administrators, internal accountants, external accountants, or others? Let me start you: (my timeline is wrong but you should use some...
Ch.11 Discussion topic As you probably read in the chapter as well as in my ch.11 lecture notes, understanding the control risk assessment flow chart would be crucial not only for studying ch.11 Internal Control Assessment topics, but also would be critical to have a solid conceptual framework for the entire audit process. In your own words and understanding, list and explain briefly the phases/ steps of a control evaluation of a client's internal control system-it's design, placement, and operating...
Auditing
Question two Mukwa is a privately owned business that sells medical product and devices to hospitals, clinics and the public. Certain changes have occurred in Mukwa during the year undergoing the audit. The auditor needs to evaluate the effect these changes have on audit risk and procedures.. Client changes: 1. An internal audit department headed by the finance director has been established. 2. A new inventory control system has been installed that reduces the access of unauthorized parties. 3....
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