Explain the audit steps for detecting the following issues. For each of your answers provide two possible steps you coul...
Explain the audit steps for detecting the following issues. For each of your answers provide two possible steps you could utilize to identify the item. For each, discuss what the risk may exist, and why an investor would want assurance that an auditor has covered those risks.
(e) Unrecorded purchase of investment securities
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Explain the audit steps for detecting the following issues. For each of your answers provide two possible steps you coul...
Explain the audit steps for detecting the following issues. For each of your answers provide two possible steps you coul...
Explain the audit steps for detecting the following issues. For each of your answers provide two possible steps you could utilize to identify the item. For each, discuss what the risk may exist, and why an investor would want assurance that an auditor has covered those risks. (e) Unrecorded purchase of investment securities (f) Unrecorded stock compensation expense (g) Unrecorded covenant violations (h) Unrecorded contingent liability
A. Provide your answers to the following questions regarding sampling: 1. List the steps involved in...
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A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the...
A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll...
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
DQ1. What is an Audit Work Program (some call it Audit Program)? The audit work program...
DQ1. What is an Audit Work Program (some call it Audit Program)?
The audit work program - Email Surveillance Audit Program – What is
the structure and contents including various audit steps. Find 1-2
steps in the audit program where the audit software can be used.
How can audit software be used to gather evidence?.
(the Audit program (Email Surveillance Audit Program
details is attached).
DQ3. Review the contents of the Audit Manual of Office of
University Audits at University...
You are the Auditor-in-Charge assigned to conduct an assurance engagement of the BFF Corp’s payroll process. This...
You are the Auditor-in-Charge assigned to conduct an assurance engagement of the BFF Corp’s payroll process. This process hasn’t been audited for three years. There have been no significant changes since the previous audit: there were no system changes, no reorganization of personnel, and no substantive procedural changes. However, during the latest audit, internal audit identified several observations, some of which were considered significant. The significant observations were: Information pertaining to employees leaving the company was not communicated to the IT department, resulting in...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Auditing case 2: audit planning and risk assessment of a scooter trader Ivy Bishnoi is preparing a report for the engagement partner of an existing client, Scooter Ltd., an importer of scooters and ot...
Auditing case 2: audit planning and risk assessment of a scooter trader Ivy Bishnoi is preparing a report for the engagement partner of an existing client, Scooter Ltd., an importer of scooters and other low-powered motorcycles. Ivy has been investigating certain aspects of Scooter Ltd.’s business given the change in economic conditions over the past 12 months. She has found that Scooter Ltd.’s business, which experienced rapid growth over its first five years in operation, has slowed significantly during the...
Term Project You will both write and orally present your project. Your write-up of the project...
Term Project You will both write and orally present your project. Your write-up of the project is due at the beginning of the class meeting on Monday, November 4, 2019. The teacher expects (but does not guarantee) that students will then present their projects sometime during the remaining class periods, but we will not yet have completed the chapter presentations, so the exact schedule will be worked out later. You may use any format which is sensible to the intended...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
DQ1. What is an Audit Work Program (some call it Audit Program)?
The audit work program - Email Surveillance Audit Program – What is
the structure and contents including various audit steps. Find 1-2
steps in the audit program where the audit software can be used.
How can audit software be used to gather evidence?.
(the Audit program (Email Surveillance Audit Program
details is attached).
DQ3. Review the contents of the Audit Manual of Office of
University Audits at University...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
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