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Can you comment on the following two areas?
1) A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning, (3) assessing the risk of fraud for an assertion, and (4) making a final assessment of control risk for relevant controls. A risk matrix or the audit risk model can be used to solve for the revised acceptable level of detection risk associated with analytical procedures and tests of details based on the actual assessed levels of inherent and control risk and the auditor's specification of audit risk.
2) In some cases where substantive analytical procedures are effective, they may also add to the efficiency of the audit. For example, for public utilities and cable companies, relatively small amounts of revenue are billed to and collected from many thousands of customers each month. Tests of details of these high-volume, low-value revenue transactions would be very tedious and costly. On the other hand, revenues in such cases can often be estimated with a fair degree of precision using independent variables such as number of subscribers, billing rates for various types of services, temperature data (for electric and gas utilities), and so on. Alternatively, total sales commissions expense could normally be estimated from total sales revenues rather than examining the details of entries to sales commissions.
The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.
Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization.
What are the circumstances that could prevent the external auditors from providing an unqualified report? What steps can be taken by CSSC to address any concerns?
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
You have received the bank statement for your company's account and need to reconcile it with your cash T-account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
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