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Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. She thinks a little in-house seminar is needed to train everyone and she's given you the job of writing and presenting the seminar. She suggests that you look for an article that she remembered reading in the January 2008 Journal of Accountancy and also that you read the beginning of SAS No. 109. She wants you to email her a word narrative of how you think the firm should approach gaining an understanding of the entity and assess the related risks. Please prepare that memo.
What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Propose a broad audit plan
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
Provide and discuss some of the evidence regarding the significance of fraud in the United States.
Identify the processes of Microsoft organization uses to comply with Sec regulations.
Determine whether SOX has been effective in regulating ethical behavior of for-profit health care organizations. Defend your position.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
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.
What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.
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