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Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program. For example, we can have an audit program for accounts receivable, one for cash, one for inventory, etc.can you describe the benefits of audit program in terms of resource planning and other aspects of auditing?
Auditor before they accept a new client or continue to service existing clients, they conduct audit risk. It is not always possible to completely avoid risk. Our attempt is always to keep it at an acceptable level. The Audit Risk Assessment involves considering multiple factors one of which is management integrity. If the leadership of a company is engaged in an illegal activity, this raises a red flag on the Audit Risk assessment.
Your thoughts?
Planning is an important part of auditing. Planning involves acquiring full understanding of the business to be audited and its environment, the internal control, and the audit risk. It is also at this stage that the audit determines what it considers to be a material misstatement.What is materiality (in your own words)? What steps would you apply to determine materiality?
What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
Design tests of controls, substantive tests of transactions, and analytical procedures for the Cash Cycle at Apollo Shoes.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
You will be required to obtain/study annual reports of companies in the industry
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?
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
Kent, CPA, is engaged in the audit of Davidson Corp.'s financial statements for the year ended December 31, 20XX. Kent is about to commence auditing Davidson's employee pension expense,
How would you respond to corporate decision to which you're ethically opposed?
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.
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