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1. The auditor's responsibilities with regard to audit works is usually up to the last date of field works. (True/False)
2. Name the various types of opinions expressed by an independent auditor.
3. List the three types of going concern issues.
4. Describe very briefly three conditions under which an auditor issues a qualified report
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
Please read the case provided in the link below and then answer the four questions at the end of the case.
Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations. You start by saying, "Accounts receivable is claims from monies due to the company."..
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,
Discuss the responsibility of an auditor to uncover fraud perpetrated by its management client. Describe at least three mitigation risk strategies to satisfy this responsibility.
Which of the following describes the internal control component "control procedures"?
Propose a broad audit plan
The North Carolina Furniture Company (NCFC) manufactures upholstered furniture, which it sells to various small retailers in the Northeast and Midwest on credit terms of 2/10, net 60. The company currently does not grant credit to retailers with a..
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