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The audit report provides reasonable assurance that the financial statements are free from material misstatements. The auditor is put in a difficult situation because materiality is defined from a user's viewpoint, but the auditor must assess materiality in plan- ning the audit to ensure that sufficient audit work is performed to detect material misstatements.
a. Define materiality as used in accounting and auditing, particularly emphasizing the differences that exist between the FASB and the U.S. Supreme Court materiality definitions.
b. Three major dimensions of materiality are (1) the dollar magni- tude of the item, (2) the nature of the item under consideration,(3) the perspective of a particular user. Give an example of each.
c. Once the auditor develops an assessment of materiality, can it change during the course of the audit? Explain. If it does change, what is the implication of a change for audit work that has already been completed? Explain.
Discuss what you believe to be the most sgnificant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.
Identify the security requirements which need to be in place to ensure the integrity of information systems in the organization and What measures will help to ensure that internal audit retains its independence
The concept of valuing Inventories at the "Lower of Cost or Market" and the estimated "full absorption cost" of manufacturing 100 stag horn buttons
1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivable manager. The fraud is large enough to have a material impact on the financial statements. How does this findin..
carl had the subsequent transactions for 2010. salary 55000 damage award compensatory for city bus accident 20000 loss
Construct the "Processing Cash Collections" segment of the internal control questionnaire on "Cash Receipts" to be used in the evaluation of internal control over the Spartan Drug Store, Inc. Each question should elicit either a yes or a no respon..
1.Distinguish between the terms performance materiality and preliminary judgment about materiality. How are they related to each other?
What is life-cycle costing? Under what circumstances can it be most useful? What are some potential problems with this approach? What is target pricing? Under what circumstances can it be most useful? What are some potential problems with this approa..
What was the impact of this violation on the stakeholder? Describe what accounting principle (s) they violated. How did the misdeed affect the share price and the company overall?
What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits. (Approx 1,000 words essay response)
Establish a separate department that will provide internal audit service to his audit clients - Discuss whether you feel auditor should be allowed to provide non audit services to their audit client.
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