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Auditing Practice, S1 2015
Assessment
Word limit: 1500 words.
Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.
1. List and describe the possible inherent risks in the retail industry.
2. Determine which inherent risks may currently be considered critical.
3. Determine which practices might address the inherent risk identified in'2' above.
During an audit engagement, Harper CPA has satisfactorily completed an examination of accounts payable and other liabilities and now plans to determine whether there are any loss contingencies arising from litigation, claims, or assessments
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Should be included are included; thus, the financial statements are complete - assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period.
part aaccounting scandals in australia since the late 1980sgarry d. carnegie professor of accounting school of business
describe how use of the general-purpose software package and the tape of the inventory file data might be helpful to the auditor in performing such tests.
The bank statement also shows a $30 service charge and $20 of interest revenue that First on Alert earned on its bank balance.
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Identify three account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified
As best you can from the limited amount of information provided, design a strategy to test compliance with the eligibility provisions and propose, in general terms, an approach to fulfilling the mandate of the city council.
determine whether each of the following transactions is taxable. if a transaction is not taxable indicate what type of
question 1an assurance engagement involves evaluation or measurement of subject matter against criteria. discuss the
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
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