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Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence:
a. Explain why confirmations are normally more reliable evidence than inquiries of the client.
b. Describe a situation in which confirmation would be considered highly reliable and another in which it would not be reliable.
c. Under what circumstances is the physical observation of inventory considered relatively unreliable evidence?
d. Explain why reperformance tests are highly reliable but of relatively limited use.
e. Give three examples of relatively reliable documentation and three examples of less reliable documentation.What characteristics distinguish the two? Julie
f. Give several examples in which the qualifications of the respondent or the qualifications of the auditor affect the reliability of the evidence. Julie
g. Explain why analytical procedures are important evidence even though they are relatively unreliable by themselves.
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
A Business report identifying auditing procedures and practices
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Prepare Swag's consolidated balance sheet
Describe in detail the controls over payroll in auditing.
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant.
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
Prepare a two-page audit critique, and include each of the following: Briefly describe the purpose of the audit (identify the type of audit). Briefly describe the method(s) used during the audit
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
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