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Entity-level controls (ELC) - An advanced level assignment for the lead auditors: A. Different levels of controls: In connection with W8 Payroll Audit involving the process-level controls for payroll:
1. Describe your assumptions regarding the effectiveness of entity-level controls of BFF (that includes describing in detail, at a minimum, 4 specific entity-level controls that you have assumed is working effectively), and
2. How such controls affect the payroll process-level controls, if at all. B. Testing Entity-Level Controls
1. The COSO model uses the terms, "soft' and "hard" controls. Discuss these terms and what different characteristics do you have to keep in mind as you plan your tests of "soft" and "hard" controls.
2. Expand on the testing characteristics of ELC, discuss the considerations you should keep in mind for your testing approach, including a. Skills needed b. Timing of evaluation c. Documentation
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The audit partner on this engagement for the last 3 years has been James Underwood. Identify if any of the above would prevent the audit firm from accepting the engagement.
you are required to read the following statement issued by icaa institute of chartered accountants in australia and
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
Find the rate of change of the intake of food for a person 5 minutes into a meal, and interpret it. Verify that the rate at which food is consumed is zero 24 minutes after the meal starts.
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In relation to the assertions identified in (2), she asks you to identify additional procedures you would perform to gather sufficient appropriate evidence.
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time.
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
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Identify the unresolved problems which need to be addressed and discuss why each is a problem for the auditor and the potential impact of each on the financial statements.
questiongeorge buckner sells an apartment building on october 10th of the current year for 1.75 million. the building
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
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