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Audit Judgment- Please respond to the following:
From the case study, evaluate the quality of REDTOP's internal audit function. Based on your evaluation, recommend at least two (2) changes that you would make in order to improve the quality of REDTOP's internal audit function. Provide a rationale to support your response.
From the case study, give your opinion as to whether or not your external audit engagement team could use REDTOP's internal audit function in another fashion, as opposed to merely relying on existing internal audits in order to perform the overall audit of REDTOP Sports Company. Recommend one (1) alternative to using the work that the internal audit has already yielded as part of your external audit. Provide a rationale to support your response
What are possible ways for an account to be misstated? Provide two examples of common types of misstatements that may occur in specific accounts - What issues would the auditor need to be aware of in this situation
What constitutes sufficient and competent evidence? What types of factors should an auditor consider when determining definitions of competency? The answers will be provided here.
1.what are the differences and similarities in audits of financial statements compliance audits and operational
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
depending on the results of their tests of control the auditors may restrict substitutive procedures.bulldiscuss and
School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end.
Business The accompanying graph shows the revenue (in billions of dollars) generate by the hardware industry in the United States from 1995 to 2007. Find the approximate average change in the revenue for each period.
Identify and describe the four types of sampling risk that may occur in audit sampling including how they occur and how they impact an audit.
How is the separation of the programming and operating functions accomplished in a properly functioning IT environment and explain the 3 subdivisions of information systems management, and discuss how they apply to this situation.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
What should a taxpayer (T/P) do when he receives the audit notice? Can the T/P avoid meetings with IRS auditor once he hires a representative?
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