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- Question Inherent Risk, Control Risk and Audit planning You are the audit senior responsible for the audit of Delilah Ltd. You are currently planning the audit for the year ended 30 June 2012. During your initial planning meeting held with the financial controller, he told you of the following changes in the company's operations: Due to the financial controller's workload, the company has employed a treasurer. The financial (i) controller is excited about the appointment because in the two months that the treasurer has been with the company he has realised a small profit for the company through foreign-exchange transactions in yen. Delilah has planned to close an inefficient factory in country New South Wales before the end of (ii) 2012. It is expected that the redeployment and disposal of the factory's assets will not be completed until the end of the following year. However, the financial controller is confident that he will be able to determine reasonably accurate closure provisions. o help achieve the budgeted sales for the year, Delilah is about to introduce bonuses for its sales (iii) T staff. The bonuses will be an increasing percentage of the gross sales made, by each salesperson, above certain monthly targets. The company is using a new general ledger software package. The financial controller is (iv) impressed with the new system, because management accounts are easily produced and allow detailed comparisons with budgets and prior-period figures across product lines and geographical areas. The conversion to the new system occurred with a minimum of fuss. As it is a popular computer package, it required only minor modifications. As part of the conversion, the position of systems administrator was created. This position is (v) responsible for all systems maintenance, including data backups and modifications. These tasks were the responsibility of the accountant. The managing director has returned from the USA, where he signed a contract to import a line of (vi) clothing that has become the latest fashion fad in the USA. The company has not previously been engaged in the clothing industry. Required:
For each of the scenarios above, identify which of the components of audit risk (inherent, control or detection risk) are affected.
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
carl had the subsequent transactions for 2010. salary 55000 damage award compensatory for city bus accident 20000 loss
question 1.why would the courts want to limit the ability of third parties to sue auditors who have been negligent? are
What qualifications does an auditor have to have, does the auditor have to always be an external person and explain the rights, duties and liabilities of an auditor
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the current system handles this process?
Determine whether each of the following transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected, if any.
You are auditing Green Corporation for the calendar year 2010. Among other items related to the audit; Green Corporation was being sued for personal injury resulting from the malfunction of one of their products. Discuss the nature of these events..
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program.
What is design management? Why is auditing used in design management? When should design auditing be used? Explain your answer
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