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Audit Risk Assessment
Your firm has recently been approached by the finance director of an entity which is considering whether it should change its auditors. The finance director heard about your firm from a business associate. The manager who spoke to the finance director has asked you to help him to assess whether the entity would be a suitable client for your firm.
(a) Explain the information you would seek to enable you to reach a conclusion as to the suitability of the potential client.
(b) Explain the factors you would take into account when assessing the level of risk associated with the potential client before deciding whether to accept it as a client.
(c) Summarise the general steps your firm could take to mitigate audit risk on this assignment once the client has been accepted
What is the revenue and collection cycle and in addition to ACCOUNTS RECEIVABLE, what are two other significant accounts related to REVENUE and COLLECTION?
question numerous years ago polar inc. acquired an 80 interest in icecap corp. the book values of icecaps liability and
The most common types of pension plans are the defined-contribution plan and the defined-benefit plan. Discuss the advantages and disadvantages of each.
What are the advantages and disadvantages of the primary types of auditor? There are several types of auditors, the most common types of auditors are:
Explain the objective of using probability proportional to size sampling to test account balances and explain specifically how you used PPS to test this company's account balances.
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
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
You are required to submit a feasibility report. At a minimum level, your feasibility report should contain the following generic sections:
Identify the audit risks associated with and draw the detailed audit plan to carry out the audit of Inventories and Fixed Assets
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
As the Chief Human Resource Officer, you have just been contacted by your legal team. They just informed you that your organization has been selected to undergo a Federal I-9 audit.
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