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1.The audit firm of Waggoner and Allen, LLP, recently received a request to submit a proposal to audit the financial statements of the Williamson County Public School System. The system is funded mostly through property tax assessments of county residents, but it also receives over $15 million in federal financial funding in addition to private foundation gifts. State law requires all county school systems to engage a CPA to conduct an external audit of the school system's financial statements in accordance with Government Audit Standards. While Waggoner and Allen has never audited a govern mental entity, it is seriously considering submitting a proposal to conduct the audit of the school system. The firm asked you to prepare information to help them make a decision about whether to pursue the engagement.Please respond with your answers to the following questions:
a. Who issues Government Auditing Standards and what are the most notable differences between those standards and the AICPA auditing standards?b. What impact, if any, does the receipt of federal financial assistance have on the audit process?c. How might the auditor's consideration of materiality and internal control differ from the audit of a commercial enterprise?d. What types of reports in addition to the report on the audit of the financial statements will Waggoner and Allen need to issue?e. How might acceptance of this engagement affect training of Waggoner and Allen staff?
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
the city of jamestown has agreed to get a new city maintenance building under a capital lease agreement. at the
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
Develop a set of guidelines that you would use to determine if it was appropriate to whistleblow in a situation where you considered there may be unethical conduct. Explain in a paragraph the reason for each of the guidelines that you have dev..
General Audit Procedures and Financial Statement Assertions. The eight general audit procedures produce evidence about the principal management assertions in financial statements.
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
1- answer the following two questions in good essay form following apa format. this assignment should be 500-750
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Making reference to the ratios you calculated in part a) and the additional information provided, describe what you consider to be the risk factors that will impact on the audit of receivables and inventory.
Classify each of the following threats as either; self-interest, self-review, advocacy, familiarity or intimidation.
soon after beginning the year-end audit work on oct 24th at the wallenda company the auditor has the following
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