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Answer the following problems 1. It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benefits of negative confirmation? Are these benefits worth the costs?
2. How does the auditor determine the tolerable misstatement rate? What factors affect that determination? What are the consequences of increasing (decreasing) the tolerable misstatement?
3. Why is this step very important in auditing? What information can these misstatements provide when analyzed?
Probability-proportional-to-size method with your analysis from part (a) to evaluate your sample's results. The risk of incorrect acceptance is 5 percent.
Do you believe that students who search the internet for instructor solution's manual solutions to help them with graded assignments are acting ethically? Why or why not?
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
describe how use of the general-purpose software package and the tape of the inventory file data might be helpful to the auditor in performing such tests.
What repayment will you receive under each of the two outcomes? What is the expected value of these repayments? Now assume that Kinkus has issued $15 million of new debt to another party, which is also due at the same time that owed to you. Kinkus ..
What do the control deficiencies imply about the approach Deloitte should have used to audit the inventory-related accounts and assertions on the Thor and Dutchmen audits?
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
Capstone Strategic Audit
Why is it important that users perceive auditors to be independent? Describe the users of audited financial statements and the decisions that they need to make based on reliable information.
Discuss how the SEC has influence over the audit of Smackey Dog Foods, Inc and discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?
What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?
In the last sentence of the case, Johnson states, "there could be serious consequences to several different parties whatever decision he (Johnson) makes."
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