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Question 1
An assurance engagement involves evaluation or measurement of subject matter against criteria. Discuss the criteria used in a financial report audit? Discuss and critically evaluate the challenges auditors face in providing and audit opinion on a company's environmental performance.
Question 2
The final decision in the Centro Case was handed down in the Federal Court on 27 June 2011. PWC had admitted it had erred and agreed to pay around $66 million of the $200m settlement. Had the legal case against PWC proceeded to court, on what basis might PWC have been found guilty? What are the implications from the Centro case for auditors practice in the future?
Question 3
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed?
How do these decisions relate to the overall risk assessment for the item being tested?
Why should an external auditor, whose primary responsibility is to express an opinion concerning the representations in financial statements, suggest improvements to the information system?
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
From the information provided above, identify any reasons for not accepting the audit engagement with Simple Things Ltd.
How do the actions of the audit committee, impact the scope of the internal audit function and do you agree with the Chief Accountant's directions on the review of computer operations and applications? Explain why.
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold.
Given time and cost constraints of an audit, explain how materiality and audit risk are assessed and applied to make an audit efficient and effective.
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
For each control, state which transaction-related audit objectives is (are) applicable and for each control, prepare an audit procedure that could be used to test the control for effectiveness.
Joseph Wellington, CFE, is preparing to give an educational presentation about management fraud at the annual ACFE conference, which will be held in Las Vegas.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30.
Your firm has been hired as an outside auditor to conduct an audit on a growing software company that is getting ready to go public. The company has been in business for approximately five years, and the Controller position has had three different..
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