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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?
Prepare a pension worksheet for the pension plan in 2012 and prepare any journal entries related to the pension plan that would be needed at December 31, 2012.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
Beeline Manufacturing produces two types of industrial ventilation machines: heavy-duty and standard. The assignment basis for overhead costs has always been direct labor hours. For 2013, Beeline compiled the following data for the two products:
How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
What is an audit program? Identify two tasks that need to be accomplished in the framework for developing an audit program. What essential information is generally documented in an audit program?
Adding certain controls costing $35,000 annually could reduce these losses to 0.5 percent of purchases. Should the control be recommended
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the buyer paid $3,600 for property taxes."
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
What are the two types of subsequent events in terms of their effects on the financial statements? Give an example of each type of subsequent events? List the type of procedures performed during a subsequent events review.
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
In 1993, President Carlos Salinas de Gortari proposed a bill that would formally grant the Bank of Mexico-As an investor, how would you view such a proposal? What other changes might help to amplify the signals sent by this proposal?
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