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To assess your company's liability for the external audit, you must discuss with your team the following topics:
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?
Using Bank of America, research this international company. Conduct a brief organizational analysis by answering the following questions.
Describe your responsibilities related to unadjusted misstatements that management has determined are immaterial individually and in the aggregate. Assuming this company is a public company, describe how the noted adjustments might impact your aud..
You are required to identify a current controversy relating to Auditors' Independence.
Suppose you were considering depositing your savings in one of three banks, all of which pay 5 percent interest; bank A compounds annually, bank B compounds semiannually, and bank C compounds daily. Which bank would you choose? Why?
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
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?
Contrast the circumstances in which the auditor would choose not to test controls with those in which he or she would perform tests of controls.
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
Based on the audit documentation guidelines from the PCAOB, discuss whether or not you believe these guidelines are adequate to protect a certified public accountant from a lawsuit that may be filed by shareholders of a company.
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
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