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You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor keeps its inventory in its own distribution center and in two public warehouses. An electronic inventory file is maintained on a computer disk, and at the end of each business day the file is updated. How would you tackle the challenge of the physical inventory observation? List the risks that you see the auditor will face and how they would manage those risks.
Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards. Analyze the importance of ethics in the audit process.
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
Show the audit inherent risk and rate the risk as low, medium or high.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Preparing memo on state of the company industry
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
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