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Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe, after noting that many positivist-accounting theorists and rightwing economists recommend that general purpose financial statements (GPFS) be deregulated and let market forces control the quality of GPFS, has expressed concern that the role (and revenues) of independent external auditors will be dramatically reduced.
Required: After carefully researching this important issue and a sampling of the key associated literature (economics, accounting, business, etc.), please explain to Mr Tu Dewey, in a ½ to 1½ page memo, why/(why not) it should be an important consideration for his firm.
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
The auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case.
The audit partner on this engagement for the last 3 years has been James Underwood. Identify if any of the above would prevent the audit firm from accepting the engagement.
wymont company produces a single product that requires a large amount of labor time. overhead cost is applied on the
Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made and demonstrate the entry that should be made at the inception of the lease in government activities journal.
Develop a set of guidelines that you would use to determine if it was appropriate to whistleblow in a situation where you considered there may be unethical conduct. Explain in a paragraph the reason for each of the guidelines that you have dev..
Discuss the effect on the overall audit plan of the issues identified from the attached committee papers, including any increases in audit scope of which management would have to be advised and discuss the issues that should be considered in accep..
What are some limitations of the internal controls of the business cycles at your organization? How would you address these limitations?
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.
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?
What is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing). Why do you think that these measures were introduced?
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