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Namiki, CPA is auditing the financial statements of Taylor Corporation for the year ended Dec 31, 2009. Namiki plans to complete the fieldwork and sign the auditors report about March 10, 2010. Namiki is concerned about events and transactions occurring after December 31, 2009, that may affect the 2009 financial statements.
What general types of subsequent events require consideration and evaluation?
What auditing procedures should he consider performing to gather evidence about subsequent events?
Why is there greater risk for an individual accounting worker than there was before? Why is the primary objective of an audit is to add credibility to management's financial statements?
Propose a broad audit plan
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
Determine the information contained in internal audit report
From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?
Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization.
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
List at least eight different types of procedures an auditor would use in examining financial statements. For example, a type of procedure an auditor would use frequently is the observation of activities and conditions.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
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