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The auditor of a public company in the retailing industry is planning an integrated audit. The company has approximately 260 retail stores, primarily in the southeastern United States.
a. Explain why an analysis of the company's control environment is important to planning the integrated audit.
b. The company claims that it has a strong control environment, including a culture of high integrity and ethics (COSO Principle 1), a commitment to financial reporting competencies (COSO Principle 4), and an independent, active, and knowledgeable board of directors (COSO Principle 2). For each of these princi- ples, develop an audit program to gather evidence that these principles are operating effectively. In developing your answer, be sure to indicate the type of audit procedures to use.
The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for each of the identified potentially effective controls.
Describe about owning a computerized accounting system by (developing internally; purchased from 3rd party provider or purchased from 3rd party with company custom made features).
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well. Give the advantages and disadvantages of each of these measures.
Evaluate each of the following questions independently and provide support for your assessment on the effectiveness of the control based on testing performed.
What standard-setters have said as to the superiority of accrual accounting relative to a cash basis. Do you agree with the justification offered for accrual accounting - Would a cash basis be easier or harder to audit than an accrual basis? Why?
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Illustrate the tax issues that are raised and the relevant sections of the legislation.
What are the pros and cons of using the strategic audit as a framework for case analysis? Choose one section of the case analysis discussed and apply this to Wal-Mart
Identify three account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified
What inventory information should be communicated to an auditor who is not regularly assigned to the audit of a particular client prior to the observation of a physical inventory count
What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?
What are the significant judgment areas that affect the current year financial statements? Briefly summarize the major judgment areas for these companies, and comment on any differences that you observe.
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