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Refer to the Professional Judgment in Context feature at the outset of the chapter, which describes the embezzlement at Chesapeake Petroleum and Supply.
a. Why is internal control important to an organization?
b. How does internal control help an organization achieve reliable financial reporting?
c. Why does an external auditor need to know about a client's internal control?
d. What is internal control over financial reporting and what are its components?
e. What type of control is segregation of duties and what risks is that control intended to mitigate?
f. What controls could Chesapeake have implemented that may have prevented the embezzlement?
Describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers and increases the criminal penalties associat..
Which of these two controls would cost less and prove more effective? Is there a different, more cost effective strategy we should consider?
Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?
What is Financial auditing
Compare the relationships among auditor, client, and external users. How do professional standards for CPAs govern these relationships?
1.Auditors often have to test the effectiveness of infrequently operating controls, such as monthly closing and reconciliation processes.
What kinds of South Korean leadership behaviors would you expect to include in your report? Describe these in terms of interaction between the U.S. and Korean managers as well as interaction between Korean leader-followers.
should auditors perform tests of long term notes payable transactions after the balance sheet date?
What would you include in the audit plan, and why, would you plan a test of controls or substantive tests? Why or why not?
Owner invests cash in exchange for stock and pays cash for employee wages, incurs legal costs on credit and receives cash for services provided
What would you set audit risk for the PTI audit engagement - Indicate four business risks associated with the factors that Sharon has identified and link each business risk to a specific risk
you are preparing an end-of-year audit. consider that the terms of trade between a buyer and a seller are free on board
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