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An auditor is required to obtain a sufficient understanding of each of the components of an entity's system of internal control to plan the audit of the entity's financial statementsand to assess control risk for the assertions embodied in the account balance, transaction class, and disclosure components of the financial statements.
Required
1. Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.
2. What must an auditor do to support assessing control risk at less than the maximum level when the auditor has determined that controls have been placed in operation?
3. What should an auditor consider when seeking a further reduction in the planned assessed level of control risk?
4. What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?
What is meant by planned detection risk? What is the effect on the amount of evidence the auditor must gather and evaluate when planned detection risk is increased from medium to high?
What sort of prevent control could be used to deal with the problems faced by Alabama industries? Explain how the control would work ?
What is internal audits role in the organization's ethics and compliance program and what is the board's role in the organization's ethics and compliance program?
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
1. address each of the questions clearly indicating which question your answer relates to.2. maximum 2000 words in
Create your own design audit model that you may use to determine the extent to which your organization participates in design-principled practices. Write a analysis based on your audit findings, which include recommendations for improvement.
Discuss the appropriateness of using the audit notes from two years ago and the associated control risk assessment.
you are the partner in charge of the audit of drugs4u ltd a company which prepares manufactures and sells to the a
The Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.
Jog Road Company's cost system assigns MSDA expenses to customers using a rate of 33% of sales revenue. The new CFO has discovered that Jog Roads's customers differ greatly in their ordering patterns and interaction with the company's sales force.
Determine the information contained in internal audit report
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