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Depending on the results of their tests of control, the auditors may restrict substitutive procedures.
• Discuss and contrast the following concepts:
o the planned assessment of control risk
o the revised assessment of the risk after tests of controls have been performed
- Identify and analyze the types of risks that organizations face and to apply the applicable risk knowledge to understand and perform better audits.
- Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
- Assess and explain the risks associated with all sampling procedures and how to use probability proportional to size sampling to test account balances.
Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the land.
What are the differences and similarities in audits of financial statements, compliance audits and operational audits?
As the Chief Human Resource Officer, you have just been contacted by your legal team. They just informed you that your organization has been selected to undergo a Federal I-9 audit.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
Prepare a memo to the audit partner on the 'state of the company's industry' and associated risk factors -Understanding planning stage of the audit process-review of client business and perform audit risk analysis
What would you include in the audit plan, and why, would you plan a test of controls or substantive tests? Why or why not?
What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?
From the information provided above, identify any reasons for not accepting the audit engagement with Simple Things Ltd.
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
Selzer Equipment Company sold 610 Rollomatics during 2012 at $6,580 each. During 2012, Selzer spent $25,950 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Suppose you are consulting for a VP branch bank. You notice that several branches have consistently low customers service ratings even though there are no apparent differences in resources or staff characteristics.
You're the Chief Financial Officer (CFO) of a firm that is being sued for damages it caused. It is the end of your fiscal year, and you are trying to determine the appropriate treatment of this matter.
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