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Assignment-1
Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a company that you selected in assignment. However, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the requirements of ASA 315 (par 25 and 26).
Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.
Required:
a) Prepare a list of all useful sources that you can use to obtain the required knowledge.
b) Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
c) Suggested five most important general balance-related or transaction-related audit objectives based on your finding of the risk factors.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Distinguish between vulnerabilities and threats. Provide examples that illustrate these distinctions. In what way are vulnerabilities and threats related to consequences of the threats that are carried out?
What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?
Prepare all journal entries necessary
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don't forget to distinguish between interest incurred and cash paid for interest.)
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
Explain the purposes and reasons for public accounting firms to perform an integrated audit and explain corporate governance and its relation to integrated audits.
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Audit risk is a key consideration and guide to planning an audit - explain why and list the key components of the Audit Risk Model (ARM) and discuss how they interact?
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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