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Based on the audit documentation guidelines from the PCAOB, discuss whether or not you believe these guidelines are adequate to protect a certified public accountant from a lawsuit that may be filed by shareholders of a company.
Discuss any additional documentation that you believe should be required to protect a company's shareholders from potential financial harm.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
The following is a common example of a circumstance imposed scope limitation. An auditor might identify a material weakness at an interim date, and the entity implements new controls to correct the deficiency. If the new controls are placed in ope..
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Securitization has allowed banks to originate more loans than they can ultimately finance on their balance sheets.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
You will be required to obtain/study annual reports of companies in the industry
A Business report identifying auditing procedures and practices
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
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