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1.What is meant by using benchmarks for setting a preliminary judgment about materiality? How will those benchmarks differ for the audit of a manufacturing company and a government unit such as a school district?
Why might planning materiality differ from the materiality level used in evaluating audit findings? What official quantitative guidelines exist for financial statement materiality? Identify one of the quantitative guidelines commonly used in practi..
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
For each account identified in a) identify and explain the most relevant audit assertion affected (you should identify no more than 2 assertions for each account).
Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be and the auditor has decided that they will use a larger sample for confirmations at year end. What is the level of detecti..
A company sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 30. Based on experience, 70 percent of all customers will take the discount.
Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.
q smith manufacturings bank has just informed the companys cfo that an audit is required to get an operating line of
consider that you are audit senior in an accounting firm. your firm has recently won an audit for a company. thus your
for each of the subsequent independent situations show the reason for and the type of audit report that you would
Reflect upon the three elements of the "Fraud Triangle". While it is understood that all three elements are important, select one and explain why it is the most important. Provide support for your rationale.
Describe the methodology for designing tests for the details of balances in accounts payable. How would your methodology impact the rest of the audit?
In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
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