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1.Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2013, for a large publicly traded client, the client and the auditor become aware of a material misstatement in sales revenue for the year in question, which was the result of a material weakness in internal controls. Is this a subsequent event or a subsequent discovery of facts? What are the auditor's responsibilities related to the audit opinion and the opinion on internal controls?
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
Write a one page paper discusses the impact that regulations, accounting and auditing standards, emerging issues, and the business environment have on ethics.
Factors that will influence the auditors judgement regarding the sufficiency of the evidence obtained
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?
Research and identify at least two companies that have experienced fraudulent activity and identify at least three credible sources that you will use to gather your information.
Descibe the control weaknesses in accounting for cash receipts and suggest improvements in the internal control to overcome the weaknesses.
Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.
Describe the sentinel event and explain the roles (i.e. responsibilities, etc.) of the personnel present during the sentinel event.
Show the audit inherent risk and rate the risk as low, medium or high.
Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be?
Audit evidence, rank the items in terms of their reliability - auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case
Has Rodney breached any auditing standards/regulations and if so, what and why? Do you have any concerns and are there any breaches that have occurred here?
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