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Describe the methodology for designing tests for the details of balances in accounts payable. How would your methodology impact the rest of the audit?
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
Analyze the money laundering issue that caused a major scandal for the bank. What was the problem with the AML programs? How did the regulators fail at first?
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
Classify the main account or group of accounts affected by this risk in the audit plan.
Which of the following describes the internal control component "control procedures"?
What constitutes sufficient and competent evidence? What types of factors should an auditor consider when determining definitions of competency? The answers will be provided here.
Securitization has allowed banks to originate more loans than they can ultimately finance on their balance sheets.
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
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