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Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program. For example, we can have an audit program for accounts receivable, one for cash, one for inventory, etc.can you describe the benefits of audit program in terms of resource planning and other aspects of auditing?
Auditor before they accept a new client or continue to service existing clients, they conduct audit risk. It is not always possible to completely avoid risk. Our attempt is always to keep it at an acceptable level. The Audit Risk Assessment involves considering multiple factors one of which is management integrity. If the leadership of a company is engaged in an illegal activity, this raises a red flag on the Audit Risk assessment.
Your thoughts?
Planning is an important part of auditing. Planning involves acquiring full understanding of the business to be audited and its environment, the internal control, and the audit risk. It is also at this stage that the audit determines what it considers to be a material misstatement.What is materiality (in your own words)? What steps would you apply to determine materiality?
MRP Structure - Prepare the MRP tables for each item for an 8 week planning period. Use the lot-for-lot lot-sizing rule
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Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made
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Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
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What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
You will be required to obtain/study annual reports of companies in the industry
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To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
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