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1) Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
2) What are some of the different types of sampling methods available to the auditor? How does the auditor decide which method to use? How might the different methods affect the audit?
3) Fraud is an intentional act that results in a material misstatement in financial statements that are the subject of an audit. Fraud is typically described as arising from two types of misstatements, fraudulent financial reporting and misappropriation of assets. Misstatements arising from fraudulent financial reporting are intentional misstatements or omissions of amounts or disclosures in financial statements designed to deceive financial statement users where the effect causes the financial statements not to be presented, in all material respects, in conformity with generally accepted accounting principles (GAAP). Misstatements arising from misappropriation of assets (sometimes referred to as theft or defalcation) involve the theft of an entity's assets where the effect of the theft causes the financial statements not to be presented, in all material respects, in conformity with GAAP. Misappropriation of assets can be accomplished in various ways, including embezzling receipts, stealing assets, or causing an entity to pay for goods or services that have not been received. Comments?
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
Explain what the following five words mean to you non CPA audit, financial audit, compliance audit, operational audit, fraud audit
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
Is the evaluation and control process appropriate for a corporation that emphasizes creativity? Are control and creativity compatible?
To identify principal audit risk and corresponding audit procedures
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
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