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Explain auditors' responsibilities with respect to detecting and reporting fraud?
Provide a brief overview of the types of reports that accompany an entity's financial statements?
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.
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.
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
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.
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
Show the audit inherent risk and rate the risk as low, medium or high.
A Business report identifying auditing procedures and practices
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
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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