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Discuss the interrelationship of the cash flow statement to the other financial statements. In your discussion comment and explain operating activities, investing activities, and financing activities. What is the difference between an indirect and a direct cash flow statement? Which is GAAP?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Compute the ending balance of accounts receivable on 12/31/10. Compute the accounts receivable turnover ratio for 2010. Computer the average collection period in days.
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Discuss what you believe to be the most sgnificant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
When assessing the tolerable deviation rate, the auditor should consider that, while deviations from control procedures increase the risk of material misstatements, such deviations do not necessarily result in misstatements.
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
Thinking about some of the scandals in the news over the last few years such as Enron, WorldCom, Adelphia, Bernie Madoff, etc., analyze and discuss the conditions that could have contributed to making these fraudulent activities possible.
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
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