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Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe, after noting that many positivist-accounting theorists and right-wing economists recommend that general purpose financial statements (GPFS) be deregulated and let market forces control the quality of GPFS, has expressed concern that the role (and revenues) of independent external auditors will be dramatically reduced.
Required:
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a ½ to 1½ page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.
In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as
How is the separation of the programming and operating functions accomplished in a properly functioning IT environment and explain the 3 subdivisions of information systems management, and discuss how they apply to this situation.
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
Diebold's accounting for accrued liabilities and capitalized expenses and what the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization.
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your thoughts.
Write a report based on a Coding Benchmark Audit.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
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