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"Auditor's Role and Responsibilities" Please respond to the following:
1. Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.
2. Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated with an auditor performing the audit. Support your position.
Calculate the firm's average collection period. Calculate the firm's current receivables balance. Calculate the firm's new receivables balance if Milwaukee Surgical toughened up on its collection policy, with the result that all non-discount custom..
What type of concessions might a creditor grant the debtor in a troubled debt situation? What is meant by "impairment" of a loan? Under what circumstances should a creditor or debtor recognize an impaired loan?
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?
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?
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
Discuss how auditing may have played a role in the failure of Tyco International. How did the audit process potentially contribute to the firm's failure?
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Knowing that my company 2007 audit will include attestation services, I want to know more about what attestation services encompass and what my team and I can do to prepare for this service.
Accounts receivable are $45,000 and are directly proportional to total sales. The sales forecast for next year is $125,000, which represents a 5% growth over the current year. The forecast accounts receivable would be:
Prepare a memo on the 'state of the company's industry' and associated risk factors.
What each of the above actually refers to and what it means and what is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing).
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