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Audit committees are an important corporate governance party and have taken on additional responsibilities following the passage of the Sarbanes-Oxley Act.
a. Describe the changes in audit committee membership, and list duties that were mandated by the Sarbanes-Oxley Act. Also, describe any other increased responsibilities of audit committees following the passage of the Sarbanes-Oxley Act.
b. The audit committee now has ownership of the relationship with the external auditor. What are the implications of this change for the audit committee and for the external auditor?
c. Assume that management and the auditor disagree on the appro- priate accounting for a complex transaction. The external auditor has conveyed the disagreement to the audit committee and pro- vided an assessment that the disagreement is on the economics of the transaction and has nothing to do with earnings management. What is the responsibility of the audit committee? What skills of audit committee members do you think might be helpful in this type of situation?
Why and by how much the staghorn inventory needs to be written-down (please justify the write-down; e.g. the Lower of Cost or Market; cite the AASB Handbook section; and show calculations to justify your amount).
The company had disclosed its planned remediation efforts for 2004. How might the auditor have used that information during the 2005 audit in terms of audit planning?
The operational reviewer typically has multiple personal attributes that make them and mold them into operational reviewer. List and describe at least three and tell why they are positive attributes for the operational reviewer.
Evaluation of internal controls-raw materials and supplies inventory, Computer-assisted substantive tests for inventory
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
not-for-profit nfp organizations differ from classic business enterprises in a variety of ways. hence their business
What was the company involved, and who was the fraudster? How was the fraud perpetrated? What was the dollar value of the loss?
When a business sells its accounts receivable to a financial institution, is it called, line of credit,cash equivalent, factoring, or market to market?
explain what the staff should expect the auditors to do. Be sure to include the requirements of the Sarbanes Oxley Act in your explanation.
Identify the ethical principles violated - In each discussion-excerpt above identify the specific threat to independence.
The audit documentation represents the auditor's accumulation of evidence and conclusions reached on an audit engagement. Prior-year audit documentation can provide insight into an audit engagement that will be useful in planning the current year ..
1.Provide two examples of when an auditor might set a lower level of performance materiality for a particular class of transactions, account balance, or disclosure.
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