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Auditing Practice, S1 2015
Assessment
Word limit: 1500 words.
Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.
1. List and describe the possible inherent risks in the retail industry.
2. Determine which inherent risks may currently be considered critical.
3. Determine which practices might address the inherent risk identified in'2' above.
For each of the above independent situations: (1) describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
Describe in detail the controls over payroll in auditing.
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
What costs are a firm trying to balance when it decides on how much safety stock to hold? What are some accounting changes that a firm should make if it decides to implement a JIT inventory management system? Why are those changes necessary?
In a discussion between Peters and Ferrel, Two auditing students, Peters made the following statement: "A CPA is a professional person who is licensed by the state for the purpose of providing an independent expert opinion on the fairness of finan..
The Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.
What does the two designations mean? How would you compare the corporate governance systems of the United States and Germany. How did both countries come to have the systems they have? and what are the consequences of each system?
Auditors accumulate evidence to: a) defend themselves in the event of a lawsuit b) justify the conclusions they have otherwise reached
Explain the purposes and reasons for public accounting firms to perform an integrated audit and explain corporate governance and its relation to integrated audits.
Three firms which serve as comparables to Bank of America are Wells Fargo, Chase, and Capital One. In a PowerPoint presentation:
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