Determine the relationship of risks in the planning of audit

Reference no: EM131501995

DESCUSSION

A-"Financial Planning and Agency Conflicts" Please respond to the following:

• A-1 From the scenario, cite your forecasting conclusions that support TFC's decision to expand to the West Coast market. Speculate as to whether or not the agency conflict discussed in the scenario could become a roadblock to your conclusions. Provide a rationale for your response.

• A-2 From the mini case, recommend two desired characteristics of a board of directors. Provide support for your response, citing the ways in which these characteristics usually lead to effective corporate governance.

B-"Audit Planning" Please respond to the following:

• B-1 Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.

• B-2 Imagine that you are a senior auditor, and your firm has been selected to audit a medium-sized sporting goods company with one single location. Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.

Reference no: EM131501995

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