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Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence:
a. Explain why confirmations are normally more reliable evidence than inquiries of the client.
b. Describe a situation in which confirmation would be considered highly reliable and another in which it would not be reliable.
c. Under what circumstances is the physical observation of inventory considered relatively unreliable evidence?
d. Explain why reperformance tests are highly reliable but of relatively limited use.
e. Give three examples of relatively reliable documentation and three examples of less reliable documentation.What characteristics distinguish the two? Julie
f. Give several examples in which the qualifications of the respondent or the qualifications of the auditor affect the reliability of the evidence. Julie
g. Explain why analytical procedures are important evidence even though they are relatively unreliable by themselves.
You are required to identify a current controversy relating to Auditors' Independence.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
What is you opinion on the Chase Bank trade? They lost 2 Billion on a risky investment; it caused their stock price to loose 10%. It supposedly was a "Hedge" that went wrong.
Describe methods of evaluating performance to increase productivity and profitability. List the characteristics of control systems
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?
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
The profession has argued for decades about the advisability of mandatory reporting on internal control by public companies and by governmental entities. In the 1970s and 1980s,
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
Which of the following describes the internal control component "monitoring of controls"?
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
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