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(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Required
a) In the course of an audit, the auditor asks many questions of client officers and employees. Describe the factors that the auditor should consider in evaluating inquiry and oral evidence provided by client officers and employees. Discuss the validity and limitations of inquiry and oral evidence.
b) An audit may include computation of various balance sheet and operating ratios for comparison to prior years and industry averages. Discuss the validity and limitations of ratio analysis in an audit.
c) In connection with his audit of the financial statements of a manufacturing company, an auditor is observing the physical inventory of finished goods, which consists of expensive, highly complex electronic equipment. Discuss the validity and limitations of the audit evidence provided by the procedure.
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about m..
Which of the following describes the internal control component "control procedures"?
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
What are some major components of an internal control system? Are these components always necessary?
What could Nike's Corporate Responsibility team do to improve Nike's public image. Why did Nike's attempt to address it critics prove unsuccessful?
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
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