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1) Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit.
2) What is audit risk and what is it composed of ?
3) What is the definition of audit evidence ?
4) Identify and describe one of the six factors that influence the reliability of audit evidence.
5) Identify an example of audit procedures and describe what it means
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
At each calendar year-end mazie supply co. uses the percent of account receivable method to estimate bad debits. On December31,2013 it has outstanding accounts receivable of 55000 and estimated that 2% will be uncollectible.
As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant.
Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss.
What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?
You are considering an investment in Bank of America (BAC, NYSE). From your analysis, you believe this stock should be valued so as to produce a 9.5 percent long-term rate of return.
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
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