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Let's Show some of the agencies within federal, state, or municipal governments that employ auditors. Explain type of auditing work would you expect if you were employed in one of these governmental auditing jobs?
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
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
Using Bank of America, research this international company. Conduct a brief organizational analysis by answering the following questions.
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
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.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
Show audit areas that have the highest risk for potential litigation and liability for public accounting firms and prepare two best practices for public accounting firms to minimize the risk to liability exposure.
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
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