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PROBLEM:
The company has found it necessary to restate its financial statements for the past two years due to a material overstatement of revenues two years ago and an equal understatement last year. The errors are due to sales of certain software that allowed the purchasers extremely lenient rights of return. The errors were discovered shortly after the end of the current accounting year. Members of management indicated that the misstatements occurred because they simply didn't know the accounting rules. Now they know the rules, and they won't let it happen again.
REQUIRED:
(1) State the highest level of deficiency that you think the circumstances represent. Is it a control deficiency, significant deficiency, or material weakness?
(2) Explain your decision in the case.
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Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
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Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
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