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Answer the following problems 1. It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benefits of negative confirmation? Are these benefits worth the costs?
2. How does the auditor determine the tolerable misstatement rate? What factors affect that determination? What are the consequences of increasing (decreasing) the tolerable misstatement?
3. Why is this step very important in auditing? What information can these misstatements provide when analyzed?
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?
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
Discuss the conclusions that you can draw about 21st Century Accessories Pty Ltd financial position; and identify potential audit risks to be investigated further. Identify and explain the most important reasons for performing analytical procedures.
Identify two factors in the information provided that increase audit risk - Discuss one adjustment to be made to your audit plan in response to the audit risk associated with each of the factors identified in part (a).
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
Do some research on your bank using the Internet and the CyberLibrary, and write a short paper that put it all together in making a recommendation on whether or not you think one should buy shares in your bank as part of your own investment portfo..
Complete a one- to two-page single spaced paper that discusses the impact the emerging issues will have on auditing.
Read the following scenario and identify any threats to compliance with the IFAC Code. ABC firm is the auditor of Company Ltd and has been for 10 years.
Identify the weaknesses in the existing procedures and identify improvements to the existing system - Descibe the control weaknesses in accounting for cash receipts
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