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Question 1
An assurance engagement involves evaluation or measurement of subject matter against criteria. Discuss the criteria used in a financial report audit? Discuss and critically evaluate the challenges auditors face in providing and audit opinion on a company's environmental performance.
Question 2
The final decision in the Centro Case was handed down in the Federal Court on 27 June 2011. PWC had admitted it had erred and agreed to pay around $66 million of the $200m settlement. Had the legal case against PWC proceeded to court, on what basis might PWC have been found guilty? What are the implications from the Centro case for auditors practice in the future?
Question 3
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed?
How do these decisions relate to the overall risk assessment for the item being tested?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000.
Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance and what must an auditor do to support assessing control risk at less than the maximum level when the auditor has..
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?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.
Why should an external auditor, whose primary responsibility is to express an opinion concerning the representations in financial statements, suggest improvements to the information system?
The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
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