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Question
Case Scenario
Your audit manager has asked you to do the following:
Required
She now wants to see if you understand the reasoning behind these activities and asks you to prepare a memo that:
Note: Please refer also to ASA 315(ISA 315) and ASA 500 (ISA 500)
Adapted from the Professional Year Programme of The Institute of Chartered Accountants in Australia - 1999 Accounting 2 Module
Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Andrew and fulton inc. uses 780 cases of a chemical bonding agent each year. Monthly demand fluctuates between 50 and 80 tons. The lead time for each order is one month, and the economic order quantity is 130 tons.
From the information provided above, identify any reasons for not accepting the audit engagement with Simple Things Ltd.
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program.
Indicate the audit procedure that most likely would have led to the discovery of the error. Identify one or two internal controls that would have prevented or detected the misstatement or irregularity.
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..
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
1.what are the differences and similarities in audits of financial statements compliance audits and operational
Making reference to the ratios you calculated in part a) and the additional information provided, describe what you consider to be the risk factors that will impact on the audit of receivables and inventory.
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.
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