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1. Utilizing the AICPA Professional Standards database, conduct research to answer the following questions:
a. In addition to completing the audit of Jack's Manufacturing, Inc. for the coming year, your firm has been requested to review the interim financial statements for the first three quarters of the year. The engagement partner has requested your assistance in preparing a draft of the appropriate report for the review. Locate and print out and example of an appropriate review report.
b. You are the staff auditor for a large client with two subsidiaries located in foreign countries. Because your firm does not have offices near these subsidiaries, it will be using other auditors to aid you in the audit of the parent company. The audit partner on the engagement has requested your assistance on the type of audit report necessary in order to share responsibility with these other auditors. Identify the authoritative literature paragraph citation for a shared audit report, and print out an example of the report for the partner.
In verifying the balance of Cash in Midtown Bank, Ann Moore began by footing the bank reconciliation prepared by the client. Next, she verified outstanding checks by trancing them to the check register.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
In a discussion with the accountant you discover that the company is experiencing cash flow problems, both with the failure to secure the contract with the US prisons and due to foreign exchange losses.
Which of the following statements best describes the primary purpose of Statements on Auditing Standards?
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
What potential risks may be present in this engagement? What specific auditing and accounting problems appear to exist? What additional information do you feel you need to know about the company? Do you believe the engagement should be accepted or re..
What are the main concerns when analyzing a company's accounts receivable? What information other than the usually available financial statements, should you collect as part of your overall analysis?
Identify special circumstance and unusual risk, evaluate independence, ethical and legal consideration, determine ability to use due care, assess competence to perform audit
for each of the following combinations of audit evidence rank the items in terms of their
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
question 1.why would the courts want to limit the ability of third parties to sue auditors who have been negligent? are
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
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