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What are the external auditor testing requirements of internal controls for:
a. Large, publicly held companies?
b. Nonpublic companies and small, publicly held companies?
When the auditor determines that controls are not operating effectively, the auditor needs to consider the kind of misstatements that could occur, how they might occur, and how the auditor would adjust substantive audit procedures Assume that the authorization process for ordering inventory was found to contain a material weakness. Identify the accounts that could contain misstatements, how the misstatements might occur, and how the auditor would adjust substantive audit procedures because of the material weakness.
Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit.
The existence assertion pertains to whether items included in inventory are valid but does not extend to whether the reported dollar amount is the correct amount for the inventory items.
In detail, Describe the three major activities the statement of cash flows reports. Cite examples of cash flows for each activity.
Understand Corporate Governance, examine and describe recent failures in corporate governance, and identify actions that the public perceived necessary to improve the quality of corporate governance.
Identify three account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified
The concept of valuing Inventories at the "Lower of Cost or Market" and the estimated "full absorption cost" of manufacturing 100 stag horn buttons
Write a recommendation brief for the client in which you justify the benefits of using an internal auditor. Conclude your recommendation by referring a particular person for the job based on their background.
The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why?
Mr. Tu Dewie has asked you to evaluate Mr. Howe's assertions- Mr. Dewie is the senior partner of DCH, Mr. Howe (as a junior partner) can hurt you if you are not polite and considerate.
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
the bank statement showed a service charge of 56.bull acorn made a deposit on 31st may but this deposit did not appear
What might cause differences between the number reported in the financial statements and the details in the Accounts Receivable Table?
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