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In the Professional Judgment in Context feature presented, we introduced you to 2004-2006 audits of Thornton Precision Components, Limited (TPC) performed by Ernst & Young, LLP, UK (E&Y UK). This case was based on the SEC Accounting and Auditing Enforcement Release No. 3359 (January 2012). Obtain a copy of the AAER at the SEC Web site. Read the sections of the AAER that relate to accounts and assertions in the revenue cycle and address the following issues:
a. Identify the key audit deficiencies related to accounts and asser- tions in the revenue cycle.
b. For each identified deficiency, indicate the appropriate action that should have been taken by the auditor.
c. In assessing the case overall, indicate (1) whether the auditor had an appropriate level of professional skepticism; (2) if applicable, what might have led the auditor to behave in an unethical manner; and (3) whether the sanctions against the auditors seem reasonable.
Research the following Safety, Health, & Environmental Auditing processes
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heres another exercise this time in the opposite direction. this one may be a little more challenging. expenses paid
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
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questionuzi company received a charter granting the right to issue 200000 shares of 1 par value common stock and 10000
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Green Pastures is a 400-acre farm on the outskirts of the Kentucky bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it h..
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