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An auditor is required to obtain a sufficient understanding of each of the components of an entity's system of internal control to plan the audit of the entity's financial statementsand to assess control risk for the assertions embodied in the account balance, transaction class, and disclosure components of the financial statements.
Required
1. Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.
2. What must an auditor do to support assessing control risk at less than the maximum level when the auditor has determined that controls have been placed in operation?
3. What should an auditor consider when seeking a further reduction in the planned assessed level of control risk?
4. What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?
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What would you include in the audit plan, and why, would you plan a test of controls or substantive tests? Why or why not?
Identify the four types of control mechanisms that are used in Delta Airlines. I need 1 slide for each type of control mechanisms with speaker notes. That's a total of 4 slides + a references slide for me to look at.
Prepare the consolidation removal entries
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
AIN is a financial planning firm which has an accounts receivable balance of $97,600. AIN uses the direct write-off method for bad debt. AIN determined that one of its clients which owes $7,300 has filed bankruptcy.
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
Which of the following is not one of the shields provided by internal control?
What is the purpose of external auditors providing an opinion on a company's financial statements?
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
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