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Preparing memo on state of the company industry
Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a company. However, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the requirements of ASA 315 (par 25 and 26).Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.
An auditor evaluation and study of the internal accounting control system
Mincin, CPA is the auditor of the Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current year's engagement. The prior year's working papers show that confirmation requests were mailed..
Explain the economic benefits provided by a financial statement audit. Explain the inherent limitations that might prevent auditors from finding every potential material misstatement in financial statements.
Consider a health care organization with which you are familiar with and explain the difference between cash and accrual accounting in health care setting. Be sure to include a discussion of the revenue recognition and matching principles.
Different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client and professional standards and pronouncements
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
Compare the answers to (b) and (c). How are they related?
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.
Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the land.
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
Explain the purposes and reasons for public accounting firms to perform an integrated audit and explain corporate governance and its relation to integrated audits.
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