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Question
For each of the following safeguards, identify whether they are:
1. disclosure of fees
2. competence of employees
3. using different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client
4. professional standards and pronouncements
5. timely communication of policies and procedures to all partners and professional staff
6. internal procedures to ensure objective decisions on engagements
7. professional review by other professional accountants
8. involving another firm to perform or re-perform part of the engagement
9. corporate or other governance regulations
10. firm leadership which emphasises compliance and ethics
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
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Indicate the audit procedure that most likely would have led to the discovery of the error. Identify one or two internal controls that would have prevented or detected the misstatement or irregularity.
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These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a total loss of $650,000 and the market price of its shares is $12 per share.
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