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Business Risk and Auditing.
Paper Requirements and Grading Rubric
Business risk is an important consideration when planning an audit. 85%
Please write a 8-10 page double spaced paper in your own words and using APA format discussing the following:
1. Why is business risk an important consideration when planning an audit? Be sure to address COSO's risk assessment component in your discussion.
2. What is the relationship between audit risk and materiality in auditing?
3. If you were an audit partner planning an audit, how would you evaluate the risk of your client?
4. What is the difference between audit risk and business risk?
To test this control, identify the population from which you should select a sample to test this control and for a given sample unit in this population, what would be an "error"?
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
Discuss the nature of professional scepticism and summarise the problems identified by the ASIC inspection program. Recommend regulatory or quality control procedures which could be implemented avoid similar problems in the future.
Which of the following is not one of the shields provided by internal control?
In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
My company needs $300,000 to take a cash discount of 2/10, net 70. A bank will loan the money for 60 days at a total interest cost of $5,500.
What are the typical general components of an audit program? What purpose do these components serve? Which component is most important? Explain why.
Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?
For each of these, indicate whether you would include in written representations for (1) all audits, (2) audits of public entities (under AS 5), or (3) not included in written representations.
How can we instill respect towards auditors rather than fear?
Sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
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