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"Professional Liability" Please responds to the subsequent:
Show audit areas that have the highest risk for potential litigation and liability for public accounting firms.
Prepare two best practices for public accounting firms to minimize the risk to liability exposure.
In today's business environment, evaluate whether public accounting firms should approach every audit client as high risk. Give your rationale.
Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence.
Consider the implications of the above information for revenues. What assertions, if any, are likely to be misstated? As a result, what accounts are likely to be overstated or understated? Explain your reasoning.
The profession has argued for decades about the advisability of mandatory reporting on internal control by public companies and by governmental entities. In the 1970s and 1980s,
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
Perhaps the issue of independence in internal audit departments goes back to, as you mentioned before, the morality of the internal audit staff. The internal audit department I worked for took the issue of independence seriously. It was important ..
What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?
Describe in detail the controls over payroll in auditing.
Determine the information contained in internal audit report
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit. What is audit risk and what is it composed of?
Construct the "Processing Cash Collections" segment of the internal control questionnaire on "Cash Receipts" to be used in the evaluation of internal control over the Spartan Drug Store, Inc. Each question should elicit either a yes or a no respon..
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
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