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Suppose that you are audit senior in an accounting firm. Your firm has recently won an audit for a company ELDERS ltd. Thus, 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 needs of ASA 315.
Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.
Required:
a) Prepare a list of all useful sources that you will use to obtain the required knowledge.
b) Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
c) Suggested five most important basic balance-related or transaction-related audit objectives based on your finding of the risk factors.
Prepare a pension worksheet for the pension plan in 2012 and prepare any journal entries related to the pension plan that would be needed at December 31, 2012.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Capstone Strategic Audit
Examples of five ethical dilemmas that could arise during the audit process and determinge how you would resolve them.
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
As best you can from the limited amount of information provided, design a strategy to test compliance with the eligibility provisions and propose, in general terms, an approach to fulfilling the mandate of the city council.
What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?
As an independent financial consultant, you have been hired to audit the books of a multifaceted special events organization. Upon examination of the records, you determine that management intentionally commingled funds between the different divis..
Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.
Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made
Ethical audit issue must contain integrity, auditing duties and responsibility - ethical issue must contain objectivity, confidentiality, competence
How would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed?
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