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1.Explain the relationships among the initial assessed control risk, tests of controls and substantive tests of transactions for cash disbursements, and the tests of details of cash balances. Give one example in which the conclusions reached about internal controls in cash disbursements will affect the tests of cash balances.
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm.
What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?
Discuss the following in your essay and what each of the above actually refers to and what it means.
Basis for Materiality Amounts. Considering the needs and expectations of financial statement users, describe the rationale for the selection of the benchmark and percentages in steps 2Ä4.
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a one page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.
Expected wages expense was determined by proportionately adjusting the previous year's wages upwards by the increase in sales and then this was confirmed with the current period's figure for wages expense.
The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why?
What is meant by planned detection risk? What is the effect on the amount of evidence the auditor must gather and evaluate when planned detection risk is increased from medium to high?
you are required to read the following statement issued by icaa institute of chartered accountants in australia and
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
The audit (Part A) explains what the facility currently is; the future plan (Part B) explains what the facility could develop into. Take at least a 5-10 year ‘into the future' viewpoint.
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