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1. What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
2. What are the components of the audit risk model? How does the audit risk model affect an audit plan?
3. The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?
- The relative competence of evidence obtained from external and internal sources.
- The role of internal control with respect to internal evidence produced by a client's data processing system.
- The relative persuasiveness of auditor observation and recalculation evidence compared to external, external-internal, and internal documentary evidence.
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
A Business report identifying auditing procedures and practices
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?
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
Explain the role of the following three 'bodies' in National Health Reform
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