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Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.
1. List and describe the possible inherent risks in the retail industry.
2. Determine which inherent risks may currently be considered critical.
3. Determine which practices might address the inherent risk identified in'2' above.
Describe and explain the nature and scope of forensic auditing and how it differs fromthe normal statutory audit of companies and the sufficiency of the Firm's emphasis on the critical need to exercise due care and professional skepticism when perfo..
Show audit areas that have the highest risk for potential litigation and liability for public accounting firms and prepare two best practices for public accounting firms to minimize the risk to liability exposure.
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.
Analyze the Board of Directors for your selected company using the questions from the Corporate Governance section (Part A) of theGuidelines for the Strategic Audit Report.You can save a lot of time and writing by placing data on directors in a table
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as
As a gift, Ocean Adventures also gave the partner a 15% shareholding in an unrelated company. At present these shares are worth $21,500.
questionnicoles getaway spa ngs has been so successful that nicole has decided to expand her spa by selling
Which of the following is a procedure you would perform while planning an engagement?
Determine whether SOX has been effective in regulating ethical behavior of for-profit health care organizations. Defend your position.
Who are the potential stakeholders involved in situation and what alternatives does Fred have in this situation? What might the company do to prevent this situation from occurring?
Reston Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 36,000 machine-hours and incurs $153,000 in manufacturing overh..
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