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1. Explain why sampling is important in the auditing process. Give an example of an instance where sampling would be appropriate and an example of where it would not, explain why
2. Define inherent risk and explain how this applies to transaction cycles. Give an example of how flowcharting or control matrices could help identify and mitigate inherent risks
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
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.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Which of these two controls would cost less and prove more effective? Is there a different, more cost effective strategy we should consider?
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?
Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?
You are required to identify a current controversy relating to Auditors' Independence.
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
You are auditing Green Corporation for the calendar year 2010. Among other items related to the audit; Green Corporation was being sued for personal injury resulting from the malfunction of one of their products. Discuss the nature of these events..
Preparing memo on state of the company industry
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