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For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk.
(i) Johnson is a fast-growing trucking company. The company is publicly held, but Ivan Johnson and his sons control 55% of the shares. Mr Johnson is Chairman of the Board and Chief Executive Officer (CEO). He personally makes all major decisions with little consultation with the Board of Directors. Most of the directors, however, are either members of the Johnson family or long-standing friends. The board basically rubber-stamps Mr Johnson's decisions.
(ii) The Focus Bank has been your client for the past two years. During that period, you have had numerous arguments with the president and the controller over a number of accounting issues. The major issue is related to the bank's reserves for loan losses and the value of collateral. Your prior audits have indicated that a significant adjustment is required each year to the loan loss reserves.
assume that auditors lost a civil lawsuit for damages and the court found total losses of $5 million. if the auditors were determined to be 30 percent at fault and were the only so
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if: 1. The transferee received assets of the transferor-taxpayer; and 2. The transf
Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books. Whether there are no implied ownership can suffi
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
techniques of vouching
Disclosures about Inventories - IAS 2 IAS 2 specifies disclosures about inventories. In a large manufacturing company, no article in the balance sheet appears verification
a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
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