As part of our audit process‚ we will request from Tesla Motors‚ written confirmation concerning representations made to us in connection with the audit. We will issue a written report upon completion of our audit of Tesla Motor’s financial statements. Our report will be addressed to the board of directors of Tesla Motor’s. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or withdraw from the engagement
Premium Management Project management Risk
Module 1 Case Test Discussion Case 2-39 a. There are three factors that should be considered when illegal activity occurs. The first factor an auditor should consider is how the occurrence effects the financial statement and the penalty‚ if any‚ for the issue. The second factor to be considered is the integrity of the management staff and their reaction to the illegal occurrence. The last factor for an auditor to consider when an illegal occurrence happens is the internal controls
Premium Financial statements Balance sheet Economics
Marketing audit analysis of BMW. The marketing audit has certain similarities to a financial audit in that it is a review of your existing marketing activities. Carrying out the marketing audit provides the opportunity to review and appraise your whole marketing activity‚ enabling you to assess past and present performance as well as to provide the basis for evaluating possible future courses of action. Because the business environment is constantly changing‚ the marketing audit should be used
Premium Auditing Internal audit Financial audit
1. CAS 540 listed the following requirements related to auditing accounting estimates: When performing risk assessment procedures and related activities to obtain an understanding of the client and its environment‚ the auditor shall obtain an understanding of the following: The requirements of the applicable financial reporting framework relevant to accounting estimates‚ including related disclosures How management identifies those transactions‚ events and conditions that may give rise to the need
Premium Audit Auditing Financial audit
1. Prescriptive Issue: Should the follow-up audits be done to ensure the foundation used by Boston Public School are clear‚ publicly‚ available guidelines on how it spends its money in the future? Conclusion：Yes‚ the the follow-up audits should be done to ensure the foundation used by Boston Public Scholl are clear‚ publicly‚ available guidelines on how it spends its money in the future. Reasons: 1. Once the money was in the charity’s accounts‚ it was not subject to the same level of scrutiny
Premium Financial statements Balance sheet Generally Accepted Accounting Principles
Audit Program Design Part II Kendrick Cross‚ Teresita Gunn‚ Geri Franco‚ Heather Swayze ACC/546 July 08‚ 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm‚ such as Apollo Shoe Inc.‚ an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather
Premium Accounts receivable Financial audit Internal control
FOR REGULATORS TO PREVENT AUDIT FAILURES? 1. Introduction Auditor rotation has long been a subject of debate as a measure to prevent audit failures‚ especially after the financial crisis. Two types of rotation suggested are firm rotation and audit partner rotation. Mandatory auditor rotation limits the number of consecutive years that a registered public accounting firm or audit partner can serve as the auditor of a company‚ and is claimed to be able to enhance audit quality and reduce market
Premium Audit Big Four auditors
interest thereon) due to suppliers or their subsidiaries as operating cash (out) flows. Sample Case 2: In year 1‚ Joe Josephs‚ CPA‚ reviewed Lander Company’s financial statements. However‚ in year 2‚ the Lander Company hired Tom Holstrum‚ CPA‚ to audit its financial statements. Should Tom meet with Joe‚ and would Joe be considered as a predecessor auditor? Sample Case 2 Solution: Problem Identification: Is a CPA who reviewed prior period financial statements considered as a predecessor auditor
Premium Financial audit Finance Audit
The Audit Risks Assessment Model and Potential Areas of Improvement By: Patrick S. Fields Fraud and the Creation of Sarbanes-Oxley Following the multitude of fraud scandals in the early 2000’s‚ such as Enron and WorldCom‚ many accounting firms found themselves as part of a thorough investigation to determine what exactly caused the sudden outburst of accounting fraud. As investors and creditors pursued their lost money from the these business failures‚ accounting firms began to garner attention
Premium Auditing Financial audit Risk
of an audit manager that is currently employed with Deep Breath LCC‚ a medium sized national accounting firm. This particular firm offers auditing services as well as tax services. The main purpose of my role as the audit manager is to decide and justify reasons on a new audit client acceptance. The process of accepting a new client is not a simple procedure especially during this phase where the public accounting environment is changing drastically. Intense competitive pressures among audit firms
Premium Auditing Audit Internal control