ACCT3708 Week 3 Tutorial Q1. What is the link between audit risk and engagement risk? How does the audit risk model allow the auditor to deal with these risks in the most cost effective manner? Audit risk is the risk that the auditor gives the wrong opinion – this can either be stating errors when there are none or when there are errors stating that there are none. This risk cannot be eliminated as auditors can only provide a reasonable assurance and not absolute‚ but instead this can only be managed
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1. Assertions about classes of transactions and events: I. Occurrence: transactions and events so recorded in the financial statements actually occurred and relates to the same period. II. Completeness: all such transactions and events that required recording have been recorded III. Accuracy: transactions and ancillary information have been recorded with accurate amounts IV. Cutoff: only those transactions and events have been recorded that pertains to the accounting period under consideration
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JAWABAN SOAL UTS AUDITING 1 2008-2009 SOAL 1 a. Jawab: Assurance Service : pelayanan atau jasa professional independen yang dapat meningkatkan kualitas informasi bagi para pembuat keputusan. Non Assurance Service : accounting and bookkeeping services‚ tax services‚ management consulting services Jasa Atestasi : salah satu jenis jasa assurance yang disediakan oleh kantor akuntan publik‚ dimana akuntan public (CPA) akan menerbitkan laporan tertulis yg isinya antara lain berupa suatu kesimpulan tentang
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(4) 1. Obtain cutoff bank statements – Cutoff and Completeness (AU-C 315.A114 a ii & IV) 2. Obtain copies of client’s bank reconciliations. a. Test the mathematical accuracy of every bank reconciliation – Accuracy (AU-C 315.A114 a-iii) b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii‚ b-i) c. Trace the check number and amount of outstanding items – Occurrence‚ Completeness‚ & Accuracy (AU-C 315.A114 a.i-iii) d. Trace the
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Assignment 2 AFM312 Laura Beattie 220109075 Word count 1780 Question 1 a) Identify the factors that would affect the preliminary assessment of inherent risk and control risk at Queen Island Dairy. The preliminary assessment of risk‚ also known as the risk assessment phase‚ is the initial step in an audit that includes gaining an understanding of the client and identifying potential risk factors whilst developing an audit strategy and setting planning materiality. There are three key steps in
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| |Recorded sales adjustment transactions during the period represent authorized discounts‚ returns and allowances‚ and | |uncollectable accounts. | |Completeness. All sales cash receipts and sales adjustments made during the period were recorded. | |Accuracy. All sales and cash receipts and sales adjustments are accurately valued using GAAP and correctly | |journalized‚ summarized
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wo most relevant assertions related to longlived assets? A. Existence and Presentation B. Completeness and Existence C. Existence and Valuation D. Valuation and Completeness 4. In a tour of a client ’s manufacturing facility‚ the auditor is most likely attempting to satisfy which of the following management assertions related to longlived assets? A. Existence B. Completeness C. Rights D. Presentation and disclosure 5. Which one of the following factors is
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writing is a skill in its own. Reports are official documents that detail how evidence was collected and the pertinent facts of an investigation. The characteristics of a well-written report are completeness‚ conciseness‚ clarity and accuracy. Reports should always be complete and thorough. Completeness is important because having all the pertinent information regarding the case will make for a successful investigation. Having partial facts in a report can create a false picture of events that
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oral communications. Called the “seven C’s”‚ they are: completeness‚ conciseness‚ consideration‚ concreteness‚ clarity‚ courtesy‚ and correctness. Completeness Your business message is "complete" when it contains all facts the reader or listener needs for the reaction you desire. Remember that communicators differ in their mental filters; they are influenced by their backgrounds‚ viewpoints‚ needs‚ attitudes‚ status‚ and emotions. Completeness is necessary for several reasons. First‚ complete messages
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Ethical (General) Standards Competence – adequate technical training and proficiency. Competence is knowing what to do. 1. Recognize the assertion being made by management in each element (account) of a financial statement. 2. Decide which evidence is relevant for supporting or refusing the assertion 3. Select and perform procedures of obtaining the evidence 4. Evaluate the evidence and decide whether management assertions correspond to reality and GAAP - Objectivity
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