Chapter 8 Audit Planning and Analytical Procedures PLANNING Why auditor should properly plan engagements: a. To enable the auditor to obtain sufficient appropriate evidence for the circumstances b. To help keep audit costs reasonable c. To avoid misunderstanding with the clients Acceptable Audit Risk is a measure of how willing the auditor is to accept that the F/S may be materially misstated after the audit is completed and an unqualified opinion has been issued. When auditor decides on a lower
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
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92When audit risk is at an appropriately low level 83The possibility that the auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated 49Investigate the identities and reputations of the client’s directors‚ officers‚ and major stockholders 51The reputation of management 81The company’s financial strength and credit rating. 85Make inquiries of the client’s banker‚ legal counsel‚ and predecessor auditor. 26Determine that independence
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Denver Fire Department Study Guide for CWH Selection Solutions Next Generation Fire Service Written Examination Revised on January 24‚ 2006 Copyright All Rights Reserved CWH Selection Solutions Next Generation Fire Service Study Guide Contents Purpose of the Study Guide ......................................................................................3 Skills and Abilities Measured on the Test...........................................................3 Types of Questions on the
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Auditing Chapter 3 Homework 3-27 a. These are the items that should be included in the auditor’s report: 1. Normal receivable confirmation procedures‚ although not used‚ should not be listed here since it was not material‚ and the auditor was able to gain a satisfactory opinion from the client’s use of them. 2. The change in the accounting method for long-term construction doesn’t need to be included here since it is discussed in the footnotes. 3. Lawsuits are normally included
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Smart Card LLC – Case Study Overview of the SmartCard LLC Case SmartCard LLC is a company that possesses expertise smart cards as well as magnetic strip technology. SmartCard LLC intends to develop applications and solutions to address the rapidly growing demand for marketing frequency or loyalty programs. SmartCard LLC asserts that as competition increases in the retail sector and other industries that companies will be searching for new ways to understand their customers and techniques to
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Smart card is one of the greatest achievements in the world of information technology. Similar in size to today ’s plastic payment card‚ the smart card has a microprocessor or memory chip embedded in it that‚ when coupled with a reader‚ has the processing power to serve many different applications. As an access-control device‚ smart cards can be used to access server remotely over the Internet and they can make personal and business data available only to the appropriate users. Smart cards provide
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the cards are dealt. The cards are dealt either 9 or 18 times depending on how long of a game you wish to play. The Game Consists of: These Card Counts These Card Counts 5 Sand Trap Cards 10 points 2 Hole in One Cards -3 points 5 In The Rough Cards 10 points 3 Eagle Cards -2 points 5 Water Hazard Cards 10 points 7 Birdie Cards -1 point 5 Out of Bound Cards 10 points 8 Par Cards 0 points 9 Double Bogey Cards 2 points 9 Bogey Cards 1 point There are two cards called
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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Friendly Cards‚ Inc. By: 1. Should Friendly Cards purchase
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