According to Paragraph 4 of Auditing Standard No. 3 (PCAOB 2004)‚ “The auditor must prepare audit documentation in connection with each engagement conducted pursuant to the standards of the PCAOB. Audit documentation should be prepared in sufficient detail to provide a clear understanding of its purpose‚ source‚ and the conclusions reached. Also‚ the documentation should be appropriately organized to provide a clear link to the significant findings or issues.” Referring to Paragraph 4‚ the audit
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SOLUTIONS FOR REVIEW CHECKPOINTS 1.1 Business risk is the collective risk faced by a company that engages in business. It encompasses all threats to and organization’s goals and objectives. It includes the chance that customers will buy from competitors‚ that product lines will become obsolete‚ that taxes will increase‚ that government contracts will be lost‚ or that employees will go on strike. 1.2 The conditions of complexity‚ remoteness‚ time-sensitivity‚ and consequences increase demands
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services you could obtain from a certified public accountant. These are referred to as compilation‚ review‚ and audit. There are significant differences between the objectives of an audit of financial statements in accordance with generally accepted auditing standards and the objectives of a review in accordance with statements on standards for accounting and review services. The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken
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Case Study – Banning of Shark fin soup in Jade Restaurant. The refusal of not banning shark fin soup at Jade Restaurant can affect many stakeholders. This includes the owner/shareholder‚ suppliers‚ special interest groups (SIGS)‚ customers‚ and also the government. The owners and shareholders are definitely going to be affected because if the ban were to go through they would lost a portion of the profit that they would’ve earned if it weren’t for the ban. The suppliers are obviously going to be
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Generally Accepted Auditing Standards ACC/491 Contemporary Auditing 1 March 27‚ 2014 Richard A Cochran Generally Accepted Auditing Standards Generally Accepted Auditing Standards‚ also known as GAAS‚ are the most acknowledged auditing standards known. GAAS relates to the conduct of individual audit engagements and are a set of standards in which quality of audits are performed and may be judged. The American Institute of Certified Public Accountants (AICPA) has a division
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Uses of Information Technology to Auditing…………………………………………….15 2.3 Audit Process…………………………………………………………………………………………………………………16 2.4 Audit Opinion and CAATS………………………………………………………………………………………………22 2.5 Impact of a computerized system on the Audit Process……………………………………………….26 2.6 Knowledge and Experience………………………………………………………………………………………….28 2.61 Audit Documentation………………………………………………………………………………………………….29 2.7 Information Technology and the development of Computer Auditing………………………….31
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Chapter 7 Overall Audit Approach for the Revenue and Collection Cycle * Audit risk- the risk that auditors will issue and unqualified opinion on financial statements that contain a material misstatement * Inherent risk and control risk * 3 step approach for audit risk model * Set audit risk at desired levels * Assess risk of material misstatement * Determine detection risk based on the level of audit risk and risk of material misstatement * The components of the audit
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Generally Accepted Auditing Standards ACC/491 June 1‚ 2015 Venetia Clark Nature and Function of Audit The nature and function of audit is multifaceted with a comprehensive broad objective; to provide users with complete‚ relevant and reliable information that assist them in making business decisions. More commonly the users of this information are focused on accurate financial statements and an evaluation of managements assertions regarding the oversight of reporting‚ internal
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Generally Accepted Auditing Standards Paper Write a 700- to 1‚050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization‚ or an organization with which you are familiar. In your paper‚ be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Broad rules and guidelines promulgated by the AICPA’s AuditingStandards Board. CPAs employ GAAS in preparing for and performing
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Practice Final Exam ACC 413 Winter 2013 1. Which of the following statements describes an internal control questionnaire? It A. Provides detailed evidence regarding the substance of the control system. B. Takes less of the engagement client’s time to complete than other control evaluation devices. C. Requires that the internal auditor be in attendance to properly administer it. D. Provides indirect evidence that might need corroboration. 2. Each individual working paper should‚ at a
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