CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules‚ techniques‚ and computations required to prepare financial statements‚ auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial information‚
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[pic]Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client ’s business and its industry to a. Make constructive suggestions concerning improvements in the client ’s internal control structure. b. Develop an attitude of professional skepticism concerning management ’s financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated
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Issues In Auditing and Professional Practice ASSIGNMENT QUESTIONS The questions in this assignment are extracted from the text book for this paper; Reference: Johnson‚ R. (ed)‚ Readings in Auditing Volume 2‚ John Wiley & Sons Australia‚ 2007. Answer the following 4 questions: Question 1: (Chapter 10 “Australian Wheat Board”‚ p135 Question 4) Discuss the lessons to be learnt from the AWB scandal. Question 2: (Chapter 12 “Fraud prevention and detection- further guidance”‚ p158 Question 3)
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Auditing Introduction Letter Lareina Mirabella ACC/546 November17‚ 2014 Kelly Oleary Auditing Introduction Letter November 17‚ 2014 Larry Lancaster President and CEO Apollo Shoes‚ Inc. Shoe town‚ Maine Dear Larry Lancaster Based on the accounting department meeting below is an outline of the primary assurance and attestation services offered by Mirabella Auditing Firm. This outline will provide the company with additional information regarding key distinction between these services offered as
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........................................ OTHER NAMES......................................................... STUDENT NUMBER................................................. MOCK FINAL EXAMINATION SEMESTER 2‚ 2009 PAPER A Unit: ACCG340 Auditing and Assurance Services Time Allowed: 2 hours plus 10 minutes reading time Total Number of Questions: FIVE (5) Instructions: Answer question 1 on the computer marking sheet provided. Answer questions 2 to 3 in the space provided in
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Homework #1 Bonne Consulting Group Based on the information giving‚ the internal controls missing in Helen’s company is the separation of duties. This company should have in place internal controls where a person works with consultant‚ another person or department initiate the payment process someone else authorize payments and accounting should disburse payments. Also the fact the company merge with a bigger company and no one controlled other accounts such as the Jackson & Company shows the
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Auditing Introduction Letter Leslie Brian ACC/546 August 6‚ 2012 Eddie Loussararian Auditing Introduction Letter Greetings! To start off‚ I would like to introduce myself; my name is Leslie Brian‚ and I am a lead auditor for Nortex‚ Inc. Our organization is a leading firm in the industry‚ with offices in more than 20 states. We appreciate your company’s interest in our services. I have taken the opportunity to outline the following: the services we offer and their benefits
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AUDITING IN THE PUBLIC SECTOR INVOLVES LOOKING AT THINGS OR ACTIVITIES WITH A BIRD EYE VIEW. OMONIYI‚ WAHAB SHINA INTRODUCTION Auditing in the public Sector is an independent examination of ‚ and an expression of an opinion on the financial statements of governments by a duly appointed person(s) in accordance with all relevant statutory obligation. In other words‚ auditing does not concentrate on fraud detection alone‚ but rather‚ to look at the financial and non-financial activities of an
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Problem Statement Can Bank of America initiate‚ renew or terminate different sponsorship opportunities. Which of the different sponsorships will have the biggest ability to help the bank’s business segments accomplish there business objectives‚ and which ones could damage them. Background Bank of America was operating in 29 states‚ District of Colombia and 43 foreign countries‚ serving individual customers‚ small to middle market businesses and large corporations. They provided a diversified
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Inherent Risk Inherent risk is the susceptibility of an account balance or class of transactions to misstatement that could be material either individually or when aggregated with misstatement in other balances or classes assuming that there were no related internal controls. This risk mainly arises at the level of management and the risk factor generally being high. Factors Affecting Inherent Risk: At the level of financial statement Integrity of management; Management’s experience and
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