Auditor's Opinion for an Investment Club

Solution Preview

Dear Student,

Thank you for selecting the OTAs at BrainMass to assist you. Below is a full draft of your assignment and you should now have the tools to do great.

Please be advised that the text of this work may be copy-protected©, but may be used as a good comprehensive sample or guide to aid you in customizing your assignment. Multiple links have been provided to assist you. Please be sure to cite references listed herein.

I hope that you are happy with my dedication to your work. Thanks and Good luck! :-)

NOTE [As stated on Brainmass.com]: "We cannot do assignments for students. If it appears that this is what is requested, Postings may be suspended."

------------------------------------------------------

You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these questions:

* How would you answer these questions? I would answer these questions in text-form as detailed below. Then, I would make a PowerPoint presentation of my answers for the investment club.

a. How is the "scope" of an audit determined? What role should the auditors' fee play in setting the scope?

- Dart.org references that, "Audits are conducted in accordance with Generally Accepted Governmental Auditing Standards (GAGAS) and the Institute of Internal Auditor (IIA) Auditing Standards. The scope of the audit and/or review is determined from one or more of the following:

* Information collected during a preliminary survey, which includes interviews with the appropriate client personnel;
* Assessment of risk associated with the client's functions;
* Evaluation of answers received on an internal control questionnaire tailored for the assignment; and/or
* Client requests concerning topics, functions and/or time frames.

Sometimes discoveries or events that occur during a project can change an audit's scope. The client will be notified if the scope changes significantly.

In order to achieve the department's ...