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Account Cycles and Auditing

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Could you please answer two or three questions below?

1 - Discuss inherent risks for each of the reporting cycles. Explain how these are relevant to an auditor applying the ARM.
2 - Discuss types of evidence an auditor would focus on getting with respect to each of the accounting cycles.
3 - Provide examples of specific substantive tests and how they provide evidence for the reporting cycles auditing.
4 - Discuss inherent risks in a finance and investment cycle.
5 - Why should auditors have any responsibility related to subsequent events?

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Solution Summary

This solution thoroughly addresses 2-3 of the account cycles and auditing questions listed.

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5 - Why should auditors have any responsibility related to subsequent events?

A subsequent event is an event that takes place in between the date that the financial statements state, and the date of the auditor's report. This lapse of time is considered the time period for a subsequent event. When we have events or transactions that are material, which take place in this time window, it is imperative that the auditors have responsibility for those events. The reason is because of the material nature of certain ...

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