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External Auditing

Understanding the importance of internal controls for auditing.

In almost all accounting courses there has been a reference to internal controls and their importance. In the auditing course, a more detailed discussion on internal controls, control risks and situations that have occurred because of weakness in internal controls? Why has so much time been spent on this subject? Please p

Paperless Auditing

Do you think we will ever get to the point where there will a paperless audit? Are we part of the way there already? Please provide a full response for a full understanding of the topic.

Senior Auditors Decision

The company in question had a very significant amount of plant assets and also had a very significant maintenance expense each year. The company goals were reflected at every level of the company. The CEO knew that his job was on the line and to keep it he had to meet certain earnings goals. In establishing those goals a cert

Auditing the Transaction Cycles

14-5 a. State an analytical procedure that an auditor might use to estimate total revenues for a household appliance manufacturer and for an airline. b. State an analytical procedure that an auditor might use to estimate gross margin. c. State two analytical procedures that an auditor might use to estimate net receivables and

Auditing Techniques, Methods and Real Life Examples.

Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization. In addition, many accounting and consulting firms have a forensic, investigation, and litigation support serv

Fraud and the Internal Auditor

1. What is fraud? How is fraud relevant to the internal auditor? What are the internal audit functions roles and responsibilities with respect to fraud risks and control activities?

Assertions, Components of Audit Risk, & Substantive Tests

4. If reported sales for 20X0 erroneously include sales that occurred in 20X1, the assertion violated on the 20X0 statements would be: a.existence or occurrence b.completeness c.valuation or allocation. d.presentation and disclosure e.rights and obligations 5. Which one of the following is among the three compone

CPA Auditing Services

Information for CPA's providing auditing or assurance services: *Keeping up with the changing ways companies do business *Factoring in the way businesses have gotten more sophisticated over the last ten years *Understanding how changes in the world economy affects how CPAs do their job.

Egregation of duties importance

Why is the segregation of duties is so important. What type of audit procedures should be used to determine whether lack of segregation of duties might permit loss of cash?

Reportable Condition: Potential Misstatement

A CPA's audit working papers include the narrative description below of the cash receipts and billing portions of the internal control of Parktown Medical Center, Inc. Parktown is a small health care provider owned by a publicly held corporation. It employs seven salaried physicians, 10 nurses, three support staff in a common la

Auditor Roles and Responsibilities

Michael Green, CPA, is considering audit risk at the financial statement level in planning the audit of National Federal Bank (NFB) Company's financial statements for the year ended December 31, 20X1. Audit risk at the financial statement level is influenced by the risks of material misstatements (including fraud risks), which

Internal controls components in place

What are some internal controls in place at any organization? Can you share an example of an internal control failure at your organization? Why did this failure occur?

Auditing Practice Final Exam

Hello. I need help with the ones I have not completed below. The ones with an X next to the answer are already answered and do not need to be looked at. I also need some indication as to why you answered each question the way you did. Thanks. ----------------- Answer Questions Enter X in the appropriate box Sta

Auditing Question: Going concern issue in an auto industry audit

1. Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about management's plan to replace reduced sales from auto manufacturers? 2. The U

Auditing

Attach sheet details the questions.

Company Fraud

The recent frauds and corporate scandals similar to Merck, AIG, Enron, Worldcom, Tyco, and Imclone what is the potential legal and ethical issues to data analysis organizations. What did the company misuse data to support their decisions? What was the end results, what was the limitations and significance of the data and were th

Auditing

1. Research has shown that the relationship between eye contact and deception a. is nonexistent b. is positive in that eye contact increases as the level of deception rises c. is negative in that eye contact decreases as the level of deception increases d. depends on the interviewer-interviewee relations