Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents, (f) recalculation, (g) performance, and (H )analytical procedures, discuss one way the procedure could be misapplied or the auditors could be misled in such a way as to render the work(audit evidence) misapplied or the auditors could be misled in such a way as to render the work (audit evidence) misleading or irrelevant.© BrainMass Inc. brainmass.com October 25, 2018, 9:04 am ad1c9bdddf
Potential Audit Procedure Failures for each audit procedure
You can use a wrong assumption, such as the wrong useful life, and so the computation is wrong. Or you could fail to include important parts of the computations, such as ignoring repairs and just use replacements in the reserve for warranty repairs.
While observing an inventory count, you could misunderstand which item you are viewing and so the inventory will not be priced out correctly (use the price of a wrong item).
(c)confirmation (accounts ...
Your discussion is 334 words and gives examples of auditor failure for each type of audit step.
Professional skepticism in audits article
Briefs are one (1) page write-ups of selected articles requiring you to (1) summarize the article with the central message and the author's theme; (2) discuss 2 reasons why this is an important or unimportant topic for the audit profession; and (3) indicate your agreement or disagreement with 3 of the author's conclusions or opinions and support your 3 points with different auditing standards (PCAOB, ASB, IAASB, ACFE, IIA etc.). Do not agree or disagree with the standards but agree or disagree with the author.
Sample of a brief is included. Please follow that outline thanks.View Full Posting Details