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Category: Accounting

What must the auditor document in the working papers related to this brainstorming session?

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During audit planning, an auditor obtained the following information: 1. Significant operations are located and conducted across international borders in jurisdictions where differing business environments and cultures exist.2. There are recurring attempts by management to justify marginal or inappropriate accounting on the basis of materiality.3. The company’s controller works very hard, including evenings and weekends, […]

Which of the following circumstances would most likely cause an auditor to suspect that there are material misstatements in an entity’s financial statements?

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ASSIGNMENT The following questions concern auditor responsibilities related to the identification and assessment of fraud risk. Choose the best response. a. While performing a preliminary assessment for a new client audit, the auditor determines that the client has had excessive growth over the past several years due to recent acquisitions and internal expansion. Through discussions […]

Which of the following is least likely to suggest to an auditor that the client’s management may have overridden internal control?

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ASSIGNMENT The following questions concern the auditor’s responses to the possibility of fraud. a. When fraud risk factors are identified during an audit, the auditor’s documentation should includeThe Risk FactorsIdentifiedThe Auditor’s Response to TheRisk Factors Identified(1) Yes Yes(2) Yes No(3) No Yes(4) No No b. If an independent audit leading to an opinion on financial […]

Which action regarding fraud is an activity related to performance of risk assessment procedures?

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QUESTIONS The following questions address fraud risk factors and the assessment of fraud risk. a. Which action regarding fraud is an activity related to performance of risk assessment procedures? (1) Document the results of procedures used to address the risk of fraud.(2) Discussions among the engagement team members regarding the risks of mate-rial misstatement due […]

What three auditor actions are required to address the potential for management override of controls?

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REVIEW QUESTIONS Define fraudulent financial reporting and give two examples that illustrate fraudulent financial reporting. Define misappropriation of assets and give two examples of misappropriation of assets. Give examples of risk factors for fraudulent financial reporting for each of the three fraud conditions: incentives/pressures, opportunities, and attitudes/ rationalization. Give examples of risk factors for misappropriation […]

Assess acceptable audit risk as low, moderate, or high using the information provided in this assignment and information provided in Part I in Chapter 8 (pp. 267–269). Justify your response.

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INTEGRATED CASE APPLICATION—PINNACLE MANUFACTURING: PART II In Part I of the case, you performed preliminary analytical procedures for Pinnacle (pp. 267–269). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit, you meet with Pinnacle’s management team and perform […]

Identify any other transactions that appear to involve unusual product numbers, customers, or prices.

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ASSIGNMENT This problem is based on the JA Tires data that was first introduced in problem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website. As part of risk assessment procedures, you have been asked to perform some preliminary data analytics on the sales file to assess […]

Using the audit risk model, state the effect on control risk, inherent risk, acceptable audit risk, and planned evidence for each of the following independent events

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ASSIGNMENT Below are 10 independent risk factors: 1. The client is one of the industry’s largest based on its size and market share.2. The company is publicly traded.3. The client fails to reconcile bank accounts to recorded cash balances.4. The audit program omits several necessary audit procedures.5. The allowance for doubtful accounts is based on […]

Describe what is meant by a significant risk. How is it different than an inherent risk or a business risk?

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ASSIGNMENT Listed below are various risks identified during audit planning that you have been asked to evaluate to assess whether they are significant risks. 1. Fernandez Wholesalers sells energy drinks to various distributors. As they have expanded sales to additional customers, there has been some increase in the age of accounts receiv- able, which could […]

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