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TASK 1. Describe the three broad objectives management has when designing effective internal control. 2. Section 404(a) of the Sarbanes–Oxley Act requires management to issue a report on internal control over financial reporting. Identify the specific Section 404(a) reporting requirements for management
TASK The following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud.1. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. 2. Search sales databases for missing bill of lading numbers. 3. Use audit […]
TASK The following audit procedures are included in the audit program of Holland Equipment, Inc.1. Use audit software to examine journal entries in the sales, cash receipts, purchases,cash disbursements, payroll, and general journals for any amounts exceeding $1 mil-lion and for any entries with unusual account codings. Review related supportingdocumentation for reasonableness.2. Examine the estimate […]
TASK The Art Appreciation Society operates a museum for the benefit and enjoyment of the community.When the museum is open to the public, two clerks who are positioned at the entrance collect a $10.00 admission fee from each nonmember patron. Members of the Art Appreciation Society are permitted to enter free of charge upon presentation […]
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, […]
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 […]
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 […]
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 […]
QUESTIONS The following questions concern the assessment of the risk of material misstatements. Choose the best response. a. Which of the following circumstances most likely would cause the auditor to suspect that there are material misstatements in the entity’s financial statements? (1) The entity’s management places no emphasis on meeting publicized earningsprojections.(2) Significant differences between […]
QUESTIONS Chapter 8 introduced the eight parts of the planning phase of an audit. Which parts involve the evaluation of risk? Why is it important for the auditor to consider the risk of material misstatement at the overall financial statement level? Provide two examples of factors that might increase the risk of material misstatement at […]
