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REVIEW QUESTIONSDiscuss the similarities and differences between evidence in a legal case and evidence in an audit of financial statements.List the four major evidence decisions that must be made on every audit.Describe what is meant by an audit procedure. Why is it important for audit procedures to be carefully worded?Describe what is meant by an […]
TASK Q1.Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company’s internal controls to see if they are sufficient?(5Marks) Q2.Why do companies use the allowance method to account for bad debts? Describe the diverse methods used to estimate bad debts in […]
Ethical Challenges and Considerations What are the key HR functions? What are the benefits of moving HRISs to intranets or the cloud? What concerns have deterred companies from implementing SaaS HR? How can companies reduce the cost of recruiting qualified employees? Describe IT support for HR planning and control. What are ethical issues related to […]
TASK Distinguish general controls from application controls and give two examples of each.2. Identify the typical duties within an IT function and describe how those duties should besegregated among IT personn
TASK Each year near the balance sheet date, when the president of Bargon Construction, Inc., takes a 3-week vacation to Hawaii, she signs several checks to pay major bills during the period she is absent. Jack Morgan, head bookkeeper for the company, uses this practice to his advantage. Morgan makes out a check to himself […]
ASSIGNMENT The following misstatements are included in the accounting records of the Dillon Manufacturing Company: 1. Cash paid on accounts receivable was stolen by the mail clerk when the mail wasopened. 2. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake. 3. Cash paid on accounts receivable that had been […]
DISCUSSION QUESTIONS AND PROBLEMS Based on AICPA question paper, American Institute of Certified Public Accountants.Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for […]
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 assessmentprocedures? (1) Document the results of procedures used to address the risk of fraud. (2) Discussions among the engagement team members regarding the risks of material misstatement due to […]
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 of […]
TASK What are the three conditions of fraud often referred to as “the fraud triangle”?2. What sources are used by the auditor to gather information to assess fraud risk
