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Auditing accounting estimates Read the Case 7.1 Ligand Pharmaceuticals in the Knapp casebook. you will find it in the book. page 433-338 Prepare and submit a 2-3 page paper analyzing the Ligand Pharmaceuticals case. What went wrong in the auditor’s risk assessment procedures? Which of the three methods for substantively testing the estimate did the […]
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 […]
RISK ASSESSMENT PROCEDURES At what two levels does the auditor assess the risk of material misstatement? Describe the types of procedures that constitute risk assessment procedures.
TASK In Parts I (pp. 267–269) and II (pp. 302–303) of this case, you performed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing. The auditor also assesses fraud risk as part of risk assessment procedures performed during audit planning. You have been invited by the audit partner on the […]
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 […]
