financial statements are correct or not. B. Auditors must balance the cost of the audit with the need for precision. C. Auditors must limit their exposure to their client to maintain independence. D. The auditor’s relationship with the client is generally adversarial‚ so the auditor will not have access to all of the financial information of the company. 3. The basic purpose of a financial statement audit is to A. Detect fraud. B. Examine individual transactions so that the auditor may
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need to perform procedures as to the adequacy of the note disclosure. o If the going concern note disclosure is considered adequate‚ the auditor would issue an unqualified opinion with an emphasis of matter paragraph. o If the going concern note disclosure is not adequate‚ the auditor would issue an adverse opinion. Scenario 2 o The auditor was appointed in the middle of the year and did not observe inventory at the end of the prior year there are no alternatives procedures that can provide
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marketing audit is not unlike a financial audit in that it helps the organisations to examine progress or lack of process towards the goals. A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment. There is an “internal and external” form of audits. The internal audit assists with considering the effectiveness of the marketing strategies in place at the time of the audit. The “external” audit considers
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#2 a. Preliminary conclusions: a. The 2 reports credit card and debit card transactions and the list of transactions declined by the bank do not have the same time scope. The first cover May 7-14 while the other covers May 6-14 b. One declined transaction is not in the list of the credit card and debit card transaction. Card 4567-3672-6919 dated May 10th 2011 with amount $34.69 c. 2 of the declined transactions were duplicate transactions in the credit card and debit card
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Assume that the audit team notes the client has made a significant change in its product line which requires that new equipment be purchased. Which of the following would be of greatest concern to the auditor? A. Inappropriate book value of new equipment. B. Impaired value of new equipment. C. Impaired value of old equipment. D. Inappropriate depreciation calculation for new equipment. 2. A. B. C. D. Audit procedures should be proportional to which of the following? The assessed Risks
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Does the audio-visual alarm (Buzzer and LED) activate when the voltage was greater than 0.37? | Yes | Yes | Does the solenoid and exhaust fan activate simultaneously when the voltage output reached 1.03? | Yes | Yes | Does voltage decrease after the solenoid and exhaust fan was triggered? | Yes | Yes | | Trial 1 | Trial 2 | Does the receiver displays the same value as the transmitter? | Yes | Yes | Does the audio-visual alarm (Buzzer and LED) activate (Slow Beep) when the voltage
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Banner suggests that the Eddie Routh case had an accurate ruling of guilty because of his claim that‚ “...the disposition is ‘not guilty by reason of insanity’. It is not ‘not guilty by reason of mental illness’‚”. Only Mental Health America would disagree‚ stating‚ “The Court has indicated that states may be required to provide at least some minimal defense based on mental illness‚”. Coincidently‚ these changes have not been made thus
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PERSONNEL ADMINISTRATION IN ISLAM • Principle of Islamic administration are derived from the Quran and Sunnah. • Major human resource functions include recruitment‚ selection‚ compensation & etc. SELECTION • One of the most complicated task in any organization. • Influence of favouritism and nepotism. • Importance of competence and honesty of a job candidate SELECTION One of the two women said: O my father! Hire him! For the best (man) that thou canst hire is the strong‚ the
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prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance‚ both in terms of financial interests and the provision of non-audit services.
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Solutions for Chapter 8 Tools to Gather Audit Evidence Review Questions: 8-1. The three main tools the auditor might use in gathering and evaluating audit evidence are: Audit sampling Generalized Audit Software Analytical procedures 8-2. Non-sampling risk is the risk that the auditor makes an improper assessment of inherent and/or control risk or did not apply audit procedures carefully. It can be minimized through: (1) Good hiring‚ training and supervision practices; and (2)
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