Q2. Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client?…
2. The auditor identifies why the client wants or needs an audit. This information is likely to affect the remaining parts of the planning process.…
1. Detect the pattern of physician’s using the “cut and paste” method as a way of completing the record.…
(Assertions) In planning the audit of a client’s financial statements, an auditor identified the following issues that need attention.…
The auditor should determine the appropriate types and mounts of evidence needed to be satisfied that the client’s financial statements are fairly stated as well as the client maintained effective internal control over financial reporting. The auditor should make sure the procedures they choose can provide persuasive evidence which means the evidence must be appropriate and sufficient and the procedures they choose could provide relevant and reliable evidences.…
With this particular case study I will discuss several questions and facts regarding audit client considerations. 1) A brief summary of the case. 2) Identify key behaviors, attitudes and ethical dilemmas (if any) faced by the auditors. 3) Assess the philosophical and practical alternatives summarized in the case questions and evaluations of those solutions. 4) Briefly summarize what I would do faced with this situation in real life.…
When performing risk assessment procedures and related activities to obtain an understanding of the client and its environment, the auditor shall obtain an understanding of the following:…
Question 4.4. (TCO 3) Estimate the total variable cost (i.e., including both routine and ancillary) per MSDRG 505 using the departmental cost/charge ratios and variable cost percentages. (Your answer might be slightly different due to rounding. Pick the closest.)…
My firm is sending Pete, Ben, and Maureen to visit the client, assess the situation, and plan the audit. To plan the audit they will have to begin developing the audit strategy, identifying problem areas and specific areas where material misstatement might occur. In this case I would identify the forecasted sales numbers as one area due to Jill’s less-than-ideal management methods. Also, they will need to analyze the lawsuit and the lawsuit of their biggest buyer to get a feel for the risk associated with those. The audit plan will also include the nature of the business and what it does, a dog food manufacturing company and their operations. The plan will detail any complexities with the audit, such as the sales projection method, and the fact that they are starting just prior to year end. They will also perform preliminary analytical procedures by comparing Smackey to other similar dog food manufacturers. Lastly, the staff needs to set the level of acceptable audit risk.…
a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit?…
A. Discussions of audit needs with executive management and the audit committee. B. Review of audit staff education and training records. C. Review of audit staff size and composition of similar-sized companies in the same industry. D. Interviews with existing audit staff.…
The study used for this project is a nursing and health sciences study. One particular healthcare facility is trying to determine if it is a good idea to provide coffee in the waiting room for the patients. There are several other facilities that serve tea, coffee, and water, so this health care facility wants to determine if there is sufficient evidence to show that coffee increases the patient heart rates.…
4. Discuss the scope and nature of an auditor’s responsibilities during a review of client’s quarterly financial statements.…
1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important?…
1. Identify the specific circumstances under which auditors are allowed to provide confidential client information to third parties.…