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Determine proper account classifications prior to recording journal entries that will appear on your employer’s books and affect the content of its year-end audited financial statements.

Scenarios Indicate if independence is require( 115, tant to perform the following tasks iv: a. – Render tax advice to a non audit diet b. Issue an audit opinion concerning a government-run airport c. Issue a review opinion concerning quarterly reports of a privately held company d. Make recommendations as an internal auditor to your […]

How can you evaluate the company’s internal controls to see if they are sufficient?

Assignment Question(s): (Marks15) 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 […]

At what two levels does the auditor assess the risk of material misstatement?

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.

Explain the objective of conducting an audit of financial statements and an audit of internal controls.

AUDIT RESPONSIBILITIES AND OBJECTIVES Explain the objective of conducting an audit of financial statements and an audit of internal controls. Distinguish management’s responsibility for the financial statements from the auditor’s responsibility for verifying those statements. Explain the auditor’s responsibility for discovering material misstatements due to fraud or error. Describe the need to maintain professional skepticism […]

What do you feel an auditor would most be concerned with during an IT audit?

Research Paper: COSO Framework The COSO framework of internal controls is practiced within companies around the world. The objectives of the COSO framework are closely related to its five components. For this week’s activity, discuss these five components of the COSO framework. Be sure to include each components’ impact on each of the COSO framework […]

.Why do companies use the allowance method to account for bad debts?

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 an […]

Identify an activity that may not affect independence of mind but is likely to affect independence in appearance.

CONCEPT CHECK 1. Distinguish between independence of mind and independence in appearance. 2.Identify an activity that may not affect independence of mind but is likely to affect independence in appearance. 3. Explain the role of the audit committee in enhancing auditor independence.

Discuss the strengths and weaknesses of self-regulation in the accounting profession as a result of the historical events you described.

Visit the Library (access in the course home area) to research the accounting system of self-regulation. Describe at least one major historical event in the business world that occurred in the past 20 years and discuss how this affected today’s accounting system of self-regulation. Describe the legislation that altered the self-regulation process of the accounting […]