Auditing Risk Based Approach Solutions Download Torrent
A Risk-Based Approach to Conducting a Quality Audit (with ACL CD-ROM)
- Risk Based Analysis
- Auditing Risk Based Approach Solutions Download Torrent Download
- Risk Based Internal Audit Approach
ISBN:
1133939155
ISBN-13:
9781133939153
Authors:
Karla Johnstone, Audrey Gramling, Larry E Rittenberg
Internal audit approach of evaluating risk management and internal control. Gation of risk depends on the ability to select optimal control solutions among.
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Auditing
A Risk-Based Approach to Conducting a Quality Audit (with ACL CD-ROM)
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Details about Auditing:
Prepare yourself for the dramatic changes in today's auditing environment by using Johnstone/Gramling/Rittenberg's AUDITING: A RISK-BASED APPROACH TO CONDUCTING QUALITY AUDITS, 9th EDITION. This newest edition reflects the clarified auditing standards and the newest PCAOB standards, discusses COSO's updated Internal Control-Integrated Framework, integrates discussion of fraud risk throughout the text, and features entirely new and significantly revised end-of-chapter homework problems.
Sample questions asked in the 9th edition of Auditing:
Risk Based Analysis
The quality of an organization’s internal controls affects which of the following? a. Reliability of financial data. b. Ability of management to make good decisions. c. Ability of the organization to remain in business. d. Approach used by the auditor in auditing the financial statements. e. All of the above.
If a company’s control risk is assessed as low, the auditor needs to gather evidence on the operating effectiveness of the controls. For each of the following control activities listed as (1) – (10) below, do the following two tasks: a. Describe the test of control that the auditor would use to determine the operating effectiveness of the control. b. Briefly describe how substantive tests of account balances should be modified if the auditor finds that the control is not working as planned. In doing so, indicate (a) what misstatement could occur because of the control deficiency, and (b) how the auditor’s substantive tests should be expanded to test for the potential misstatement. The control activities to be considered are as follows: 1. Credit approval by the credit department is required before salespersons accept any order of more than $15,000 and for all customers who have a past-due balance higher than $22,000. 2. All merchandise receipts are recorded on prenumbered receiving slips. The controller’s department periodically accounts for the numerical sequence of the receiving slips. 3. Payments for goods received are made only by the accounts payable department on receipt of a vendor invoice, which is then matched for prices and quantities with approved purchase orders and receiving slips. 4. The accounts receivable bookkeeper is not allowed to issue credit memos or to approve the write-off of accounts. 5. Cash receipts are opened by a mail clerk, who prepares remittances to send to accounts receivable for recording. The clerk prepares a daily deposit slip, which is sent to the controller. Deposits are made daily by the controller. 6. Employees are added to the payroll master file by the payroll department only after receiving a written authorization from the personnel department. 7. The only individuals who have access to the payroll master file are the payroll department head and the payroll clerk responsible for maintaining the payroll file. Access to the file is controlled by computer passwords. 8. Edit tests built into the computerized payroll program prohibit the processing of weekly payroll hours in excess of 53 and prohibit the payment to an employee for more than three different job classifications during a one-week period. 9. Credit memos are issued to customers only on the receipt of merchandise or the approval of the sales department for adjustments. 10. A salesperson cannot approve a sales return or price adjustment that exceeds 6% of the cumulative sales for the year for any one customer. The divisional sales manager must approve any subsequent approvals of adjustments for such a customer.
What are the three major categories of marketable securities? What is the GAAP classification for such securities? What judgmental challenges do auditors face in auditing marketable securities?
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Risk Based Internal Audit Approach
Sample questions asked in the 16th edition of Auditing and Assurance Services:
(Objective 4-7) Identify and explain factors that should keep the quality of audits high even though advertising and competitive bidding are allowed. Objective 4-7 Understand the requirements of other rules under the AICPA Code .
(Objectives 25-1, 25-2) What are the differences between the review reports for a private company under SSARS and for the interim financial statements of a public company? Objective 25-1 Understand the level of assurance and evidence requirements for review and compilation services. Objective 25-2 Describe special engagements to review interim financial information for public companies.
(Objective 1) In the conduct of audits of financial statements, it would be a serious breach of responsibility if the auditor did not thoroughly understand accounting. However, many competent accountants do not have an understanding of the auditing process. What causes this difference? Objective 1 Distinguish between auditing and accounting.