One - half page;Key Assignment Draft;You have just finished your yearly audit of a publicly traded corporation. Describe how you would handle each of the following scenarios;Part 1;Scenario 1;Describe why there is a big emphasis placed on auditing cash and cash equivalents. Address the following;Why is this area more susceptible to fraud?;Scenario 2;While doing an audit, you discover inconsistencies in the company?s expenses. Address the following;Why might a company choose to overstate or understate its expenses?;How might this be accomplished?;Describe how professional skepticism plays into this type of audit.;Scenario 3;Why is auditing inventory more complex than auditing other asset accounts? Address the following;What are the three audit tests that can be applied to inventory, and how do the internal controls play into it?;Scenario 4;When an auditor is trying to determine if the financial statements are reported fairly, how might a summary of potential adjustments help?;What information would a summary of the client's potential adjustments give to the auditor?;Part 2;Deliverable Length: One-half page;After the audit, the auditor will need to complete reports that attest to your findings. Answer the following questions about your audit findings;List the 5 primary financial statement audit reports and explain when they are used.;Are comparative reports required by Generally Accepted Accounting Principles (GAAP)?;With nonpublic companies, audits are not required, but they are often requested. This results in reviews and compilations.;What is included in a review?;What is included in a compilation?
Paper#75396 | Written in 18-Jul-2015Price : $22