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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:
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?
While doing an audit, you discover inconsistencies in the companyâ€™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.
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?
- 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?
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?