Explain the auditors’ responsibilities when planning the audit

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Why do auditors use the audit risk model when planning an audit? If audit evidence was...

Why do auditors use the audit risk model when planning an audit? If audit evidence was gathered and evaluated and an auditor decides to increase the assessed level of control risk from that originally planned what would need to be done in order to achieve an overall audit risk level that is substantially the same as the planned audit risk level? Why would an auditor want to achieve this level?

b) Explain the major differences in the scope of the audit responsibilities for CPAs, GAO auditors,...

b) Explain the major differences in the scope of the audit responsibilities for CPAs, GAO auditors, IRS agents, and internal auditors.

Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit...

Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit have on an organization? Describe and note the benefits of an audit. Does an audit increase the perception of detection? Discuss also the limits of audits. Discuss auditor’s need for professional skepticism.

Explain the responsibilities of Internal Audit Department of the Group.

In the planning stage of an audit, auditors frequently consider certain financial ratios. For either of...

In the planning stage of an audit, auditors frequently consider certain financial ratios. For either of the following two ratios, which are at unusual levels, please state one kind of error or fraud which would explain why the ratio is at an unusual level this year. Ratio #1 The number of days of sales in accounts receivable has increased from 35 to 60. The industry average is 34. [Days of sales in accounts receivable = {ending accounts receivable /sales}*365] OR Ratio #...

Question 4 Audit risk represents the risk that a)Auditors will issue an adverse audit report, when...

Question 4 Audit risk represents the risk that a)Auditors will issue an adverse audit report, when in fact, they should have issued an unqualified opinion b)Auditors will give an opinion that the financial statements are not fairly stated, when in fact, they were fairly stated c)Auditors will give an opinion that the financial statements are fairly stated, when in fact, they were materially misstated

When reviewing the summary of misstatements found in the audit, A. auditors only need to consider...

When reviewing the summary of misstatements found in the audit, A. auditors only need to consider the misstatements that impact the income statement. B. an adjusting journal entry must be made by the auditor for all material misstatements. C. auditors must combine individually immaterial misstatements to evaluate whether the combined amount is material. D. the auditor is not required to consider the impact on the current financial statements of misstatements in the prior year that were not corrected.

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Explain the auditors’ responsibilities when planning the audit

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