Length: About One page + 1+ References, APA format,
Due Date: 3/11/2014 11:59:59 PM
You have just finished your yearly audit of a publicly traded corporation. Describe how you would handle each of the following scenarios:
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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 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.
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?