CACC521-Week04-text

CACC521-Week04-text - CACC521Week04 TimeBudgetduenextweek

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CACC521-Week04 08/10/2010 13:00:00 Time Budget due next week Class discussion – PowerPoint slides are guide. Ch. 6 Planning an engagement Review of last week is client auditable talk to previous auditor with client consent engagement letter – know clauses and paragraphs audit program and strategy business risk analytical procedures 5 different types of analytical review attention directing – focus audit strategy towards outliers materiality - attention directing, dynamic, iterative, likely aggregate misstatements  – opening balances, estimates handbook falls short of quantitative materiality quantitative qualitative supported by facts in case Assertions
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Use Materiality Questions document Question 1. Audit of tech crunch inc. Materiality – use Pg 196-197 as working papers. Qualitative ½ - 1% Pg. 197 numbers  Equity – ½ -5% o 2.5% - 241,000 GP – ½ - 5% o 2% - 138,000 Assets – ½ - 1% o 1% - 229,000 Revenue – ½ - 1% o 0.59% - 126,000 Normalized Pre-tax income – 5-10% o 101,000 Quantitative ½ - 1% o private higher materiality
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o creditors/bank – lower materiality o Bank has option to purchase 30%
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This note was uploaded on 04/14/2011 for the course ACC 521 taught by Professor G.caers during the Spring '11 term at Ryerson.

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CACC521-Week04-text - CACC521Week04 TimeBudgetduenextweek

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