auditing paper - 1. Proper planning and supervision 2....

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1. Proper planning and supervision 2. Understanding of the entity 3. Sufficient appropriate evidence 1. Statements prepared in accordance with GAAP 2. Circumstances when GAAP not followed 3. Adequacy of disclosures 4. Expression of opinion on financial statements Types of Audit Evidence 1. Physical examination 2. Confirmation 3. Documentation 4. Analytical procedures 5. Inquiries of the client 6. Recalculation 7. Reperformance 8. Observation Analytical Procedures Understand the client’s industry and business Assess the entity’s ability to continue as a going concern Indicate the presence of possible misstatements in the financial statements Reduce detailed audit tests Examples of Risk Factors for Misappropriation of Assets There is an inadequate internal control over Assets Disregard for the need to monitor or reduce risk of misappropriating assets exists There is a disregard for internal controls Example Elements for a Code of Conduct Privacy and confidentiality Specific Fraud Risk Areas Revenue and accounts receivable fraud risks Inventory fraud risks
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This note was uploaded on 05/30/2011 for the course AUDITING 555 taught by Professor Miller during the Spring '11 term at DeVry Addison.

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auditing paper - 1. Proper planning and supervision 2....

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