acc562 week 5 discussion 1

acc562 week 5 discussion 1 - Based on your analysis of the...

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Based on your analysis of the “Golden Bear Golf” case, respond to each of the discussion points: Management should have a risk management process in place to address significant risks. The auditor should gain an understanding of this process to assist in developing expectations of potential misstatements. The first step is to get a clear picture of risk factors, including such basic deficiencies as weak or incomplete technical accounting skills, lack of relevant experience, uncooperative or evasive internal financial staff, and reluctance to raise critical questions. Sullivan identified the Golden Bear audit as a “high risk” engagement. Discuss how the audit teams responsibilities differ on a high risk engagement compared to a “normal” engagement. Auditors are expected to design and conduct an audit that provides reasonable assurance that material misstatements will be detected. When encountering a high risk engagement, the auditor
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acc562 week 5 discussion 1 - Based on your analysis of the...

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