CASE TWO CONTRACTS AS OF 3/24/2015 PAGE1
Audit Step Description
Conduct an audit of grant compliance (non-payroll).
Determine if resources are used economically and efficiently.
Verify that financial and operating information is accur
ISSUES 1N ACCOUNTING EDUCATION American Accounting Association
Vol. 26. ND. 3 3301: 10.2308/iace-5003]
Breach of Data at TJX: An Instructional Case
Used to Study COSO and COBIT, with 3
Focus on Computer Controls, Data Security,
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Langenfeld Inc. began business on January 1, 2012. Its pretax financial income for
the first 3 years was as follows:
The following items caused the only differences between pretax financial income
and taxable income
(Rev. December 2012)
Department of the Treasury
Internal Revenue Service
Cost of Goods Sold
OMB No. 1545-2225
Attach to Form 1120, 1120-C, 1120-F, 1120S, 1065, or 1065-B.
Information about Form 1125-A and its instructions is at www.irs.go
Audit I - Exam I
Sample Test Questions
The acceptable level of detection risk is inversely related to the
A. Extent of the substantive procedures.
B. Risk of misapplying auditing procedures.
C. Planning materiality.
D. Risk of failing to discover material
Chapter 03 - Audit Planning, Types of Audit Tests, and Materiality
AUDIT PLANNING, TYPES OF AUDIT TESTS,
Answers to Review Questions
The auditor should inquire of the prospective client's bankers and attorneys, credit