312 Homework Week 7
Explain the concept of auditor independence;
Auditor independence refers to the independence of the internal auditor or of the
external auditor from parties that may have a financial interest in the business
being audited. Independence
312 week 6 homework
Do you think flow-charting is a useful skill for auditors? What are some potential
benefits of preparing a flowchart for a process?
The objective of flowchart preparation is to produce a complete and understandable
flowchart. It can be
312 week 2 Homework
COSO has evolved through several versions to arrive at its last version, COSO 2013. In
your opinion, what were the key reasons why COSO needed to evolve?
COSO is a voluntary private sector initiative for improving organizational perfor
Risk assessment underlies the entire audit processincluding the determination
of significant accounts and disclosures and relevant assertions, the selection of
controls to test, and the determination of the evidence necessary for a given
Is lobbying Bribery?
Lobbyist is a person or organization who tries to influence white house decisions for the
benefit of the sector or industry he belongs to. Bribery is a favor or donation on individual
basis. Lobbyist are required to file disclosures o
312 Final Exam
a) Risk assessment:- Risk assessment underlies the entire audit process. It
includes determining of significant accounts related assertions and
selecting which controls to test and determine what evidence are required
for a control.
Enron: Understanding the Clients Business and Industry
1. Consult Paragraph 7-10 of PCAOB Auditing Standard No. 12. Based on your
understanding of risk assessment and the case information, identify three specific factors
about Enrons business mod