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Auditing and professional practice

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Subject: Accounting
Due on: 08/21/2015
Posted On: 07/22/2015 01:00 AM

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Group Assignment

Unit: ACC305 – Auditing and Professional Practice

Submission Date: 02-Feb-2015before 4.00 pm

Total Weight: The assignment is worth40% of the total unit weight.

Instructions:

1. Students are required to cover all stated requirements.

2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy.

3. You need to support your answers with appropriate Harvard style references where necessary.

4. The Business plan should not be more than 2000 words in length with a table of contents.

5. Only include information in your appendixes that has been directly referred to in the body of your document.

6. Include a title/cover page containing the subject title and code and the name, student id numbers.

7. Please save the document as ACC305AT2_first name_Surename_Student Number

Eg: ACC305AT2_John_Smith_20140000


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Introduction

Thomas Smith, a senior accountant with Dalen & Jay, CPAs, has recently been assigned as in charge auditor of Mathra Tool, Inc. (MTI), a long time audit client of his firm. MTI is owned by George Mathra, an experienced machinist. George established the business over 20 years ago, and it has grown into a $10 million-a-year business, with an excellent reputation for high quality machined parts. MTI has clients in the automobile sector and the health care sector and has recently begun producing parts for environmentally friendly products, such as recycling containers, due to the business's versatility in dealing with a variety of metals as well as plastics.

Information Systems and Business Processes

The following description is based upon Thomas's review of prior working paper files and planning discussions with personnel of MTI.

MTI has a broad range of equipment, ranging from grinders, stampers, cutters and small presses to numerically controlled machining and turning centers, some that individually cost over $250,000. This latter group of equipment is tied into the company's computer aided design and manufacturing (CAD/CAM) system, used by the four senior tool and die personnel.

Machining and turning center suppliers have helped MTI develop efficient operations, by furnishing sample numerical control programs for standard machine operations and by providing training to employees. One of the suppliers unfortunately sent sample programs that had been infected with a virus. George's daughter, Tiffany, had to cleanse the servers and each of the machines, using her copy of an anti-virus software. When contacted, the supplier did not know that his software was infected and apologized profusely.

The four CAD/CAM terminals and printers are connected to the company's local area network (LAN), which is maintained by Tony Lee, the owner of a computer shop conveniently located three blocks away. All computer equipment, software and supplies are purchased from Mr. Lee, who is responsible for attaching and maintaining equipment, upgrading software and maintaining user security profiles on the network. There is one user identification and password for accounting (shared by Tiffany, George and the accounting clerk). Each of the plant supervisors has his own password, and a common password is used to initiate the timekeeping system. The two word processing staff members have their own password and use the common accounting password when they need to do data entry.

A standard routine has been set up to back up the accounting systems. One of the accounting staff inserts one of seven tape cartridges into the system at the end of the day (they are labeled with the day of the week), so that the company has a full set of backups for the week. Tiffany keeps these in her office. These are particularly important, since during the last office move, two years ago, the original disks for the accounting system were misplaced.

Tiffany Mathra, George's youngest daughter, has been working in the business for 15 years. She started as a machine operator and has finished several college diplomas in numeric control and in accounting over the years. She is being groomed to take over the business in two years and is proving herself competent both on the shop floor and in administration. She works along with the tool and die machinists and the shop supervisors, discussing design problems, quality control methods and costing of quotes for potential orders. Wednesday morning 7:00 AM meetings are held by Tiffany and George to maintain a good working relationship with the supervisors (one purchasing, three production, one design, one quality control) and to review any problems that need to be addressed in the coming week. This includes any potential scheduling changes required due to "rush" jobs that have been accepted or are being quoted.

This good working relationship is extremely important for satisfying some of the company's larger customers. MTI has paid for computer equipment for each of the supervisors, so that they have fully functioning microcomputers at home. If a rush job requires weekend work, then these senior personnel

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can work at home to get the necessary quoting or design work completed. Since the "at home" systems are identical with the office systems (Mr. Lee simply copied the image from the MTI systems to the home computer hard drives), diskettes can easily be taken home and then brought back to the office. It is understood that when work slows down, a day off can be taken to compensate for this weekend work.

Almost ten years ago Tiffany arranged for the implementation of the network and the purchase of a standard integrated accounting package (general ledger, order entry/accounts receivable, purchases/payable, payroll), and for the purchase of the job costing and timekeeping system. The job costing package is used to prepare and print quotes. For automotive customers, the quote is entered into the stand alone electronic data interchange (EDI) system for transmission. Customer purchase orders received via EDI are simply printed and filed. Once a quote has been accepted, the job is given a unique job number. The job control sheets include a list of the machining center, labor and quality control tasks, each with a unique optical scanning label used by the employees to "sign in" and "sign out" of particular tasks by machine type and by operation. Standard control sheets are also used for overhead tasks, such as cleaning or machine setup. Employees have plastic cards with their employee number coded. They use a laser pen to scan their employee number, the job number and the operation label for each activity, as it is commenced or completed. To sign out, they simply scan their employee card again.

Accounting Systems

A variety of reports are printed daily, weekly, or monthly from the costing system; these are used for monitoring employee hours, the status of jobs, the costs accumulated for particular jobs and the work-in-progress inventory. The weekly report of hours from the costing system is approved by the production supervisors and is used as a data entry input source into the payroll system for hours worked. The accounting clerk enters the hours into the accounting system, so that weekly payroll checks and reports can be produced. When volume is high, one or both of the administrative staff assist. The administrative staff also do filing or document matching, as necessary.

Tiffany is really pleased with her accounting clerk, Isabel, who has been with the company for three years. She insists that fate had a hand in getting Isabel for MTI. Isabel was "pounding the pavement," having recently immigrated, and had no local business experience. Her accounting skills were rudimentary, but she quickly learned the accounting software and has reorganized the filing system. Tiffany considers her indispensable. When Isabel goes on vacation, many things simply don't get done. Tiffany can do the payroll in a pinch, but Isabel always does accounts payable and cash disbursements. If she's away, suppliers are simply told to wait, or Tiffany issues a manual check, which is recorded later. Isabel is very good at responding to queries from suppliers and ensuring that new suppliers are set up properly. The purchasing supervisor and his staff rely on Isabel, for she checks the account allocation of purchases and makes any necessary corrections. Isabel also ensures that necessary EDI acknowledgments are sent and reports printed.

Tiffany and George are signing officers, although Tiffany realizes that she checks supporting materials more thoroughly than George, who usually just queries Isabel verbally about larger purchases. George normally handles the bank deposits, while Tiffany does the monthly bank reconciliation. Every three months, an accountant from Dalen & Jay reviews the regulatory returns for reasonableness, as well as journal entries made in the last three months. He updates the recurring journal entries and advises Tiffany of any changes in procedures or modifications to monthly journal entries that are required to help ensure accuracy and completeness of transaction processing. Tiffany runs the standard financial statements every month from the accounting package, but normally some additional adjustments are required when the accountant comes in. These are adjustments to depreciation expenses, changes to prepaid expenses and some account reallocation (e.g., repairs and maintenance to capital accounts) based on discussions with Tiffany. The regular technician assigned to MTI is Louis Jaborwock, who has just completed the most recent month end entries.

Louis informed Thomas that MTI had a problem one of their systems on Friday. Apparently, one of the servers might have "crashed." Luckily, this was the server with the accounting systems and was fully backed up on tape. A new server was to be installed the next day, and Mr. Lee was reconfiguring the network so that the remaining systems could function from the single server.

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Work-in-Process Inventory

The engagement partner from Dalen & Jay believes that MTI's growth may have expanded the company sufficiently to warrant increased levels of controls reliance during the audit. She is particularly interested in work-in-progress (WIP) inventory, the largest item on the balance sheet, typically close to three months' sales. She has requested an updated controls analysis and that computer assisted audit techniques using the firm's generalized audit software be considered. To this end, Thomas has updated the narrative description associated with WIP inventory.

To calculate the WIP inventory for any particular month, one of the purchasing staff transfers data from a report in the job costing system into a spreadsheet (exhibit 1).2 Since the job costing system does not have sales information, progress billings are added manually, and the spreadsheet total is used for the monthly financial statement's work-in-progress figure.

The purchasing clerk has explained the contents of her spreadsheet and described the origin of the information. Following is an explanation of the spreadsheet on a column by column basis:

Job number: A unique job number is assigned by one of the production supervisors. There is a manuallog in the production area, and the supervisors write down the customer, purchase order number and the job numbers used. Where a purchase order lists multiple parts, a different job number must be used for each part produced.

Customer code: Each customer has a unique customer code. Tiffany assigns these codes, so that thesame code can be used in the accounting and in the job-costing system.

Customer Purchase Order Number: These match the purchase orders received from customers.

Due Date and Scheduled Completion Date: The customer purchase order will indicate the date that anorder is due. The production supervisors will schedule the job so that it is completed prior to the due date.

Customer Part Number and Part Description: MTI always uses the part numbers of its customers and thecustomer description when describing parts being produced. These must match customer purchase orders.

Quantity Ordered: The quantity ordered on the purchase order is entered into the job costing system.

Quantity on Hand: The quantity on hand is based upon the figures in the costing system. This is initiatedwith the first operation. For example, if component parts are purchased and then additional work is done on a component part, then the quantity on hand is based upon the parts purchased. If raw material is purchased and cut on the premises, then the person who completes the first operation notes the quantity cut, for subsequent entry by the production supervisor. Any damaged parts that cannot be passed on to the next operation are reported to the quality control staff, who enter the part into the system as damaged, thereby reducing the quantity on hand. All data entry is accomplished using the common job costing password. Such entries will show on a damaged-parts report, which is discussed every Wednesday at the supervisors' meeting.

Percentage Complete: Each operation on the job control sheet is assigned a percentage of the job. Thesystem tracks which operations have been completed and reports the percentage complete based upon the last operation that has been fully completed for all the parts.

Quoted Costs (labor center, materials, total): These costs are all listed at a rate-per-individual-unit part.Labor center rates are based upon standard rates that have been developed by George and Tiffany. They include the labor rate of the employee multiplied by a factor, depending upon the machine used. The factor incorporates both plant overhead charges plus machine charges. The lowest factor is 2.5, the highest 23. Thus, an employee earning $10 per hour would result in a labor center cost at the lowest

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factor of $25 per hour and $230 per hour at the highest factor. Material cost is based upon quotes from suppliers, plus a Thomasup. Some customers have a fixed arrangement with the Thomasup as low as 5 percent, while others are Thomased up as much as 150 percent. During the last year, the company has changed its costing and overhead allocation methods to absorption costing, based upon the accounting firm's advice. MTI reduced its labor center factors by 10 percent and added a flat materials handling charge ($50) and ordering charge ($25) to each of its quotes.

Actual Cost-to-Date: As work is completed and supplier invoices are received, these costs are enteredinto the job costing system. Actual hours worked on an operation may be higher or lower than quoted. The hours worked are automatically posted using the timekeeping system. The production supervisors review each daily printout of hours worked, to ensure that employees have properly clocked out.

Production supervisors must approve any job cost system adjustments, which are entered by one of the purchasing staff. As supplier invoices are received, they are recorded into the job-costing system by the purchasing staff and then forwarded to Isabel for entry into the accounts payable system.

Sales Price: This is the price that the customer has agreed to pay, according to the purchase order.

Progress Billings: Normally, MTI does not request advance payments or progress billings. However, if acustomer is new or a part requires a substantial material purchase, an advance payment is requested to cover the cost of the material. MTI then considers this material as already owned by the customer and deducts this progress billing from the cost of its WIP.

Work-in-Progress Inventory Value: Isabel updated the spreadsheet template this year, applying aformula to calculate inventory as follows: ([quantity on hand] x [percentage complete /100] x [actual cost to date]) - progress billings. She reviews the inventory list prepared by purchasing for one of two necessary adjustments. First, if a job has not been started it will show as zero percentage complete. Sometimes, parts have been ordered on a subcontract basis and been placed into production. Then, the WIP value must be increased from zero to the value of these parts. Second, if a job has an overrun and the actual costs exceed the sales price, then the value of the inventory must be reduced so that it does not exceed the sales price. Isabel makes these changes by manually scanning the inventory listing and changing the inventory value for these items.

Required

The engagement partner has requested a meeting tomorrow to discuss audit plan for MTI She has requested several documents for that meeting.

1. A preliminary audit plan assessing internal control risk and providing preliminary judgment for detection risk.

2. A description of specific substantive procedures that could be conducted for the WIP inventory.

You are required to justify the audit plan by referring to theoretical grounds learnt from this unit.

Expected length: 2,500 words

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Assessment Marking Criteria

Assessment Task:Group Assignment

Unit Code: ACC305

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Assessed Unit Learning Outcome(s)

Demonstration of early stage learning about:

· Explain and analyse the nature, underlying concepts and principles of auditing

· Identify, apply and critically analyse the processes and auditing standards used to determine appropriate audit procedures

· Apply an appropriate level of independent thinking and creativity, and critical analytical skills to be able to reach, explain and implement decisions relating to the audit function and critically evaluate selected audit issues (including auditing standards) that relate to different types of accounting transactions.

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Assessment Criteria

Comments

Knowledge Development (30%)

Discussion of the theoretical concepts of risks assessment,

tests of control and substantive procedures and how the

audit planning should be conducted.

Identification of relevant theoretical perspectives.

Application (40%)

Application of theory in literature to the question.

Utilisation of case scenario to support

argument/discussion.

Application of critical thinking in the argument/discussion.

Presentation (30%)

Presentation of a convincing and effective written

argument/discussion that meets academic standards in

relation to clarity, logical structure, coherence, expression

and technical aspects (grammar, spelling, referencing).

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Auditing and professional practice

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Tutorial Preview …upon xxxxxxxx review xx prior working xxxxx files and xxxxxxxx discussions xxxx xxxxxxxxx of xxx MTI has x broad range xx equipment, xxxxxxx xxxx grinders, xxxxxxxxx cutters and xxxxx presses to xxxxxxxxxxx controlled xxxxxxxxx xxx turning xxxxxxxx some that xxxxxxxxxxxx cost over xxxxxxxx This xxxxxx xxxxx of xxxxxxxxx is tied xxxx the company's xxxxxxxx aided xxxxxx xxx manufacturing xxxxxxxxx system, used xx the four xxxxxx tool xxx xxx personnel xxxxxxxxx and turning xxxxxx suppliers have xxxxxx MTI xxxxxxx xxxxxxxxx operations, xx furnishing sample xxxxxxxxx control programs xxx standard xxxxxxx xxxxxxxxxx and xx providing training xx employees One xx the xxxxxxxxx xxxxxxxxxxxxx sent xxxxxx programs that xxx been infected xxxx a xxxxx xxxxxxxx daughter, xxxxxxxx had to xxxxxxx the servers xxx each xx xxx machines, xxxxx her copy xx an anti-virus xxxxxxxx When xxxxxxxxxx xxx supplier xxx not know xxxx his software xxx infected xxx xxxxxxxxxx profusely xxx four CAD/CAM xxxxxxxxx and printers xxx connected xx xxx company's xxxxx area network xxxxxx which is xxxxxxxxxx by xxxx xxxx the xxxxx of a xxxxxxxx shop conveniently xxxxxxx three xxxxxx xxxx All xxxxxxxx equipment, software xxx supplies are xxxxxxxxx from xx xxxx who xx responsible for xxxxxxxxx and maintaining xxxxxxxxxx upgrading xxxxxxxx xxx maintaining xxxx security profiles xx the network xxxxx is xxx xxxx identification xxx password for xxxxxxxxxx (shared by xxxxxxxx George xxx xxx accounting xxxxxx Each of xxx plant supervisors xxx his xxx xxxxxxxxx and x common password xx used to xxxxxxxx the xxxxxxxxxxx xxxxxx The xxx word processing xxxxx members have xxxxx own xxxxxxxx xxx use xxx common accounting xxxxxxxx when they xxxx to xx xxxx entry x standard routine xxx been set xx to xxxx xx the xxxxxxxxxx systems One xx the accounting xxxxx inserts xxx xx seven xxxx cartridges into xxx system at xxx end xx xxx day xxxxx are labeled xxxx the day xx the xxxxxx xx that xxx company has x full set xx backups xxx xxx week xxxxxxx keeps these xx her office xxxxx are xxxxxxxxxxxx xxxxxxxxxx since xxxxxx the last xxxxxx move, two xxxxx ago, xxx xxxxxxxx disks xxx the accounting xxxxxx were misplaced xxxxxxx Mathra, xxxxxxxx xxxxxxxx daughter, xxx been working xx the business xxx 15 xxxxx xxx started xx a machine xxxxxxxx and has xxxxxxxx several xxxxxxx xxxxxxxx in xxxxxxx control and xx accounting over xxx years xxx xx being xxxxxxx to take xxxx the business xx two xxxxx xxx is xxxxxxx herself competent xxxx on the xxxx floor xxx xx administration xxx works along xxxx the tool xxx die xxxxxxxxxx xxx the xxxx supervisors, discussing xxxxxx problems, quality xxxxxxx methods xxx xxxxxxx of xxxxxx for potential xxxxxx Wednesday morning xxxx AM xxxxxxxx xxx held xx Tiffany and xxxxxx to maintain x good xxxxxxx xxxxxxxxxxxx with xxx supervisors (one xxxxxxxxxxx three production, xxx design, xxx xxxxxxx control) xxx to review xxx problems that xxxx to xx xxxxxxxxx in xxx coming week xxxx includes any xxxxxxxxx scheduling xxxxxxx xxxxxxxx due xx "rush" jobs xxxx have been xxxxxxxx or xxx xxxxx quoted xxxx good working xxxxxxxxxxxx is extremely xxxxxxxxx for xxxxxxxxxx xxxx of xxx company's larger xxxxxxxxx MTI has xxxx for xxxxxxxx xxxxxxxxx for xxxx of the xxxxxxxxxxxx so that xxxx have xxxxx xxxxxxxxxxx microcomputers xx home If x rush job xxxxxxxx weekend xxxxx xxxx these xxxxxx personnel 2 xxx work at xxxx to xxx xxx necessary xxxxxxx or design xxxx completed Since xxx "at xxxxx xxxxxxx are xxxxxxxxx with the xxxxxx systems (Mr xxx simply xxxxxx…
Attachments
244109_MS_1_244109-16823-1-TM-TM-MF-TTs280115-112129-4--1-.docx (25.3 KB)
Preview: l xxxx (PCAOB, xxxxx Journal entries: xxx management always xxxx the xxxxxxx xx manipulating xxxxxx by tweaking xxx journal entries xxxxx the xxxxxxxx xxxxxxxx them xxxx is seen xx most of xxx cases xxx xxxx the xxxxxxxx are at xxxxxxx risks while xxxxxxxxxxxx their xxxxx xxxxxx These xxxxx can make xxx areas vulnerable xxxxx reporting xxx xxxxxxxxx statements xx the entity xxx auditors always xxxx these xxxxxxx xxxxxxx and xxxxxxxx the situation xx be materially xxxx from xxxxxx xxxxxx they xxxxxx be careful xxxx the journal xxxxxxx Accounting xxxxxxxxxx xxxxxxxxxx financial xxxxxxxxx is always xxx result of xxxxxxxxxxxxxxxxxxx intention xx xxxxxxxxxxxx of xxxxxxxxx reporting through xxxxxxxxxx estimates An xxxxxxxxxx estimate xxx xxxxxxxx change xxx financial reporting xxx example when xxx management xxxxxxx xxx accounting xx inventory, it xxxx largely play x role xx xxxxxxxx the xxxxxxx and taxation xxxxxxx Many a xxxxx the xxxxxxxxxx xx inflate xxxxxxx tweak the xxxxxxxxxx estimates to xxxx a xxxx xxxxxxx of xxx organization and xxxx fool the xxxxxxxxx The xxxxxxxx xx times xxxx to understand xxxx estimates and xxxx pose xxxxxxxxxx xx greater xxxxx The accounting xxxxxxxxx should be xxxxxxxxx with x xxxxxxx degree xx intervention and xxxx Other than xxxxx there xxx xxxxxxxxxx procedures, xxxxxxxxxxxx process and xxxxxx of interim xxxxxxxxx information xxxxx xxx auditors xxx seen to xxxxxxxx such process xxx continue xxxx xxxxx audits xx the modern xxxxxxxx of business xxxxx the xxxxxxxx xx moving xxxxxx and lot xx cross border xxxxxxxxxxx are xxxxxx xxxxxx the xxxxxxxx should place xxxxxxxx on such xxxxxxx to xxx xxx audit xxxx conclusive and xxxxxxxxxx of their xxxxxxxxx The xxxxxxxx xx their xxxxxxx of audit xxxxxx should be xxxx professional xxx xxxxxxxx so xxxx the auditors xxx state what xxxx are xxxx xxx CITATION xxxxx l 1033 xxxxxxx 2007) AccountAssessment xx RiskSubstantive xxxxx xxxxxxxxx (test xx detail)Accounts ReceivableThe xxxxxxxxxx of risks xxxxx that xxxxxxxx xxxxxxxxxx has xxxxxxxxx over the xxxx whereas the xxxxxxxx of xxx xxxx is xxxxxxxxxx with the xxxxxxxxxxx turnover decreasing xx wellThe xxxxxxxxxxx xxxxx procedure xxxxxxxx for this xx the trend xxxxxxxx and xxxxx xxxxxxxx which xxxxx that the xxxxx of the xxxxxxxx receivable xxx xxxxxxxxxx with xxx turnover decreasing xxxxx year This xxxxx that xxx xxxx is xxx realized from xxx sales and xxx booking xx xxxxx could xx possible as xxxx realization is xxxxxxxxxx InvestmentsThe xxxxxxxxxx xx risks xxxxx that there xx a possibility xx current xxxxxxxxxxx xxxxx bogus xx the impairment xx costs is xxxx in xxx xxxxxx year xxx the impairment xxx of heavy xxxxxx as xxxxxxx xxxxxxxxxxx audit xxxxxxxxx selected for xxxx is the xxxxxxxx of xxx xxxxxx accounts xxxx the relevant xxxxxxx investments which xxxxx that xxx xxxxxxx year xxxxxxxxxx is not xxxx and the xxxxxxx year xxxxxxxxxx xxxxx into xxxxxxx a heavy xxxxxxxxx which has xxxxxx the xxxxxxxxxxxxxxxxxxx xxxxxxxx.....
244109_16823_1_TM_C_TTs280115-112129-4.docx (23.52 KB)
Preview: The xxxxxxxxx of xxxx type of xxxxxxxx is that xxx auditor xxxxxxxxx xxxx the xxxxxxxxxx are not xxxx from material xxxxxxxxxxxx and xxxx xxxxxxx is xxxxxx to obtain xxxxxxx evidences and xxxxxxxxxxx pertaining xx xxx audit xx comment on xxx true and xxxx view xx xxx organization xxxx a modification xx required in xxx audit xxxxxxxxxxxxx xxxxx the xxxxxxx is not xxxxxxxxx with the xxxx of xxxxxxxxx xx is xxxxxx and is xxx contended with xxx management’s xxxx xx the xxxxx CITATION IFA114 x 1033 (IFAC xxxx 2011) xxxxxxxx xxxxxx – xxxxxxxx of Matter xxxxxxxxxx and Other xxxxxx Paragraphs xx xxx Independent xxxxxxxx ReportThe nature xx ISA 706 xx that xx xxxxx the xxxxxxxxxxxxx attention namely xxx stakeholder’s attention xxxxxxx the xxxxxxx xxxxxxxxx or xxxxxxxxx in the xxxxxxxxx statements separately xx that xxx xxxxx of xxxx reports are xxxxx of the xxxxx disclosed xx xxxx paragraphs xxxx a matter xxxxxxxxx and the xxxxxxxx are xxxx xxx the xxxxx as the xxxxxxxxxx information is xxxxxx good xxx xxxxx knowledge xxx awareness These xxxxxxx are generally xxxxxxxxxxx due xx xxxxx materially xxxxx being high xxx thus they xxxx a xxxxxxxx xxxxxxxxx from xxx general matters xxxxxx in the xxxxxxxxxxxxxxxx report xxx xxxxxxxx need xx be very xxxxxxxx while placing xxxx matter xxxxxxxxxx xx they xxx at their xxxx discretion CITATION xxxxxx l xxxx xxxxx ORG, xxxxx Briefly explain xxx nature and xxxxxx of xxxxx xxxxxxxxxxxxxxxx B xx Marks)In January xx 2007 the xxxxxx Company xxxxxxxxxx xxxxxxxxx Board xxxxxxx felt it xxxxxxxxx to issue x 14 xxxx xxxxxx commenting xx over 20 xxxxxxxxxxxx it had xxxxxxxx in xxx xxx auditors xxxx addressing their xxxxxxxxxxxxxxxx with respect xx fraud xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx of xxxxx Standards Relating xx Auditors’ Responsibilities xxxx Respect xx xxxxx pcaobus xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx pdfIdentify ten xxxxxxxxxxxxxxx PCAOB report xxxxx consisted xx xx page xxxxxx on the xx shortcomings in xxx way xxxxxxxx xxxx addressing xxxxx responsibilities and xxx of those xx shortcomings, xxx xx of xxxx shortcomings are xx followsAuditors overall xxxxxxxx to xxx xxxxxxxxx of xxxxxxxxx Fraud: The xxxxx inspection team xxxxx that xxxxxxxx xxxxx auditing xxx company and xxxxxxxx fraud, they xxxxxx check xxx xxxxx that xxx given in xxx standard and xxxx out xx xxxx other xxxxxxx The auditors xxxxx miss out xx the xxxxxxxxxx xxxxxxxxx that xxx required as xxx the PCAOB xxxxxxxxxxxx Even xxxx xxxxx are xxxxxxxx engagement parties, xxx lack of xxxx information xxxxx xx difficult xxx the senior xxxxx members of xxx audit xxxx xx supervise xxx overall check xx the company xxxxxxxxxxxxx sessions xxx xxxxx related xxxxxxxxxx It is xxxxx seen that xxx auditors xxxxxxxx xxxx not xxxxxxx the initial xxxxxxxx and what xx term xx xx brainstorming xxxxxxxx The auditor xxxxxx out on xxx important xxxxxx xx planning xxx this affects x.....
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