Smackey Dog Food Answers

1. Proper planning and supervision 2. Understanding of the entity 3. Sufficient prehend evidence 1. Statements disposed(p) in accordance with generally accepted accounting principles 2. Circumstances when GAAP not followed 3. adequacy of disclosures 4. Expression of opinion on financial statements Types of Audit Evidence 1. sensual examination 2. Confirmation 3. support 4. Analytical procedures 5. Inquiries of the customer 6. Recalculation 7. Reperformance 8.

Observation Analytical Procedures ? Understand the clients application and business ? Assess the entitys ind ex to continue as a going concern ? record the presence of possible misstatements in the financial statements ? undertake particular audit tests fashion models of put on the line Factors for misappropriation of Assets ? on that point is an unequal to(predicate) indwelling control everywhere Assets ? treat for the need to monitor or reduce risk of misappropriating assets exists There is a disregard for internal controls Example Elements for a order of Conduct Privacy and confidentiality Specific Fraud Risk Areas revenue and accounts receivable fraud risks Inventory fraud risks Misappropriation of assets occurs both because of in suitable internal controls or a assault of breathing controls. The best way to prevent larceny of assets is by adequate internal controls the function effectively. http://www.scribd.com/doc/4622837/Auditing drug-addicted opinion or disclaimer of opinion on internal control over f inancial reporting. Fraud triangle: ! 1. Incentives/pressures 2. Opportunities-there is lean segregation of duties that allows the various(prenominal) to handle cash usefulness and associate accounting records 3. Attitudes/rationalization-management has forgotten the inadequate separation of duties that allows the potential theft of cash receipts The auditor should determine the materiality of the lawsuit by requesting from attorneys an assessment of the legal...If you want to get a full essay, suppose it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay