Ebook Auditing and assurance services (15th edition): Part 2
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Ebook Auditing and assurance services (15th edition): Part 2
CHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2irm, and one of his regular duties is to attend the firm's annual training session for newly hired auditors. He loves doing this because it gives him a chance to share his many years of experience with inexperienced people who have bright and receptive minds. He covers several topics formally during Ebook Auditing and assurance services (15th edition): Part 2 the day and then sits around and "shoots the breeze" with participants during the evening hours. Here we listen to what he is saying.Suppose you areEbook Auditing and assurance services (15th edition): Part 2
a retired 72-year-old man. You and your wife, Sarah, live on your retirement fund which you elected to manage yourself, rather than receive income froCHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2retired and got your bundle, you called your broker and discussed with him what you should do with it. He tells you the most important thing is to protect your principal and recommends that you buy bonds. You settle on three issues that your broker and his firm believe are good ones, with solid bala Ebook Auditing and assurance services (15th edition): Part 2nce sheets: (1) an innovative natural gas distribution company, (2) a fast-growing telecom company, and (3) a large national cable company. Now all yoEbook Auditing and assurance services (15th edition): Part 2
u have to do is sit back and collect your interest.LEARNING OBJECTIVESAfter studying this chapter, you should be able to9-1 Apply the concept of materCHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2Use materiality to evaluate audit findings.9-5 Define risk in auditing.9-6 Describe the audit risk model and its components.9-7 Consider the impact of engagement risk on acceptable audit risk.9-8 Consider the impact of several factors on the assessment of inherent risk.9-9 Discuss the relationship o Ebook Auditing and assurance services (15th edition): Part 2f risks to audit evidence.9-10 Discuss how materiality and risk are related and integrated into the audit process.Ah, but the best laid plans of miceEbook Auditing and assurance services (15th edition): Part 2
and men.... First, the natural gas company goes broke, and you can look forward to recovering only a few cents on the dollar over several years. Then,CHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2standing bonds. A recovery plan is initiated, but don't hold your breath. Your best strategy is to apply for a job at McDonald's. They hire older people, don't they?Now what could the auditors of these three entities ever say to you about how they planned and conducted their audits and decided to is Ebook Auditing and assurance services (15th edition): Part 2sue an unqualified opinion that would justify that opinion in your mind? You don't care about business failure versus audit failure, or risk assessmenEbook Auditing and assurance services (15th edition): Part 2
t and reliability of audit evidence, or any of that technical mumbo jumbo. The auditors were supposed to be there for you when you needed them, and thCHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2er doing a tough audit right than it is to justify your judgments and decisions after it's too late. And good luck if you think that a harmed investor will ever see things from your point of view.www.downloadslide.comAccept client and perform initial planning ' I ”, -Understand the client's business Ebook Auditing and assurance services (15th edition): Part 2 and industryIAssess client business riskIPerform preliminary analytical procedures_ ISet materiality and assess acceptable audit risk and inherent riEbook Auditing and assurance services (15th edition): Part 2
sk .........Ỉ J Understand internal control and assess control nskIGather information to assess fraud risksIDevelop overall audit strategy and audit pCHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fi Ebook Auditing and assurance services (15th edition): Part 2ty and risk.• We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.The phras Ebook Auditing and assurance services (15th edition): Part 2e obtain reasonable assurance is intended to inform users that auditors do not guarantee or ensure the fair presentation of the financial statements.Ebook Auditing and assurance services (15th edition): Part 2
Some risk that the financial statements are not fairly stated exists, even when the opinion is unqualified.CHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fiCHAPTERMATERIALITYAND RISKExplain To Me One More Time That You Did A Good Job, But The Company Went BrokeMaxwell Spencer is a senior partner in his fiGọi ngay
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