Auditing and Assurence Services Chapter 2 Solutions

Auditor, an instructional novella written by James K. Loebbecke, tells the story of Jack Butler, a man from the San Francisco Bay area, who goes to college, majors in accounting, and goes to work for a large accounting firm referred to as “The Firm.” The story is loosely based upon the real world experiences of the author, and is written to give students a look into the world of public accounting that goes beyond a textbook. The Auditor not only gives students a chance to follow Jack Butler’s journey up the company ladder at The Firm, but also reiterates the relative importance of conventional lessons learned in school.

* From the e-Activity, choose one (1) of the eight (8) steps in the Clarified Auditing Standards–Learning and Implementation Plan. Based on the step you have chosen, analyze support for the action plan proposed, and make at least two (2) recommendations that would improve support of the action plan.

documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.

Computer technology has advanced enough to help auditors find more efficient ways to audit. By using different auditing techniques and utilizing audit productivity software auditors can find errors in a business computer system faster and easier. Using this type of computer technology improves Audit documentation and processes. Computer Assisted Auditing Techniques or CAAT’s can be used to validate data and system integrity by using different types such as testing data, integrated test facility and parallel simulation etc. Also by integrating Audit productivity software such as electronic working papers, groupware, and reference libraries, and document management, an auditor’s personal productivity is

The organisation has established and maintains policies and procedures for information quality assurance and the effective management of

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Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

The aim of this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows:

The Financial Accounting Standards Board goes through an elaborate information gathering process before issuing their standards. Firstly, an issue is identified and placed on the Board 's agenda by the Emerging Issues Task Force. Secondly, a task force of knowledgeable persons is appointed to advise the Board on the issue. Thirdly, the Board 's technical staff investigates the issue. Fourthly, a discussion memorandum on the issue is then written and distributed to interested parties. Fifthly, the

| |Check sales invoices against the sales journal to confirm they have been recorded on the|

The audit risk model has provided a conceptual framework for auditing practice for more than 40 years. Despite practical difficulties in implementation and criticisms of its theoretical foundation, the model has been fairly effective in helping auditors analyze risks and use that analysis to determine the nature, timing, and extent of audit procedures (especially substantive procedures) in audits of financial statements. The audit risk model provides a conceptual framework for the risk assessment standards.

• Directing appropriate attention to the different areas of the audit such as assessing materiality, so that when the detailed audit plan is prepared, audit procedures can be directed towards the material amounts.

| * David should keep a straightforward and honest relationship with MAL. * David integrity will be compromised if these errors are discovered.

Performance standards are a very integral part in the underlying business operations of any firm. Competition, particularly from foreign entities is becoming more intense. As such, standards must be created in order for companies to maintain their competitive advantage over their peers in a particular industry. One only needs to look at the auto industry to see how a lack of standards and oversight can be a detriment to business. Many foreign firms, due to competition have entered into the auto market that was once dominated solely

Standards- extent of work needed, rfelative complexity materiality, effectiveness of governance, probability of significant erros, and