EBK AUDITING: A RISK BASED-APPROACH
11th Edition
ISBN: 8220106798805
Author: RITTENBERG
Publisher: YUZU
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Chapter 1, Problem 39RQSC
a.
To determine
Concept Introduction: The framework for ethical decision making has been developed by using the utilitarian theory and rights theory. It helps an auditor to overcome the ethical dilemma in an effective manner.
The ethical decision using the framework for ethical decision making.
b.
To determine
Concept Introduction: The framework for ethical decision making has been developed by using the utilitarian theory and rights theory. It helps an auditor to overcome the ethical dilemma in an effective manner.
The right course of action to be taken.
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A staff auditor had just begun work and was assigned to a client that her supervisor, a senior auditor, had worked for many years. Her supervisor assigned her to this client and sent an email welcoming her to the client and providing details and files regarding the client. Among the information included in the email was the client's general ledger, her expected work hours during the busy season, and her assigned audit sections. The supervisors of the new staff auditor requested a meeting to get her acquainted with the position and answer any questions she may have.
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You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the year ended 31 December 20X7. During your initial planning meeting held with the financial controller, he told you of the following changes in the company’s operations.
(i)Due to the financial controller’s workload, the company has employed a treasurer. The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
(ii)Sampson has planned to close an inefficient factory in country New South Wales before the end of 20X7. It is expected that the redeployment and disposal of the factory’s assets will not be completed until the end of the following year. However, the financial controller is confident that he will be able to determine reasonably accurate closure provisions.
(iii)To help achieve the budgeted sales for the…
You are an audit assistant within the internal audit department of Crofty, a company that manufactures household cleaning products and solutions. The company is rapidly expanding and currently employs over 2,000 staff. Turnover has increased by about 20% for the last three years, due mainly to the aggressive sales strategy employed by the sales manager. Turnover for the year ended 31 December 2020 was £100 million and profit was also high. The Crofty board of directors approved the creation of an internal audit at the beginning of 2020, to assist with the control of the company and also prepare for a possible listing on the stock exchange in 2022. The internal auditors currently report to the finance director. The CEO is keen to see the company comply with principles of good corporate governance and has requested your help with ensuring the company complies in full.
Required:
(a) Explain the reasons why internal auditors should or should not report their findings on internal control to…
Chapter 1 Solutions
EBK AUDITING: A RISK BASED-APPROACH
Ch. 1 - Prob. 1CYBKCh. 1 - Prob. 2CYBKCh. 1 - Prob. 3CYBKCh. 1 - Prob. 4CYBKCh. 1 - Prob. 5CYBKCh. 1 - Prob. 6CYBKCh. 1 - Prob. 7CYBKCh. 1 - Prob. 8CYBKCh. 1 - Prob. 9CYBKCh. 1 - Prob. 10CYBK
Ch. 1 - Prob. 11CYBKCh. 1 - Prob. 12CYBKCh. 1 - Utilitarian theory holds that what is ethical is...Ch. 1 - Prob. 14CYBKCh. 1 - Which of the following statements related to...Ch. 1 - Utilitarianism does not require which of the...Ch. 1 - Prob. 17CYBKCh. 1 - Prob. 18CYBKCh. 1 - Prob. 19CYBKCh. 1 - Which of the following factors is not an example...Ch. 1 - Prob. 1RQSCCh. 1 - Prob. 2RQSCCh. 1 - Prob. 3RQSCCh. 1 - Prob. 4RQSCCh. 1 - Prob. 5RQSCCh. 1 - Prob. 6RQSCCh. 1 - Prob. 7RQSCCh. 1 - Prob. 8RQSCCh. 1 - Prob. 9RQSCCh. 1 - Prob. 10RQSCCh. 1 - Prob. 11RQSCCh. 1 - Prob. 12RQSCCh. 1 - Prob. 13RQSCCh. 1 - Prob. 14RQSCCh. 1 - Prob. 15RQSCCh. 1 - Prob. 16RQSCCh. 1 - Prob. 17RQSCCh. 1 - Prob. 18RQSCCh. 1 - Prob. 19RQSCCh. 1 - Prob. 20RQSCCh. 1 - Prob. 21RQSCCh. 1 - Prob. 22RQSCCh. 1 - Prob. 23RQSCCh. 1 - Prob. 24RQSCCh. 1 - Prob. 25RQSCCh. 1 - Prob. 26RQSCCh. 1 - Prob. 27RQSCCh. 1 - Prob. 28RQSCCh. 1 - Prob. 29RQSCCh. 1 - Prob. 30RQSCCh. 1 - Prob. 31RQSCCh. 1 - Refer to the Why It Matters feature “What Is...Ch. 1 - Prob. 33RQSCCh. 1 - Prob. 34RQSCCh. 1 - Prob. 35RQSCCh. 1 - Prob. 36RQSCCh. 1 - Prob. 37RQSCCh. 1 - As the auditor for XYZ Company, you discover that...Ch. 1 - Prob. 39RQSCCh. 1 - Prob. 40RQSCCh. 1 - Prob. 41RQSCCh. 1 - Prob. 42RQSCCh. 1 - Prob. 43FFCh. 1 - Prob. 44FFCh. 1 - Prob. 45FFCh. 1 - Prob. 46FF
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