Audit: A standard unqualified audit report has seven parts. Identify and discuss the parts. For the 3 situations at CSSC, give the appropriate wording for the opinion.

AICPA professional standards provide uniform wording for the standard unqualified audit report. For each of the seven parts: List the specific report parts. Identify the contents of each part. Determine if a qualified opinion, adverse opinion, or a disclaimer of opinion would be issued for each of the above occurrences ...continues

Audit Program: What are some characteristics of a good audit program?

What are some characteristics of a good audit program?

Auditing: CSSC wants an unqualified audit report. What steps can be taken by CSSC to address any concerns?

CSSC wants to be ensured that the audit report for year-end 2005 is a standard unqualified audit report. Management has requested that you create a presentation about how to obtain an unqualified audit report. Include the following details: What are the circumstances that could prevent the external auditors from providing an ...continues

Auditing: CSSC six-step approach for ethical delimmas

Business people facing ethical dilemmas are not uncommon; however, how one chooses to resolve the situation is critical. At CSSC, a six-step approach has been used very successfully. They are these: Obtain the relevant facts. Identify the ethical issues form the facts. Determine who is affected by the outcome of the dilem ...continues

Inventory Audit: what personnel and what questions about lack of controls

What personnel should be interviewed for an inventory audit? What questions can be asked if there's a substantial lack of controls?

Application of Ethical Framework: XYZ Co disclosure of non-transaction

As the auditor for XYZ Company, you discover that a material sale (500,000 sale, cost of goods of 300,000) was made to a customer this year. Due to poor internal accounting controls, the sale was never recorded. Your client makes a management decision not to bill the customer because such a long time has passed since the shipm ...continues

What controls are available for Raw Materials such as sand, dirt, rock

What controls are available for businesses that have mounds of raw material--like sand, dirt, and rock?

Audit: discussion of independence, Sarbanes-Oxley (SOX), compliance, legal remedies

Is true auditor independence possible? What kinds of actions, if any, do we take in our organizations to achieve a functional level of auditor independence? Is compliance with Sarbanes-Oxley enough? Or, does SOX go overboard in requiring needless procedures and costs? Would we be better to require less auditing and l ...continues

Fraud in Non-Profits organization

Is fraud committed in nonprofits organizations and church orgs? Are there any examples from the web?

Audit Findings: Response by management for exposing crime or contract violation

Is management more inclined to take audit findings seriously if it exposes a crime or contract violation? If not, why wouldn't they be?