Non Profit Organizations (processing risk and cost-benefit analysis)

I need help getting started with a response to this question: Do you think some Non profit organizations are unable to process the elements of risk and cost benefit analysis of controls because they are Non profit organizations?

Audit Findings: what are good criteria, and what should be shared with client

1. What are good criteria? 2. When should findings be shared with client? 3. When should you escalate findings beyond client?

Internal Auditor relationship to senior management: conflict resolution

1. What is the correct relationship for internal audit to senior management? 2. How should conflict be managed? Is conflict inevitable? 3. What should the Audit Committee of the Board of Director do to ensure auditor independence?

Audit Committee of Board of Directors: how to ensure auditor independence

4. What should the Audit Committee of the Board of Director do to ensure auditor independence?

16-29 Computer-assisted substantive tests for inventory

See attached file. 16-29 (Computer-assisted substantive tests for inventory) An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor keeps its inventory in its own distribution center and two public wareho ...continues

Computer-assisted substantive tests for inventory audit

Just need some assistance getting my mind wrapped around this problem... 16-29 (Computer-assisted substantive tests for inventory) An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor keeps its inventor ...continues

Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle?

Please answer the attached questions. Thanks! :) 1. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle? a. sales b. sales returns and allowances c. inventory d. accounts receivable e. accounts payable 2. The audit objective, “The accounts rec ...continues

Audit: Sampling methods when testing authorization of cash over disbursements

When performing tests of controls over authorization of cash disbursements, which of the following sampling methods would be most appropriate? Monetary unit, attributes, variables and probability-proportional-to-size. Explain your answer

Audit: Test of internal controls is intended to provide a basis as to whether?

Samples to test internal controls are intended to provide a basis for an auditor to conclude whether A. The controls are operating effectively. B. The financial statements are materially misstated. C. The risk of incorrect acceptance is too high. D. Materiality for planning purposes is at a sufficiently low lev ...continues

Audit: Tolerable Misstatement for a substantive test of details

When planning a sample for a substantive test of details, an auditor should consider the tolerable misstatement for the sample. This consideration should A. Be related to the auditor’s business risk. B. Not be adjusted for qualitative factors. C. Be related to preliminary judgments about materiality levels. D. ...continues