Auditing standards don’t specifically discuss the audit procedures that should be applied to a client’s pension-related financial statement amounts. Identify five audit procedures that would be relevant to those items. For each audit procedure that you list, identify the related audit objective.
Answer to relevant QuestionsUnder what general circumstances should auditors retain outside experts to assist them in completing an audit? How could an expert be useful in auditing a client’s pension-related financial statement items?Identify specific fraud risk factors present during PwC’s audits of the Lipper hedge funds. Explain how PwC should have responded to the fraud risk factors that you identified.When auditing contingent liabilities, which of the management assertions discussed in professional auditing standards are of primary concern to an auditor? Explain.Identify the primary audit risk factors that were evident within Powder River’s operations. Briefly explain the significance of each.What is the nature and purpose of a “letter of representations”? Comment on the quality or strength of the audit evidence yielded by a letter of representations.
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