Briefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit work-papers. Which party “owns” audit work-papers: the client or the audit firm?
Answer to relevant QuestionsIdentify five recommendations made to strengthen the independent audit function following the Enron scandal. For each of these recommendations, indicate why you support or do not support the given measure. Also indicate ...Do auditors have a responsibility to determine whether important transactions of a client are “accounting-motivated”? Defend your answer.Just for Feet operated large, high-volume retail stores. Identify internal control risks common to such businesses. How should these risks affect the audit planning decisions for such a client?Should the results of inconclusive audit tests be included in audit work-papers? Defend your answer.Identify and briefly describe the specific fraud risk factors present during the 2000 Next-Card audit. How should these factors have affected the planning and execution of that engagement?
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