In addition to the data shown in Exhibit 1 and Exhibit 2, what other financial information would you have obtained if you had been responsible for planning the 1991 Leslie Fayaudit?
Answer to relevant QuestionsList nonfinancial variables or factors regarding a client’s industry that auditors should consider when planning an audit. For each of these items, briefly describe their audit implications.What are the primary objectives an audit team hopes to accomplish by preparing a proper set of audit work-papers?Professional standards require auditors to consider a client’s “control environment.” Define control environment. What weaknesses, if any, were evident in Lincoln’s control environment?The retail consumer electronics industry was undergoing rapid and dramatic changes during the 1980s. Discuss how changes in an audit client’s industry should affect audit planning decisions. Relate this discussion to Crazy ...What procedures, if any, do professional standards require auditors to perform when reviewing—prior to the completion of the audit—a client’s post-year-end earnings press release?
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