Refer to the Professional Judgment in Context feature How to Account for Virtual Sales at Zynga. Answer
Question:
a. What are the inherent risks associated with the revenue transactions at Zynga?
b. What are management's incentives to misstate revenue transactions?
c. What controls should Zynga management have in place to mitigate the risks associated with revenue transactions?
d. How might auditors use preliminary analytical procedures to identify any potential concerns with Zynga's revenue?
e. What is sufficient appropriate evidence when auditing Zynga's revenue transactions?
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Step by Step Answer:
a Revenue is an inherently risky account as the transactions making up the account can be quite complex and subject to client judgment In the case of ...View the full answer
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Related Book For 
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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