Describe the purpose of the predecessor-successor auditor communications? What information should be communicated between the predecessor and
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- Describe the purpose of the predecessor-successor auditor communications? What information should be communicated between the predecessor and the successor? Who has the responsibility to contact whom? Did E&W property disclose information to Price Waterhouse?
- Ernst & Whinney performed a "review" for ZZZZ Best. What steps or procedures are used when doing "reviewed" financials for a company? How does it differ from an audit? How are reviewed financials and audited financials different when considering level of assurance to the users of financial statements?
- What is an engagement letter? What types of things are included in the engagement letter?
- Many students would argue that signing the confidential agreement restricted E&W from getting proper evidence. Thus; their scope was restricted. Create a valid reason why E&W would sign this agreement? If clients-impose restrictions so the scope of the audit is really restricted what type of opinion would you issue in this situation and why?
- What are analytical procedures? How would they have helped in this audit?
- When auditing accounts receivables there are a few procedures to verify that the a/r is valid and collectable. One acceptable test is to look to see if the a/r was paid after year end. This is normally reliable evidence. Why was it not in this situation?
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