Question: The audit plan for the audit of Keystone Computers
The audit plan for the audit of Keystone Computers & Networks, Inc., appears on pages 235–242. Review each major section of the audit plan and briefly describe the purpose and content of the section. Organize your solution in the followingmanner:
Answer to relevant QuestionsIn the audit plan for the audit of Keystone Computers & Networks, Inc., on page 241 there is a section on significant risks. For each of the risks, identify the implications and potential responses.One basic concept of internal control is that no one employee should handle all aspects of a transaction. Assuming that a general category of transactions has been authorized by top management, how many employees (or ...List the five stages of the auditors’ overall approach in an audit of internal control performed in accordance with PCAOB requirements.Assume that you are auditing the financial statements of Wexler, Inc. As you are reviewing the work on internal control, you become concerned about the adequacy of documentation. Describe the required documentation of ...Answer the following questions relating to tests of controls and control risk.a. Tests of controls do not address:(1) How controls were applied.(2) How controls were originated.(3) The consistency with which controls were ...
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