When performing an integrated audit, auditors should identify significant accounts and disclosures. What makes an account significant? What factors should be considered in deciding whether an account is significant?
Answer to relevant QuestionsProvide an example of a situation in which the design of controls may be effective but those controls do not operate effectively.The CPA firm of Carson & Boggs LLP is performing an internal control audit in accordance with PCAOB Standard No. 5. The partner in charge of the engagement has asked you to explain the process of determining which controls ...Your working papers for an integrated audit being performed under PCAOB Standard No. 5 include the narrative description below of the cash receipts and billing portions of internal control of Slingsdale Building Supplies, ...Comment on the following: “Auditors must decide, based on cost considerations, whether to test the design effectiveness or operating effectiveness of controls.”Can the CPAs report on a nonpublic client's financial statements that omit substantially all disclosures required by generally accepted accounting principles? Explain.
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