Auditing A Practical Approach 3rd Edition Robyn Moroney, Fiona Campbell, Jane Hamilton - Solutions

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Why does the auditor update the interim evaluation of controls at year end?
Explain the different techniques used to document internal controls.
When would it be more appropriate to use a flowchart instead of a narrative to document internal controls?
Name the four different techniques for testing controls.
What does the auditor do when they identify control exceptions?
Why does the auditor consider the entity’s overall control environment when performing controls testing?
Why does the auditor always investigate control exceptions?
What level of detail does the auditor need to include in the audit working papers when documenting the results of their controls testing?
Which auditing standard sets the minimum level of documentation required in the working papers stored in the audit files?
What is the impact on the extent of required substantive testing if inherent risk is high and no assurance has been obtained from controls testing
Why is it important to identify both the strengths and weaknesses in a system of internal controls?
Does the auditor provide feedback on strengths in internal controls or just; weaknesses? Explain.
What obligations does the auditor have regarding communicating strengths or weaknesses in internal controls?
Do we always communicate weaknesses in internal controls to those charged with governance? Explain your answer.
Can the content ordinarily included in a management letter be delivered verbally to those charged with governance? Explain your answer.
Why is it preferred that most communications with those charged with governance be done in writing?
What are two examples of assurance providers?
What might an assurance provider express a conclusion about?
What is an accountability relationship?
Who are the main users of company financial statements?
Why might financial statement users demand an audit?
What are the three most common theories used to explain the origins of the demand for audit and assurance services?
What are the three elements of an operational audit?
What is the objective of a financial statement audit?
What are the most common tasks of the internal audit function?
What are the main differences between reasonable and moderate assurance engagements?
What is the level of assurance required for an annual financial statement for a reporting issuer?
What does negative assurance mean?
What are the different types of unmodified audit opinions?
What are the different types of modified audit opinions?
What type of audit opinion is unmodified and modified?
A financial statement must be relevant and reliable. What do these terms mean in this context?
What three characteristics should an auditor have when conducting an audit?
What are non-audit services?
Name the three professional accounting bodies that joined CPA Canada.
What is the AASB and what is its role?
What are the main functions of the CSA?
Define the audit expectation gap.
What has caused the audit expectation gap?
What can be done to reduce the audit expectation gap?
What does it mean to act in the public interest?
List and explain the five fundamental ethical principles in the code of professional conduct for professional accounting bodies.
What are the rules with respect to fees?
What are the three ways an auditor can become associated with financial information?
Why is auditor independence so important?
What are some examples of circumstances that may cause a familiarity threat?
What is the difference between a non-executive and an independent director?
Why is it important that an audit committee be independent?
Why might an external auditor want to use the work of the internal audit function?
What are the two ways a client can establish the duty of care?
What is contributory negligence?
What must be established under tort law to prove that an auditor has been negligent?
What will an auditor consider in assessing the integrity of a client’s management, board, and other personnel?
What are the key components of an engagement letter?
Why must an auditor seek a client’s permission before communicating with its prior auditor or any other relevant third party?
What are the three main stages of the audit?
List three factors that affect an auditor's preliminary risk identification.
What are related parties?
What is the purpose of gaining an understanding of a client?
What will an auditor consider if their client is an importer or exporter?
What does a client risk if it operates in an industry subject to changing trends?
Define related parties.
How do related parties impact risk? Why?
What are three procedures the auditor should perform regarding related parties?
What are the responsibilities of the client and the auditor when it comes to fraud?
List four incentives and pressures that increase the risk of fraud.
What is management override and what procedures should the auditor perform to address it?
List three factors that indicate that the going concern assumption may be at risk.
List three factors that mitigate the risk that the going concern assumption may be in doubt.
What is corporate governance?
Why is the auditor concerned with an entity’s corporate governance?
List three guidelines that should be included in a board of directors’ mandate.
What are some of the risks associated with the purchase of a new IT system?
What are two common sources of new computer programs?
What are application controls?
Explain how an auditor can assess the risk associated with their client’s closing procedures.
Outline how an auditor can assess the adequacy of their client’s closing procedures.
What is the particular risk when an auditor believes that their client is under pressure to report strong results?
What are the three components of audit risk?
What is the relationship between audit risk and detection risk?
What are four factors that affect inherent risk?
What is qualitative materiality?
What is quantitative materiality?
What is the most appropriate materiality base for a for-profit entity? Why?
What is the purpose of developing an overall audit strategy?
What is a substantive audit Strategy and when might an auditor adopt this approach?
To whom will an auditor report uncovered deficiencies in a client’s system of internal controls?
What is a PE ratio?
Explain how internal performance reports may be used.
What is a debt covenant?
Why are liquidity ratios calculated?
Define the gross profit ratio and explain what it indicates.
What is a trend analysis and why might an auditor use this form of analysis?
Find a copy of a recent audit report and a review report for an Australian company listed on the ASX.Required(a) Explain the relevance of the paragraphs ‘Directors’ responsibility for the financial report’ and ‘Auditor’s responsibility’ in the audit report to the audit expectation
Morne Enterprises Ltd has experienced sustained growth in recent years under the leadership of the last two CEOs, both of whom were promoted from within the business. The company began by making steel, but has now diversified into manufacturing and supplying all types of packaging, including metal,
The Duke Plaza Hotel is located close to the main railway station in a large regional city. Its main client base is business people visiting the city for work-related purposes. Other important groups of clients include groups of (mainly) women visiting the city for its great shopping, and (mainly)
Shane is getting to know his new client Clarrie Potters, a large discount electrical retailer. Ben was the engagement partner on the Clarrie Potters audit for the past five years, but had to rotate off the audit this year. Shane discovers that towards the end of last year Clarrie Potters installed
Pinetree Holdings Ltd (Pinetree) is an importer of kitchen appliances and distributes the goods to retailers around the country. Pinetree has benefited from rising house prices in most capital cities over the past five years which have encouraged homeowners to spend money on kitchen renovations and
What financial information could Clarke Partners use to understand its new client, Dolphin? Explain how it would be useful.Dolphin Surf & Leisure Holidays Pty Ltd (Dolphin) is a resort company based on the Great Barrier Reef. Its operations include boating, surfing, diving and other leisure
(a) Identify and explain any significant fraud risk factors for Dolphin.(b) For each fraud risk factor you identify in (a), explain how the risk will affect the approach to the audit of Dolphin.Dolphin Surf & Leisure Holidays Pty Ltd (Dolphin) is a resort company based on the Great Barrier Reef.

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Auditing A Practical Approach 3rd Edition Robyn Moroney, Fiona Campbell, Jane Hamilton - Solutions

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