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ACCT 401

Q1. Explain the relationship between audit, attest, and assurance services.

Q2. Assume that you are the new audit senior on the Sameer Drug Corporation (SD) engagement. SD is a pharmaceutical company that has three successful drugs and several drugs in progress in its research and development pipeline. You are considering your audit plan and it is important to identify the inherent risks that SD has and how they relate to the planning process.

Required: For each of the following factors, indicate whether it will tend to increase, decrease, or have no effect on inherent risk, and the reasoning for your answer. a. Dr. Ahmad is the major shareholder of SD and its CEO. b. Your firm has audited SD for the last four years. c. There has been a high turnover of key accounting personnel during the last two years. d. The internal audit function reports to the audit committee.

Q3. Discuss the purposes for planning the audit and identify the steps that are performed during this phase of the engagement.

Q4. Name and describe three supervisory activities that should be performed by the engagement partner and other engagement team members performing supervisory activities.