Engagement Between the Client and The Auditor
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Engagement Between the Client and The Auditor
For Part 2, please number your answer sheet from 41 to 50 and provide the letter corresponding
to the best answer (eg, 41. A, 42. B, etc.).
- It is common to use a combination of positive and negative confirmations by
sending the latter to accounts with large balances and the former to those with
small balances.
True
False
- The two most important factors when determining the appropriate sample size
in an audit are the auditor’s expectation of misstatements and the objectivity of
the evidence.
True
False
11
- Violations of the existence objective for sales are of greater concern to the
auditor than violations of the completeness objective.
True
False
- An engagement letter establishes a clear understanding of the terms of the
engagement between the client and the auditor, but it is optional for private
companies.
True
False
- Most practitioners allocate the preliminary judgment about materiality to both
the balance sheet and income statement accounts.
True
False
- The auditor’s understanding of internal control performed as part of risk
assessment procedures provide the basis for the auditor’s initial assessment of
control risk.
True
False
- In IT systems, if general controls are effective, it increases the auditor’s ability
to rely on application controls to reduce control risk.
True
False
- An ineffective board of director oversight over financial reporting is an example
of an incentives/pressures risk factor.
True
False
- Control risk is generally set at minimum for most private companies.
True
False
12
- Recording a sale that did not occur violates the occurrence transaction-related
audit objective and the existence balance-related audit objective.
True
False
Part 3: (worth total of 10 points)
For Part 3, please number your answer sheet from 51 to 60 and provide the letter corresponding
to the best answer (eg, 51. A, 52. B, etc.).
Below are 10 audit procedures. Classify each audit procedure using one of the following types
of audit evidence: (A) physical examination, (B) confirmation, (C) documentation, (D)
observation, (E) inquiry of the client, (F) reperformance, (G) recalculation, and (H) analytical
procedure.
Type of
Evidence Audit Procedures
- Review the total of repairs and maintenance for each month to determine
whether any month’s total was unusually large.
- Compare vendor names and amounts on purchases invoices with entries in
the purchases journal.
- Foot entries in the sales journal to determine whether they were correctly
totaled by the client.
- Make a surprise count of petty cash to verify that the amount of the petty
cash fund is intact.
- Obtain a written statement from the client’s bank stating the client’s year-
end balance on deposit.
- Watch client employees count inventory to determine whether company
procedures are being followed.
- Count inventory items and record the amount in the audit files.
- Calculate the ratio of cost of goods sold to sales as a test of overall
reasonableness of gross margin relative to the preceding year.
- Obtain information about the client’s internal controls by asking questions
of client personnel.
- Examine a piece of equipment to make sure a recent purchase of equipment
was actually received and is in operation.
13
Part 4: (worth total of 10 points)
Below are five audit procedures, all of which are tests of transactions associated with the
audit of the sales and collection cycle. Also below are the six general transaction-related
audit objectives and the five management assertions. For each audit procedure, indicate
its audit objective, and (2) the management assertion being tested.
Audit Objectives Assertions
Occurrence V. Occurrence
Completeness W. Completeness
Accuracy X. Accuracy
Posting and summarization Y. Classification
Classification Z. Cutoff
Timing
- Account for the sequence of prenumbered bills of lading and sales invoices.
- Trace from a sample of prelistings of cash receipts to the cash receipts journal,
testing for names, amounts, and dates.
.
.
- Examine customer order forms for credit approval by the credit manager.
.
.
- Vouch recorded sales from the sales journal to the file of bills of lading.
.
.
- Compare dates on the bill of lading, sales invoices, and sales journal to test for
delays in recording sales transactions.
.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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