Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 15, Problem 17RQSC
a.
To determine
Introduction:On site inspection, examination and verification of a process or quality system in order to ensure that all the compliance are being followed is termed as auditing. The process includes the auditing of the financial statements of the company to ensure that the statements are accurate and fairly represented.
To state:The influence of auditor’s substantial doubt about client’s ability to remain going concern will have on the format of audit.
b.
To determine
Introduction:On site inspection, examination and verification of a process or quality system in order to ensure that all the compliance are being followed is termed as auditing. The process includes the auditing of the financial statements of the company to ensure that the statements are accurate and fairly represented.
To state: The implications that the audit firm and the company will face if the audit report containsabout the substantial doubt about the company’s ability to remain as a going concern.
c.
To determine
Introduction: On site inspection, examination and verification of a process or quality system in order to ensure that all the compliance are being followed is termed as auditing. The process includes the auditing of the financial statements of the company to ensure that the statements are accurate and fairly represented.
To state:The conditions that lead to the auditors of XLL group and ML to issue different opinions.
d.
To determine
Introduction: On site inspection, examination and verification of a process or quality system in order to ensure that all the compliance are being followed is termed as auditing. The process includes the auditing of the financial statements of the company to ensure that the statements are accurate and fairly represented.
To state:The role of professional skepticism that keeps an auditor from issuing an opinion on going concern.
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Washington Mutual, was a US Bank which went bankrupt at the end of 2008 due to a number of risk management issues. Read the case noted in the link below and answer the following questions:
https://www.thebalancemoney.com/washington-mutual-how-wamu-went-bankrupt-3305620
a. Discuss in a paragraph format the importance of an internal risk assessment and auditing process in relation to this case.
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Chapter 15 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
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