• Research the Internet in order to review emerging issues identified by the Public Company Accounting Oversight Board (PCAOB). Be prepared to discuss.
"Audit Objectives" Please respond to the following:
• Evaluate the inherit risk of employee access to funds and other assets, indicating how internal controls can minimize the risk. Explain your rationale.
• Imagine you are the audit partner in charge of the field audit. Make recommendations for verifying that all checks sent by the customers have been appropriately deposited and recorded in the general ledger.
"Transaction Processing" Please respond to the following:
O Access the impact of time lags between realizing and recognizing economic events in the purchase and payroll systems, indicating how any negative effects may be minimized. Provide support for your rationale.
O From the e-Activity, assess the impact of the emerging issues identified by the PCAOB and determine the types of controls that could be implemented to mitigate those identified risks. Support your position.