(a) Provide a brief introduction of the company. (b) Identify two significant inherent risks and two...
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(a) Provide a brief introduction of the company. (b) Identify two significant inherent risks and two significant control risks at the financial statement level. Reasonable assumptions may be made. (c) Suggest ways to improve the company's internal controls to mitigate the consequences of the two identified control risks. (d) Provide an explanation of the Key Audit Matter (KAM) outlined in the Appendix. Discuss the significance of this matter to the financial statements, addressing whether it involves a high level of judgment and if there is a high risk of material misstatement. (e) Utilize audit techniques such as risk assessment procedures, tests of controls, and substantive procedures to illustrate the audit process for the account mentioned in the Appendix. Employ hypothetical examples, cases, or scenarios, and use imaginary figures and client documents where necessary for illustrative purposes. (a) Provide a brief introduction of the company. (b) Identify two significant inherent risks and two significant control risks at the financial statement level. Reasonable assumptions may be made. (c) Suggest ways to improve the company's internal controls to mitigate the consequences of the two identified control risks. (d) Provide an explanation of the Key Audit Matter (KAM) outlined in the Appendix. Discuss the significance of this matter to the financial statements, addressing whether it involves a high level of judgment and if there is a high risk of material misstatement. (e) Utilize audit techniques such as risk assessment procedures, tests of controls, and substantive procedures to illustrate the audit process for the account mentioned in the Appendix. Employ hypothetical examples, cases, or scenarios, and use imaginary figures and client documents where necessary for illustrative purposes.
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a Health Scan Inc is a medical equipment company specializing in providing diagnostic imaging solutions They offer a range of services including Xray equipment MRI machines and CT scanners to healthca... View the full answer
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date:
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