Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi! Kindly help me with answering these questions on Alphabet Inc. This an accounting/Auditing related assignment Obtain outside information about the company and its industry.

Hi! Kindly help me with answering these questions on Alphabet Inc. This an accounting/Auditing related assignment

Obtain outside information about the company and its industry. Answer the following questions:

What are the key economic factors about the industry?

Where is the company in its life cycle?

What are the five or six most important factors for success in this business?

How does this company stand with respect to these factors?

Describe four or five key business risks related to the client's business and industry.

What notable accounting considerations are there for companies in this industry?

What legal or regulatory matters are of concern?

What social matters are of concern?

Analyze the company's financial strength:

Assess the financial strength of the company.

How is the financial strength likely to change in the next year or so?

What are its sources of capital and what is the value of the company's capital?

How have capital markets responded to the company in the last year?

What is the quality of earnings?

How does the company compare with others in the industry?

Prepare a broad audit plan:

What material types of transactions and transaction cycles are involved?

What are the high-risk areas?

What are the low-risk areas?

If management faced tremendous pressure regarding the entity's financial performance, what opportunities might exist for them to engage in fraudulent financial reporting?

To what extent do you believe it will be appropriate to reduce assessed control risk?

How will the audit effort be allocated among geographical areas?

Will any areas of the audit require outside expertise?

Will there be reliance on an internal auditor(s)? If so, why? If not, why not?

What form of auditor's report do you expect will be issued? What does it mean?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago

Question

Compute the derivative f(x)=(x-a)(x-b)

Answered: 1 week ago

Question

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago