M7 Discussion Topic

At the beginning of the module there will be always a question you use as to start the discussion, then your professor will be adding at least three times each week new discussion question to expand your knowledge. Also you may contribute new question to ignite the discussion for better learning.

* Very often, an organization contracts auditors for services other than the traditional audit. Examples include the compilation, review and agreed upon procedure engagements. These other procedures do not provide the same assurance to statement users as does the audit. In many cases, this reduced assurance is not known or understoodto investors until an issue results and litigation commences. Use the internet and find an article that discusses a case where there was a failure, and there was discussion as to thesoundness of procedures other than a traditional audit. What was the outcome, and what are the circumstances?

* Many CPA firms now confirm bank balances electronically using a third-party intermediary. Do you believe this improves the confirmation process.

* Why attorneys are reluctant to provide auditors with unlimited statements about contingencies