TCO K) You are the Senior Auditor for WWZ Co. and you have completed the testing of all the accounts. However, prior to issuing your report, what are at least five other procedures or reviews that must be performed prior to issuing your report? Explain your responses (Points :30)

(TCO J) Utilizing the Auditing Through the Computer Approach explain what types of procedures you would perform as an auditor in evaluating an online order processing system. Name a control that could compensate for inadequate segregation of duties in a computer system. (Points : 30)

TCO I) Auditing standards define a confirmation as the process of obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions. What are the two assertions for which confirmation of accounts receivable balances provides primary evidence. Select one of the below options and EXPLAIN your reasons why you selected that option. (a) Completeness and Valuation (b) Valuation and Rights and Obligations. (c) Rights and obligations and existence. (d) Existence and Completeness (Points : 30)

TCO H) Audit Risk consists of inherent risk, control risk, and detection risk. (a) Please completely define each of the above. (b) Indicate whether each of the statements below is true or false and explain your position: (1) The risk that material misstatement will not be prevented or detected on a timely basis by internal controls can be reduced to zero by having effective controls in place. (2) Detection Risk is a function of the efficiency of an auditing procedure. (3) Cash is more susceptible to theft than an inventory of coal because it has greater inherent risk? (4) The Inherent risk of the theft of an inventory of cellphones at a mall store is greater than the misappropriation of cash at a COSTCO Store? (Points : 30)

TCO G) The 1136 Tenants v. Max Rothenberg and Company case (Chapter 5) established the need for an Engagement Letter at the start of an audit. Discuss at least six of the matters that should be specified in an engagement letter. Explain why this upfront Engagement Letter is so important. (Points : 30)