You are an auditor with Gooch Brown CPA LLP, a local accounting firm specializing in audits of information systems and financial statement Your 1040Return com engaged your firm to perform its financial statement audit You have been asked by the partner to perform the following task Describe to Steven Chicago why it is important for your firm to have an understanding of Your1040Return coms business model Identify Your1040Return coms major business risks and describe how those risks may increase the likelihood of material misstatements in Your1040Return coms financial statements Indicate what Your1040Return com should do to improve its internal control Explain what audit implications arise if you decide that the controls over electronic at Your1040Return com are inadequate to ensure that records have not been altered Auditing Standards Section 314, Understanding the Entity and its Environment and Assessing the risks of Material Misstatements , provides guidance for auditors when evaluating electronic evidence What are the implications for an auditor when a clients accounting system produces and stores transactions evidence only electronically Your1040Return coms main business strategy involves the delivery of services via the Internet What are some of the threats to the viability of Your1040Return coms business strategy When customers register for the Platinum package, they have online access to tax professionals who are paid on a contract basis If you were in Steven Chiagos shoes, how would you compensate those professionals for their services What controls could Your1040Return com implement to ensure that the company does not overpay for those professional services

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Posted on Jul 16, 2024

You are an auditor with Gooch & Brown CPA LLP, a local accounting firm specializing in audits of information systems and financial statement. Your 1040Return.com

You are an auditor with Gooch & Brown CPA LLP, a local accounting firm specializing in audits of information systems and financial statement. Your 1040Return.com engaged your firm to perform its financial statement audit. You have been asked by the partner to perform the following task:
1. Describe to Steven Chicago why it is important for your firm to have an understanding of Your1040Return.coms business model.
2. Identify Your1040Return.coms major business risks and describe how those risks may increase the likelihood of material misstatements in Your1040Return.coms financial statements.
3. Indicate what Your1040Return.com should do to improve its internal control.
4. Explain what audit implications arise if you decide that the controls over electronic at Your1040Return.com are inadequate to ensure that records have not been altered.
Auditing Standards Section 314, Understanding the Entity and its Environment and Assessing the risks of Material Misstatements, provides guidance for auditors when evaluating electronic evidence. What are the implications for an auditor when a clients accounting system produces and stores transactions evidence only electronically?
Your1040Return.coms main business strategy involves the delivery of services via the Internet. What are some of the threats to the viability of Your1040Return.coms business strategy?
When customers register for the Platinum package, they have online access to tax professionals who are paid on a contract basis. If you were in Steven Chiagos shoes, how would you compensate those professionals for their services? What controls could Your1040Return.com implement to ensure that the company does not overpay for those professional services?