13 Jun DESCRIBE THE TYPE OF SUBSEQUENT EVENTS THAT YOU MUST CONSIDER AND EVALUATE AS STATED IN SFAS 165.
After the memorandum is complete, continue to complete your report by researching SFAS 165 using the textbook, the online library resources, and the Internet and respond to the following questions:
Describe the type of subsequent events that you must consider and evaluate as stated in SFAS 165.
List the auditing procedures you should consider performing to gather evidence concerning subsequent events.
What is your responsibility to report errors and fraud as detected to management, the board of directors, and parties outside the entity?
Research an auditor’s responsibilities using your textbook, the online library resources, and the Internet. What are your responsibilities to detect fraud while performing a financial statement audit? (Do not discuss specific audit procedures, only the responsibilities.)
Use the Internet to find an example of three audit planning memoranda. Prepare a matrix to organize the similarities and differences between the three. Give a complete citation for each example.
Based on your research and reading, list the items of information you will include in the memorandum to finalize the engagement of the firm Dewey, Wright, and Moore with AV Imports and Exports.
The auditor has encountered the five scenarios described below during an audit engagement:
The client has decided not to include the statement of cash flows in its financial statements.
After year-end, the client learns that one of its major customers has filed for bankruptcy. Knowing this, the client refuses to write off any portion of the customer’s current account receivable.
The client has engaged the auditor to perform a first-time audit but will not agree to providing information regarding the opening balances.
After year-end, the auditor has been engaged to audit a distribution company. Due to the timing of the engagement, the auditor is not able to observe inventory at year-end. The auditor is able to perform alternative procedures and make an estimate of year-end inventory to determine whether the balance appears reasonable at year-end.
For the previous engagement, the auditor has selected another CPA firm to complete 20 percent of the audit. After reviewing the work papers, the auditor has decided that sufficient evidence has been obtained.
Examine each scenario and determine what type of audit report should be issued. Give reasons for your decisions.
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