Access over 35 million academic & study documents

Zzzzbestcase1

Content type
User Generated
Subject
Accounting
School
University of Central Florida
Type
Homework
Showing Page:
1/7
CASE1# ZZZZBEST 1
Case 1# ZZZZ Best
Groups Number
Name of Group Members
Class and Section
Course
Date

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/7
CASE1# ZZZZBEST 2
Case 1# ZZZZ Best
1. Discuss the following problem of the ZZZZ Best Audit: (60 points)
Problem Statement: The auditor for ZZZZ Best, Larry Gray, lacked sufficient knowledge of the
client, the client's business, and the client's industry. (10 points for such things as following
directions given below and on the case
For the above problem, discuss the following:
Give several examples from the case that support the problem and describe how the auditor's
lack of industry/client-specific knowledge affected the gathering of three types of audit
evidence collected by the auditor: Documentation, Analytical Procedures, and Physical
Examination of a Tangible Asset.
For each type of evidence, state and define the management assertions associated with each
type of evidence. In your discussion of the evidence, also describe in detail what makes these
pieces of evidence unreliable using any of the five factors of competent evidence. (Five factors
of competent evidence: independence of the provider, direct knowledge of the auditor, the
competence of the provider, strength or weakness of internal control, objectivity of the
measurement instrument.)
A. Documentation discussion: 20 points
Definition of evidence, examples from the case that support problem of auditor lack of
knowledge affected use of evidence, all management assertions (definition too) affected by the
evidence, and the competencies of the evidence affected by the auditor is lacking knowledge of
the audit client and its industry.
B. Analytical Procedures discussion: 20 points

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/7

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 7 pages?
Access Now
Unformatted Attachment Preview
CASE1# ZZZZBEST 1 Case 1# ZZZZ Best Groups Number Name of Group Members Class and Section Course Date CASE1# ZZZZBEST 2 Case 1# ZZZZ Best 1. Discuss the following problem of the ZZZZ Best Audit: (60 points) Problem Statement: The auditor for ZZZZ Best, Larry Gray, lacked sufficient knowledge of the client, the client's business, and the client's industry. (10 points for such things as following directions given below and on the case For the above problem, discuss the following: Give several examples from the case that support the problem and describe how the auditor's lack of industry/client-specific knowledge affected the gathering of three types of audit evidence collected by the auditor: Documentation, Analytical Procedures, and Physical Examination of a Tangible Asset. For each type of evidence, state and define the management assertions associated with each type of evidence. In your discussion of the evidence, also describe in detail what makes these pieces of evidence unreliable using any of the five factors of competent evidence. (Five factors of competent evidence: independence of the provider, direct knowledge of the auditor, the competence of the provider, strength or weakness of internal control, objectivity of the measurement instrument.) A. Documentation discussion: 20 points Definition of evidence, examples from the case that support problem of auditor lack of knowledge affected use of evidence, all management assertions (definition too) affected by the e ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Similar Documents