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Lakeside Company, The: Case Studies in Auditing

ISBN: 9780131495616 | 0131495615
Edition: 10th
Format: Paperback
Publisher: Prentice Hall
Pub. Date: 1/1/2005

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SummaryTable of Contents
The cases in The Lakeside Company are intended to create a realistic view of how an auditor organizes and conducts an audit examination. These cases provide a simulation that permits students to put the abstract and difficult concepts of auditing into practice. Students are guided through the various phases of an audit, from planning the audit to reporting. Every effort has been made to provide situations that are not particularly unusual, the kinds of problems that an auditor might face each day on the job.
Overview: A Summary of the Cases and Supplementsv
Introductory Case: A Look inside a CPA Firm1(4)
Quality control standards
The engagement team
... MORE
Advertising by professionals
Discussion questions
Exercises
Apply your research
Analysis of a Potential Audit Client
5(5)
Inquiries by a potential client
The question of expertise in an unfamiliar industry
Client dispute with incumbent auditors
Sizing up a potential client
Evaluating fraud risk factors
Discussion questions
Exercises
Apply your research
New Clients and an Auditor's Legal Liability
10(6)
Peer review and acceptance of clients
Analyzing potential legal liability
Contacting the predecessor auditor and reviewing working papers
The issue of materiality
Discussion questions
Exercises
Apply your research
Audit Risk and Analytical Procedures
16(18)
Engagement letters
Preliminary audit work
Audit risk model
Inherent risk
Control risk
Planned detection risk
Orientation to the industry and the client
Analytical review techniques
Price competition among CPA firms
Discussion questions
Exercises
Apply your research
Assessing Control Risk
34(11)
Assessing control risk
Preliminary evaluation of internal control
Documentation of internal control--flowcharts, narratives and internal control questionnaires
Discussion questions
Exercises
Apply your research
Tests of Controls: The Revenue and Cash Receipts Cycle
45(9)
Testing details of revenue and cash receipts transactions
Control testing questionnaire for accounts receivable
Confirmation of accounts receivable
The relationship between the adequacy of internal control and the amount of substantive tests to be performed
Discussion questions
Exercises
Apply your research
Audit Procedures and Audit Documentation: Testing the Inventory Procurement System
54(31)
Auditing the purchases and cash disbursements cycle
Broad management assertions
Elements and format of audit documents
Perpetual inventory system maintained by an outside service organization
Discussion questions
Exercises
Apply your research
Designing Substantive Audit Tests: Compensation Plans
85(8)
The payroll system
Auditing the employee compensation cycle
Profit-sharing arrangements
Reviewing a working paper
Discussion questions
Exercises
Apply your research
Observation of Physical Inventory Count
93(12)
Taking and observing inventory counts
Cut-off tests
Audit program for substantive tests of inventory
Discussion questions
Exercises
Resolving Audit Problems
105(14)
Warehouse expansion and renovation
Financing the expansion
Interest capitalization
Repairs and maintenance analysis
Leasing a store from a related party
Uncertainty regarding the continued existence of an owned store
Discussion questions
Exercises
Apply your research
Sampling for Attributes
119(9)
Selecting the attributes to test
Setting the acceptable risk of setting control risk too low and the tolerable exception rate
Determining the estimated population exception rate
Calculating the sample size
Evaluating the results of attributes sampling
Discussion questions
Exercises
Apply your research
Sampling for Variables--Difference Estimation
128(14)
Choosing the statistical method
Setting acceptable risk levels and tolerable misstatement
Estimating standard deviation
Calculating sample size
Evaluating sample results
Calculating precision interval
Discussion questions
Exercises
Review of Subsequent Events
142(8)
Subsequent events considered
Concluding the audit
Estimating liability for product warranty
Discussion questions
Exercises
Apply your research
Consulting Services
150
Letter of recommendations to management
Internal control deficiencies
Proposal to update the computer-based accounting system
Discussion questions
Exercises
Apply your research

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