Lec 10 - Fraud Auditing

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University of Toronto Scarborough
Financial Accounting
Julie Mc Donald

MGTD61 Wk 10 March 21, 2011 Chapter 16 EP 6-14 EP 14 f. Associated 1 mark Explanation 1 mark The PA associates himself with information issued by the enterprise when performing services in connection with that information; the PA has decided to prepare Hunters tax return using financial information supplied by the company EP 6 - Read the required, separated into 5 parts - Dont just look for review, talk about audit as well - Dissect required EP 7 Advantages Disadvantages Higher assurance since: 1. Cash is risky 1. More time to complete 2. Small business more difficult to 2. Cost more for client segregate 3. Users may percecive a change from review to audit -> inappropriate reliance -> future potential lawsuits Conclusion: Remove policy Part B - Partners want to be safe by increasing assurance to save money EP 8 - proper format - assertion - no reviewaudit procedure - statement caution reader not appropriate for their purpose - no opinion expressed on statements - bc not independent, related to owner: statement of being not independent www.notesolution.com
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