Posted: September 27th, 2024

Discuss the Importance of Auditing Cash and Cash Equivalents

Question description

Length:  About One page + 1+ References, APA format,Due Date: 3/11/2014 11:59:59 PM You have just finished your yearly audit of a publicly traded corporation. Describe how you would handle each of the following scenarios:Scenario 1Describe why there is a big emphasis placed on auditing cash and cash equivalents. Address the following:Why is this area more susceptible to fraud?Scenario 2While doing an audit, you discover inconsistencies in the company’s expenses. Address the following:Why might a company choose to overstate or understate its expenses?How might this be accomplished?Describe how professional skepticism plays into this type of audit.Scenario 3Why is auditing inventory more complex than auditing other asset accounts? Address the following:What are the three audit tests that can be applied to inventory, and how do the internal controls play into it?Scenario 4When an auditor is trying to determine if the financial statements are reported fairly, how might a summary of potential adjustments help?What information would a summary of the client's potential adjustments give to the auditor?

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