AC410
Unit 9 Assignment
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18–29. The CPA firm of
Carson & Boggs LLP is performing an internal control audit in accordance
with PCAOB Standard No. 5. The partner in charge of the engagement has asked you to explain
the process of determining which controls to test. Describe the process,
presenting each of the links in this process and a short summary of how the
auditors approach each of them.
v Identify significant accounts and disclosures
– An account is significant if there is a reasonable possibility that it could
contain a misstatement that alone or in conjunction with others has a material
effect on the financial statements (Whittington,2012).
18–34. Simulation
Bill Jensen, a staff
member of Zhan & Co., CPAs, has given you the following list of what he
refers to as “internal control deficiencies” for the Zabling Co. audit and has
asked you to review each point and make certain that you agree that each is an
internal control deficiency.
For each of the
following items, reply A (Agree) or D (Disagree) indicating whether the item
represents an internal control deficiency.
18–35. Match the
following definitions (or partial definitions) to the appropriate term. Each
term may be used once or not at all.
18–36. Your working
papers for an integrated audit being performed under PCAOB Standard No.
5 include the narrative
description below of the cash receipts and billing portions of internal control
of Slingsdale Building Supplies, Inc. Slingsdale is a single-store retailer
that sells a variety of tools, garden supplies, lumber, small appliances, and
electrical fixtures to the public, although about half of Slingsdale’s sales
are to construction contractors on account.
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