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Title: The audit plan includes the nature, timing and extent of audit procedures for the purposes of risk ... Post by: Cadish on Jul 19, 2017 The audit plan includes the nature, timing and extent of audit procedures for the purposes of risk assessment, including those that are linked to the individual audit assertions, as well as any other audit procedures that are considered necessary. At what point in the audit process is the audit plan finalized? When
A) the auditor has finished documenting internal controls. B) the client risk profile has been completed. C) risk assessments are complete. D) inherent risk information has been gathered. Title: Re: The audit plan includes the nature, timing and extent of audit procedures for the purposes of ... Post by: victrox on Jul 19, 2017 Content hidden
Title: Re: The audit plan includes the nature, timing and extent of audit procedures for the purposes of risk ... Post by: Cadish on Jul 24, 2018 Makes more sense to me now :D
Title: Re: The audit plan includes the nature, timing and extent of audit procedures for the purposes of ... Post by: folive2005 on Dec 11, 2018 iBee is a private corporation located in
un 'ey oodles Corners, Ontario, that owns and maintains a large honeybee colony. Tom Doodles established the company as a small hobby business in 1967. Over time, Tom's great-tasting and high-quality honey grew into a large bUsiness. In 2002, Tom incorporated iBee and split the company's share ownership with his two children, Emilia and Mark. Following incorporation, Emilia and Mark each held 33.33 percent of iBee shares. Tom was always the sole decision maker at iBee, overseeing all production and administrative matters. He taught Emilia and Mark everything he knows about good beekeeping practices and honey production. During a family vacation to Iceland in 2010, Tom noticed the potential market that the country presented for his honey. The following year, Tom signed a contract with an Icelandic honey distributor named Hnit. The opening of the Icelandic market caused an increased demand for iBee's honey. Icelanders strongly prefer iBee's honey over other brands and will pay a premium price for it because iBee's honey always comes in a liquid form and it has a high nutritional value. When honey is stored at low temperatures for long enough, it will crystallize (change from a liquid to a solid). Crystallized honey can be changed back to its liquid form by heating it at a high temperature, but this process significantly reduces its nutritional value. As a result, honey processed by this method is priced at 50-60 percent less than untreated liquid honey. In response to this increased demand, Tom contemplated a plan to expand the company by acquiring three nearby, private beekeeping operations. In anticipation of financing these acquisitions, Tom approached your accounting firm, Accounting-iS-fuN LLP, in early 2017, requesting an audit of iBee's financial statements. The audit was performed and an unqualified opinion was issued. It is now November 25,2018, and you are the senior auditor at Accounting-iS-fuN LLP, in charge of the iBee financial statement audit for the November 30, 2018, year-end. Following are the highlights from the iBee engagement team meeting and audit notes from the prior year. Change in Management-In the fall of 2018, Tom was injured in a car accident. His recovery was very slow, which forced him to transfer iBee's day-to-day operations to his children in early 2018. Emilia, who recently completed her MBA, took over all accounting and administrative matters. Mark had always shown a passion for beekeeping so he became head beekeeper, managing the bees and the production, storage, and distribution of honey. Tom, meanwhile, focused on his recovery and became an inactive owner. Title: Re: The audit plan includes the nature, timing and extent of audit procedures for the purposes of ... Post by: bio_man on Dec 11, 2018 What's being asked here? Also, why not start a new topic?
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