Audit Questions -

Professional & Ethical Issues

1. How can companies support whistleblowers? What are the risks to a whistleblower?

Accounting Fraud & Auditor Legal Liability

2. Describe a few red flags an auditor might encounter related to fraud and how they should react.

3. What environmental/cultural factors contribute to fraud?

Internal Controls Over Financial Reporting

4. Define a control deficiency, significant deficiency and material weakness.

The Impact of Information Technology

5. Identify a technology risk and how it can be mitigated.

Analytical Procedures

6. How can analytical procedures help an auditor plan the audit?

Auditing Cash & Revenues

7. Why is the audit of cash an important part of an audit?

Completing the Audit, Reporting to Management, & External Reporting

8. How do audit recommendations add value to an organization?

Class discussion -

9. In an industry that requires high risk how can a company take on risk without crossing the line and fraudulently reporting financials?

10. What information should be provided in the scoping section of an audit program? What is the importance of each?

11. What factors should be considered when determining materiality?

12. When an auditor does not receive a response from a positive confirmation what action, if any, is necessary? When an auditor does not receive a response from a negative confirmation what action, if any, is necessary?

13. When and why do auditors use analytical procedures?