Question 1
One of the most significant areas of audit planning and risk assessment is to become expertly knowledgeable about the industry or industries that the audit client operates in. This may involve multiple SBU's (Strategic Business Units).
Discuss resources that you can utilize to become an industry expert and share your thoughts. Do you feel it is necessary to become an expert in the industry is which you are auditing? Explain.
Respond to this... The world is a forever changing place especially in the financial world. I work at a financial institution and things change all the time. The resources that I have used at the workplace is reading up on all the new policies and procedures that we do. I also have learned alot from the job itself and the hands-on activities that we do on a daily basis. I believe that experience along with the willingness to learn will take you far in any type of job. It also helps to learn about the industry before you start a new job. This will help you in the long run and also show the initiative that are you willing to learn the tricks of the trade.
Question 2
The text noted that money performs three basic functions which are medium of exchange, standard of value, and store of value. Select one of these functions and describe the ways rapid inflation could undermine money's ability to perform the function you selected.
Respond to this... Store of Value is the ability of money to hold its value over time. As inflation rises the value of money decreases. There are other examples of Store of Value such as, gold or silver, land, works of art or sports memorabilia. Some of these examples hold up better in inflation than money does because they hold their value when money is losing its value. But, money is more liquid than these examples because it is the one thing that is accepted everywhere, for that reason money is the better medium of exchange.
Question 3
provide a possible answer to a peer's own anticipatory question and offer some constructive feedback on that peer's thesis.
Respond to this... Topic: Dr. Martin Luther King & Hitler
Thesis: Two men that changed history as a whole both for different reasons being strong leaders.
Question: How could you compare Dr. MLK to Hitler?