msc640 week2



All assignment must be/have:
In APA with a separate Cover and Reference page
In 12 Font
Doubles spaced
In a Microsoft Word format
2-3 Pages of findings
Have 4-6 LIRN Library resources that are cited within the paper to show where they apply.

1)Explain the types of audit service providers and the skills and knowledge needed by professionals entering the external auditing profession.

Discuss corporate governance, identify the parties involved, and describe their respective activities.

2) Describe auditor liability under contract law, common law, and statutory law.

Explain the importance of the evidence concepts of appropriateness and sufficiency and explain how those concepts are influenced by the risk of material misstatement.

3)Explain the risks of material misstatement and describe how they relate to audit risk and detection risk.

Describe the sampling process used to gather evidence about misstatements in account balances and assertions.

4)Explain how to use planning analytical procedures to identify possible material misstatements for cash accounts, disclosures, and assertions.

Explain the significant accounts, disclosures, and relevant assertions in the acquisition and payment cycle.

5)Explain how to determine appropriate tests of controls and consider the results of tests of controls in auditing long-lived assets.

Explain how to determine appropriate responses to identified risks of material misstatement in auditing long-lived assets.

6)Explain how to determine and apply sufficient appropriate substantive audit procedures in auditing debt obligations and stockholders’equity transactions.

Describe financial statement audits requiring an adverse report and identify the appropriate audit report modifications.

7)In technology the act of continual learning is critical. Technology changes rapidly and the need to stay up-to-date in this every changing field is critical.  Explain what areas you enjoyed researching the most over the past 9 weeks. IT is a never ending discipline that required constant research. What additional areas of the class would you like to explore more after the course ends.

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