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Worksheet for You Decide Name Ira Turner Course encrypt _________ mannikin ___/Date__/__/__ Questions: Q1:Discuss how the SEC has influence (if any) over the size up of Smackey blackguard Foods, Inc. etymon: Smackey clink Food, Inc. did non try to issue securities to the public, therefore, they did not have to report to the SEC. Q2: Discuss the essential activities involved in the sign planning of an audit. How do these all specifically to the Smackey follow Food lymph gland? Solution: There are tercet main reasons why the auditor should properly plan engagements: 1.To enable the auditor to obtain equal appropriate evidence for the circumstances. -Obtaining commensurate appropriate evidence is essential if the CPA firm is to blur legal liability and maintain a good prise in the business community. 2. To help keep audit damage reasonable. -Keeping costs reasonable helps the firm remain competitive. 3. To negate misun derstandings with the thickening. -Avoiding misunderstandings with the node is necessary for good lymph node relations and for facilitating high-quality browse at reasonable cost.

A proper plan for this client is all important(p) because of the timing of the audit, the nature of the business and the end substance abuser of the financial statement. Q3:Discuss the 4 stages of the audit and the major activities performed by the auditor in from each one phase. Give an face of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, examine the appare nt inherent check out weaknesses and possi! ble negative outcome of each. Solution: The four phases of the audit and the major activities performs are: Accept client and perform initial audit planning, Understanding the clients business, Assess the clients business risk, and Perform analytical procedures. ACCEPT lymph node AND PERFORM INITIAL AUDIT proviso - 1.The auditor decides whether to deliver a new client or continue table service an existing one. This...If you want to shake a full essay, auberge it on our website: OrderCustomPaper.com

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