Holmes Institute HI5026 Memo 04 – T01, 2015 Background:
Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem,
& Howe (DCH), wants you to combine and discuss the following issues into a
single coherent 1½ page training memo for new audit assistants:
1) Audit risk is a key consideration and guide to planning
an audit – explain why?
2) List the key components of the Audit Risk Model (ARM) and
discuss how they interact?
3) How can well-structured or judicious statistical sampling
cost-effectively assist with estimating the components of
the Audit Risk Model and/or resolve an unsatisfactory
outcome of that model? and A Full Service Creative
Accounting
4) Discuss the key strengths of and key differences between
Firm
random sampling, haphazard sampling, and judgement Loopholes
Located Books Juggled Taxes Evaded sampling and how those differences might
affect the Funds Diverted Money Laundered Shortages Hidden discussion in part 3
(above). Pensions Plundered Credit Denied Parking Validated Bankruptcies our
Specialty!
This memo is to be answered in groups of 3-6 students, where
each group will submit one report with the names and student numbers of all
group members in the heading. The assignment is due in lecture, week 12. The
marking rubric that will guide the marking is posted to the assignment section
of the HI5026 Blackboard site.
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