Discuss the relationship between professional responsibility and legal liability. – Homeworkmade

DOWNLOAD: Discuss the relationship between professional responsibility and legal liability. – Homeworkmade

1) Discuss the relationship between professional responsibility and legal liability.

2) Discuss the auditor’s responsibility for detecting error, fraud, and illegal acts.

3) Distinguish between fraudulent financial reporting and misappropriation of assets.

4) Explain how management assertions, general balance-related audit objective for the specific balance-related audit objective are developed for an account balance such as accounts receivable.

5) Discuss the types of audit evidence and give two examples of each

6) Identify the most important reasons for performing analytical procedures.

7) Identify and discuss the nine major steps in planning audits. 

8) Define the meaning of the term materiality as it is used in accounting and auditing. 

9) Define the audit risk model and explain each term in the model.  Also describe which two factors of the model when combined reflect the risk of material misstatement.

10) Contrast the auditor’s liability under the Securities Act of 1933 with that under the Securities Exchange Act of 1934