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Chapter 15:(Professional Simulation)


You have just been assigned to the audit of a new manufacturing client, Carroll Manufacturing Inc. (CMI) and the in-charge accountant on the engagement. CMI manufactures automobile engines which are sold to several automotive companies. CMI purchases raw steel and cast iron. CMI does its own tool and die work, but it still purchases a number of parts related to carburetion and ignition systems.




CamScanner 05-02-2021 18.15
Answered 2 days AfterMay 02, 2021

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Vasudha answered on May 05 2021
133 Votes
Memo to the Audit File:
To: Audit File
Re: Analytical procedures
From: CPA Candidate.
The range
in which financial ratios expected by the auditor is much higher than the unaudited ratio. The Audit planning should consider below points firmly.
1. Audit should be done for the completeness. This process also includes cut- off tests, reconciliation of the vendor accounts and audit trails. Audit trails will help auditor to know unchecked items and their corresponding...
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