For Eaxh question please provide 2/3 paragraph response, with one citation. Please indicate Question No when responding to each questions. Question 1 AU Section 316 requires auditors to consider fraud

For Eaxh question please provide 2/3 paragraph response, with one citation. Please indicate Question No when responding to each questions. 

Question 1 

AU Section 316 requires auditors to consider fraud in the financial statement audit. Research this section of the AICPAs standards and discuss some of the activities you would implement in your audit of a publicly traded company to document your audit teams consideration of fraud in the clients financial statements. In your discussion, include who would be involved in the brainstorming session and why.

Question 2

All audits should have a well-developed time budget, which is used to determine the audit fee. Suppose your client representative reviewed the time budget and noticed a significant amount of time is being allocated to inventory observation. To reduce audit fees, she proposes a significant reduction in time by offering to provide a representation letter regarding the inventory balance. Please discuss the sufficiency of this audit evidence. Discuss and explain the additional information you will need to determine how to respond to the client.

Question 3

Conduct research on various generalized audit software programs that are currently available. Select one and provide a detailed review of how it can be used to assist with the audit process from planning to completion of the audit. Please cover different software options by ensuring you are not repeating the posts of your classmates. Therefore, review prior posts before selecting software for review.

Question 4

Research a recent (within the last five years) article that discusses material misstatements in the revenue or acquisition and disbursement (inventory) cycles. Discuss the ethical effects of this misstatement and what procedures would have prevented the misstatement.

Question 5 

Select an industry, identify what might make that industry high-risk, and discuss factors that you would consider when deciding whether to disclose contingencies based on the selected industry. Do not select an industry that a peer has selected.

Question 6

The AICPA has assembled a Sustainability Task Force that is in the process of developing a Sustainability Assurance Guide due to the increased expectations regarding the reporting of corporate social and environmental performance. For your review, below is the AICPA resource.

Assume you are a member of this taskforce; discuss what types of assertions you would expect your clients management to make regarding socially responsible goals. How do you think stakeholders will rely on the assurances that are provided by practitioners? Discuss some of the challenges that practitioners may face as they offer this service offering to their clients./p pBe sure to support your statements with logic and argument, citing any sources referenced. Post your initial response early, and check back often to continue the discussion. Be sure to respond to your peers and instructors posts, as well.

Resource:

AICPA (n. d.). Sustainability assurance. Retrieved from https://www.aicpa.org/interestareas/businessindustryandgovernment/resources/sustainability/sustainability-assurance-and-other-services.html (Links to an external site.)Links to an external site.

Question 7

Due to recent changes in audit standards, external auditors are relying on internal audit functions more often. Please discuss ways that external auditors can assess the effectiveness of the internal audit function.

Question 8

discuss the differences between U.S. auditing standards (PCAOB and AICPA) and international standards (IASB).