If You Need

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If You Need Love Get a Puppy.

Auditing Guidance:

AU § 150.02: This is the standard on independence in mental attitude in all matters relating to the audit. The auditor needs to be aware of any personal factors that could impair his independence and objectivity.

AICPA Code of Professional Conduct ET Section 101.02 Rule 101- 1 Independence: This section outlines specific relationships that impair auditor independence. There is a provision for other considerations that defines the reasonable person test for determining if there is a threat to independence.

1. 1. Professional skepticism is an attitude of a questioning mind and a critical assessment of evidence. 2. Will exercised professional skepticism in …show more content…

2. Inspection of records and documents – Will inspected the ticket receipt book and bank deposit slip. He noticed the ink colors differed when they should have been consistent. 3. Inspection of tangible assets – Upon receiving the “missing” cash, Will noticed the unusually crisp nature of the bills. Reviewing the documents further he noticed the date improbabilities. 4. Greater internal controls, specifically separation of duties, could have prevented the theft. Jess received the cash, booked the entry, prepared the deposit slip, and made the deposits. It is evident allowing complete control over cash processing activities opens the door for fraud. 5. The auditors may have decided to turnover their findings. They may have done so through the following steps. a. Organize all evidence indicating fraud b. Consult legal counsel c. Present information to relevant authorities d. Issue an adverse audit opinion or advise to correct misstatement 7. Alternative 1: Will could have elected not to disclose his findings because of his relationship with Jess. This could result in additional cover up and potential legal problems for himself and the firm.
Alternative 2: Will could have written off the discrepancies and evidence to poor internal controls. This could have resulted in continuing fraud and potential legal problems for himself and the firm.
Alternative 3: Will could consult with

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