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Auditing Principles and Procedures

Q1. Inventory management in corporations identifies management’s practices, investigate efficient and effective inventory management approaches, and efficient and effective inventory management practices, which are key points for an auditor to ensure evidence for an opinion in the audit report on inventory. (minimum 200 word)

Imagine that you are an auditor of a corporation in KSA and answer the following:

Bring out the inventory management process you would follow to check efficient and effective inventory management practices in the corporation.
List done the important functions with examples in the inventory management process.
Explain the audit tests you would cover with related assertions to get assured evidence
Conclude your testing on likely and tolerable misstatements allocated to the inventory account

Q2. What control purposes and management assertions are supported by bank reconciliations? (Minimum 100 word)

Q3. The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with PCAOB standards, and the financial statements conform to GAAP.

What are the important elements necessary for such a report issued by an auditor in reporting of financial statements, explain? (Minimum 100 word)

Sample Solution

Reason for Lung Cancer GuidesorSubmit my paper for examination lung malignancy diagramAmong fatal ailments mankind has not yet figured out how to treat, disease is likely one of the most dreaded ailments. Not at all like AIDS or different maladies broadly spread in nations with low expectations for everyday comforts, disease's geology is a lot more extensive, including both rich and poor nations similarly. Among the wide range of sorts of malignancy, one of the most well-known is lung disease; the earth where individuals live in the 21st century extraordinarily adds to the advancement of this kind of disease. The first and the most well known reason for lung malignant growth is smoking cigarettes. By various appraisals, smoking cigarettes causes roughly 86% of lung malignant growth cases, including cases brought about by uninvolved introduction to smoke breathed out by different smokers. These odds increment if an individual began smoking tobacco at a youthful age. Aloof smoking represents a lesser danger, however is as yet perilous—it is realized that latent smokers (who are generally presented to smoke grinding away or at home) have a 25% higher danger of lung malignant growth contrasted with individuals who are not presented to the smoke of cigarettes. Standard overwhelming introduction to natural tobacco smoke can expand the danger of lung malignancy by half (CancerResearch UK). Hereditary qualities and lung maladies in one's hereditary qualities can likewise become huge hazard components of lung malignant growth. For instance, if an individual's mom, father, kin, auntie, uncle, or grandparent has had lung malignant growth, the odds of this individual creating lung disease somewhat increments. Simultaneously, it has not been at this point inquired about whether qualities in fact increment malignancy possibilities, or they increment people's weakness to this ailment. With respect to lung infections, some of them are known to influence the odds of malignancy improvement. Specifically, among such ailments are tuberculosis and incessant obstructive pneumonic illness. Different sicknesses like constant bronchitis and emphysema can cause scarring in the lungs, which implies the expansion of the measure of tissue in them—and as it is known, malignant growth is an uncontrolled division of cells, and the individual increase of tissues (Healthline). Concerning other natural elements, one of the most huge among them is the introduction to asbestos filaments and comparative materials. Generally, an individual is presented to these silicate materials at the working environment: specialized works, for example, warm and acoustic protection, include the use of asbestos. These days, asbestos is restricted or even precluded from utilization, since it has been demonstrated that asbestos materials can cause both lung malignant growth and mesothelioma (disease of the lungs' pleura, just as malignant growth of peritoneum—a covering of the stomach depression). Indeed, even non-smoking asbestos laborers have a five times higher danger of creating lung malignancy; concerning the smoking asbestos laborers, their odds to get disease are up to ninety-overlap more prominent than nonsmokers (MedicineNet.com). As it tends to be seen, lung malignancy doesn't create all alone, yet is activated by various elements. The most importantly of them is smoking tobacco, both dynamic and latent. Introduction to asbestos materials likewise builds an individual's odds to get lung disease. Additionally, hereditary qualities and past lung ailments can prompt the improvement of this kind of malignant growth. The solution for lung malignant growth isn't settled, and stays a pestilence. References "Lung Cancer Symptoms, Causes, Treatment." MedicineNet. N.p., n.d. Web. 12 Aug. 2015. "Lung Cancer Risks and Causes." CancerResearch UK. N.p., n.d. Web. 12 Aug. 2015. "Lung Cancer Causes." Health
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