Please do not use the solution manual to the book as my professor is noticing this with previous assignments. Please use proper APA format for both in-text citation and reference page. Please see attached.
- This week we begin to analyze special funds for special purposes. The capital projects fund is one such fund. For what is the fund used?
- Why do you think the idea of “funds developed in the government and nonprofit sectors? What does having separate funds add to the control process? Could for-profit accounting benefit from using funds?
- The auditing profession has struggled with the concept of materiality for a long time. Do you think that auditors would be better off if auditing standards set a specific percentage of a specific base (e.g., 1% of total assets) to provide auditors guidance on setting materiality for a specific audit or is it better to leave the determination to auditor judgment? Discuss the pros and cons of this policy change for both auditors and users.
- Briefly describe how each of the following factors might affect the strength of an auditee’s control environment:
- a) Perceived value of controls by management
- b) Clearly defined lines of authority
- c) Formal policies and procedures
- d) Adequate personnel with proper incentives
- e) Documentation
- f) Adequacy of control procedures and control monitoring
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