Discuss one point you like/agree with, and one point you dislike/disagree with, and why. (Do not just post “agree” as this will not count as a valid reply post and will not be graded or awarded points.)

Explain the deficiencies in Patel’s report as drafted. There are at least 15 deficiencies. Each student should identify only one deficiency in their original post and then respond to at least two other students posts sometime during the week. You can agree or disagree with other students but make sure you explain why you agree or disagree.

Discussion board topics are worth a total of 100 points for each discussion board assignment. The following points are what is looked for in your original posts to the discussion board and your replies to other students’ postings

Discuss one point you like/agree with, and one point you dislike/disagree with, and why. (Do not just post “agree” as this will not count as a valid reply post and will not be graded or awarded points.)

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Roots Project.

Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

x Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Entity’s internal control.

x Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.

x Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Entity’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the
related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors’ report. However, future events or conditions
may cause the Entity to cease to continue as a going concern.
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x Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

x Communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.

x Provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and communicate with
them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards