Question Description

I don’t understand this Accounting question and need help to study.

IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides or fellow student.

1-What are the Components of Internal Control? Explain each component. (2.5 points).

2- How would an auditor identify related parties and what is the importance of doing so. (0.5 point).

3- During the audit of Bader Financial, you find that some accounting entries have been Changed. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial statements. What steps should you take in response to the accounting entries and your concern about management fraud. Detail your answer. (1.5 points).

4- Explain the importance of observing physical inventory during an audit. (0.5 point)

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