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1. According to AS5:
a) What should the auditor consider when determining whether an
account should be considered significant?
b) What qualitative factors might cause an account that is otherwise
relatively small quantitatively to be considered significant?
c) What qualitative factors might cause an account that is greater than
materiality to be considered not significant?
2. Auditing standards require the identification and testing of entity-level
controls. What are examples of entity-level controls? What are the
auditor’s responsibilities with respect to evaluating and testing a client’s
period-end financial reporting process?
Part B
1. What are the definitions of a control deficiency, significant deficiency,
and material weakness as contained in AS5? Which, if any, of these
deficiency categories must the external auditor include in the
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ACC 546 Individual Assignment Evaluating the Case Against
Lehman Brothers
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