CPA Is a Partner in a Medium-Sized CPA Firm and Takes

question 17

Essay

CPA is a partner in a medium-sized CPA firm and takes an active part in the conduct of every audit she supervises.She follows the practice of reviewing all audit files of staff auditors on her team as soon as it is convenient,rather than waiting until the end of the audit.When the audit is nearly finished,Thompson reviews the audit files again to make sure that she has not missed anything significant.Because she makes most of the major decisions on the audit,there is rarely anything that requires further investigation.When she completes the review,she prepares a draft of the financial statements,gets them approved by management,and has them assembled in her firm's office.No other partner reviews the audit documentation,because Thompson is responsible for signing the audit reports. REQUIRED: (1)Evaluate the practice of not having a concurring partner review of the audit documentation by another partner in the firm, (2)explain some of the procedures the reviewer should perform as part of the review process,and (3)what documentation should be included.

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Definitions:

Automated Vehicles

Vehicles equipped with technology that allows them to navigate and operate without human control.

GPS

Global Positioning System, a satellite-based navigation system that provides location and time information in all weather conditions, anywhere on or near the Earth.

Drones

Unmanned aerial vehicles (UAVs) controlled remotely or autonomously, used for various purposes including surveillance, photography, and delivery.

Mobile Health (Mhealth)

A type of health service delivery using mobile devices such as smartphones, tablet computers, and PDAs for managing patient care, health education, and remote monitoring.