|Column 1: Account||Column 2: Audit Procedure and Evidence||Column 3: Most Directly Related Auditor Bias||Column 4: Bias Definition||Column 5: Evaluate how the evidence from the audit procedure is susceptible to auditor bias and additional testing the auditors should perform.|
|Valuation of Meg’s Mutts mobile application (the “app”)||L&J reviewed MM’s app value presented on its balance sheet and initially judged the valuation to be reasonable. To test the valuation of the app, L&J recalculated the value of the app by applying a valuation methodology compliant with financial reporting guidance for valuing software. A significant difference between MM’s valuation of the app and L&J’s calculation of the app’s value was detected. Because L&J initially judged MM’s valuation of the app to be reasonable, they are considering if their calculation of the app’s value suggests a valuation different from the initial amount reported by MM.|
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