Homework Answers
Answer : D All of the Above
Audit Never Provide the Guarantee about the Accuracy of the financial statement
- Audit Perform a Procedure to find out the reasonable evidence of Material Provided with the financial Statement
- Audit Provide the assurance not 100% Guarantee.
- Auditor Provide report whether financial statements are Presented Fairly.not Guarantee about the financial statements accuracy.
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b. The audit represents the CPA firms guarantee about the accuracy of the financial statements, night?...
a. What is the main objective of the audit of an entity's financial statements? b. The...
a. What is the main objective of the audit of an entity's financial statements? b. The audit represents the CPA firm's guarantee about the accuracy of the financial statements, right? Isn't the auditor's primary responsibility to detect all kinds of fraud at the client? Given the CPA firm is auditing financial statements, why would they need to understand anything about the client's business? What does the auditor do in an audit other than verify the mathematical accuracy of the numbers...
b. If an independent audit leading to an opinion on financial statements causes the audtor to...
b. If an independent audit leading to an opinion on financial statements causes the audtor to believe that a material due to traud exists, the audtor should lirst O 1. request that management investigate to determine whether fraud has actually occurred O 2. make the investigation necessary to determine whether fraud has actually occurred O 3. consider the implications for other aspects of the audit and discuss the matter with the appropriate kevels of O 4 consider whether fraud was...
Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and...
Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, 2016. Patel also audited and reported on the Bellamy financial statements for the prior year. Patel drafted the following report for 2016: We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements and internal control. Howard Smythe, the partner in charge of the audit, drafted the following unqualified report: Report of Independent Registered Public Accounting Firm (Comment a) To the shareholders and the board of directors (Comment b) of Casa Royale, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Casa Royale, Inc. (the "Company") as of December 31, 20X7 and...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements and internal control. Howard Smythe, the partner in charge of the audit, drafted the following unqualified report: Report of Independent Registered Public Accounting Firm (Comment a) To the shareholders and the board of directors (Comment b) of Casa Royale, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Casa Royale, Inc. (the "Company") as of December 31, 20X7 and...
We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation...
We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of misstatement. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly the fi-...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
a. What is the main objective of the audit of an entity's financial statements? b. The audit represents the CPA firm's guarantee about the accuracy of the financial statements, right? Isn't the auditor's primary responsibility to detect all kinds of fraud at the client? Given the CPA firm is auditing financial statements, why would they need to understand anything about the client's business? What does the auditor do in an audit other than verify the mathematical accuracy of the numbers...
b. If an independent audit leading to an opinion on financial statements causes the audtor to believe that a material due to traud exists, the audtor should lirst O 1. request that management investigate to determine whether fraud has actually occurred O 2. make the investigation necessary to determine whether fraud has actually occurred O 3. consider the implications for other aspects of the audit and discuss the matter with the appropriate kevels of O 4 consider whether fraud was...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
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