Homework Answers
solution 1:
Deciding to steal from an employer because they don't pay you enough is an example of "Rationalization"
Hence first option is correct.
Solution 2:
Unqualified opinion is the desired opinion of an Audit.
Hence last option is correct.
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Deciding to steal from an employer because they don't pay you enough is an example of...
Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion...
Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion Adverse Opinion Unqualified Opinion Question 6 0/0.5 pts A reconciling item that ould be added to the bank's side of the bank reconciliation is/are Interest Earned a Bank Collection Outstanding checks a Deposit in Transit Question 7 0/0.5 pts An example of a reconciling item that would be subtracted from the Company's side of the bank reconciliation: • Bank Collections Interest Earned Outstanding checks...
Can you answer these questions? Thank you 18. Misstatements must be compared with some measurement base...
Can you answer these questions? Thank you
18. Misstatements must be compared with some measurement base before a decision can be made about materiality. A commonly accepted measurement base includes: net income. total assets. working capital. all of the above. soo 19. a. When a qualified or adverse opinion is issued, the qualifying paragraph is inserted: between the introductory and scope paragraphs. b. between the scope and opinion paragraphs. after the opinion paragraph, as a fourth paragraph. immediately after the...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be expressed in your report is: a) Reasonable b) Low c) Limited d) None 2. Consider the following characteristics of business: i. Inadequate segregation of duties ii. General lack of mitigating (compensating) controls iii. More reliance on test of controls iv. More reliance on substantive procedures From an audit perspective, a small business would generally exhibit: a) I and iv only b) i and ii...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has made sampling and professional judgment 12. T, F. An auditor should provide an opinion on the financial 13. T, F. Standards on audit reporting are currently in a state of chan used by auditors evpecia with respect to account balances and transactions. with respect to sampling statements only if the opinion obsolete material respectpi indicates that the financial statements are fairly stated...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report is applicable, if any. Then, state the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. (If a box is not used in the table leave the box empty; do not select a label.) For each situation, do the following: a. Identify which of the conditions requiring...
Please answer: What are the Material Level, the Additional Information, and the auditing report of 6...
Please answer: What are the Material Level, the Additional Information, and the auditing report of 6 situations below 1) Auto Delivery Company has a fleet of several delivery trucks. In the past, Auto Delivery had followed the policy of purchasing all equipment. In the current year, they decided to lease the trucks. The method of accounting for the trucks is therefore changed to lease capitalization. This change in policy is fully disclosed in footnotes. Given condition is "No conditions are...
Multiple Choice Envision a situation in which the federal government decides that corporations don't pay enough...
Multiple Choice
Envision a situation in which the federal government decides that corporations don't pay enough taxes (even though the U.S. corporate tax rate is 38% - the highest in the world). Also, at the same time, elected officials feel that voters will always fall for the class warfare argument that greedy corporations have too much money, so the government should take some money from the successful businesses and give it to the poor. (As W.C. Fields used to say,...
17-38 For each of the following brief scenarios, assume that you are reporting on a client’s...
17-38 For each of the following brief scenarios, assume that you are reporting on a client’s current year financial statements. Reply as to the type or types of opinion possible in the circumstance. S Unmodified – Standard U Unmodified with emphasis-of-matter or other-matter paragraph Q Qualified D Disclaimer A Adverse Since more than one report may be possible in several of the circumstances, a second “opinion” column is added for each circumstance. In certain cases,...
The 'seduction' of fraud For decades, the anti-fraud profession has relied on the Fraud Triangle[1] to...
The 'seduction' of fraud
For decades, the anti-fraud profession has relied on the Fraud
Triangle[1] to explain white collar crimes such as embezzlement.
With its key attributes of pressure, opportunity and
rationalization, the fraud triangle, attributed to Dr. Donald
Cressey, was first introduced in the 1950s. He used it to explain
the mind-set of persons committing embezzlement and similar
breaches of trust. Since then, many professional organizations,
such as the Association of Certified Fraud Examiners (ACFE), the
American Institute of...
Question: If you choose to invest, what percentage of your pay would you defer to the...
Question: If you choose to invest, what percentage of your pay would you defer to the Section 401(k)? Why? Case: After nearly three months at your new job, you believe that you have a good understanding of your responsibilities, as well as the benefits of working at your company. However, you just received a letter from HR informing you of the opportunity to participate in the company’s retirement plan. Under company policy, you can begin participating in the retirement plan...
Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion Adverse Opinion Unqualified Opinion Question 6 0/0.5 pts A reconciling item that ould be added to the bank's side of the bank reconciliation is/are Interest Earned a Bank Collection Outstanding checks a Deposit in Transit Question 7 0/0.5 pts An example of a reconciling item that would be subtracted from the Company's side of the bank reconciliation: • Bank Collections Interest Earned Outstanding checks...
Can you answer these questions? Thank you
18. Misstatements must be compared with some measurement base before a decision can be made about materiality. A commonly accepted measurement base includes: net income. total assets. working capital. all of the above. soo 19. a. When a qualified or adverse opinion is issued, the qualifying paragraph is inserted: between the introductory and scope paragraphs. b. between the scope and opinion paragraphs. after the opinion paragraph, as a fourth paragraph. immediately after the...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has made sampling and professional judgment 12. T, F. An auditor should provide an opinion on the financial 13. T, F. Standards on audit reporting are currently in a state of chan used by auditors evpecia with respect to account balances and transactions. with respect to sampling statements only if the opinion obsolete material respectpi indicates that the financial statements are fairly stated...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report is applicable, if any. Then, state the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. (If a box is not used in the table leave the box empty; do not select a label.) For each situation, do the following: a. Identify which of the conditions requiring...
Please answer: What are the Material Level, the Additional Information, and the auditing report of 6 situations below 1) Auto Delivery Company has a fleet of several delivery trucks. In the past, Auto Delivery had followed the policy of purchasing all equipment. In the current year, they decided to lease the trucks. The method of accounting for the trucks is therefore changed to lease capitalization. This change in policy is fully disclosed in footnotes. Given condition is "No conditions are...
Multiple Choice
Envision a situation in which the federal government decides that corporations don't pay enough taxes (even though the U.S. corporate tax rate is 38% - the highest in the world). Also, at the same time, elected officials feel that voters will always fall for the class warfare argument that greedy corporations have too much money, so the government should take some money from the successful businesses and give it to the poor. (As W.C. Fields used to say,...
The 'seduction' of fraud
For decades, the anti-fraud profession has relied on the Fraud
Triangle[1] to explain white collar crimes such as embezzlement.
With its key attributes of pressure, opportunity and
rationalization, the fraud triangle, attributed to Dr. Donald
Cressey, was first introduced in the 1950s. He used it to explain
the mind-set of persons committing embezzlement and similar
breaches of trust. Since then, many professional organizations,
such as the Association of Certified Fraud Examiners (ACFE), the
American Institute of...
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