Homework Answers
Answer
| Responsible Party | Responsibility |
| 11. Managements responsibility regarding audited financial statements | A. Fairness of the financial statements |
| 12. Independent auditors responsibility regarding audited financial statements | C. Issue a report in accordance with GAAS |
| 13. Audit committee responsibility regarding audited financial statements | B. Oversight and monitoring |
The audit committee, management, and the independent auditor have different responsibilities regarding the financial statements. Management is responsible for the fairly preparation of the financial statements, establishing and maintaining adequate internal control. The independent auditor is responsible for expressing an opinion on the financial statements by issuing a report in accordance with the generally accepted auditing standards [GAAS]. The audit commitee is responsible for overseeing the entire financial reporting process and it should work with the management and independent auditors to gain knowledge needed to provide appropriate oversight of this area.
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For questions 11 to 13, match the responsibility of the audited financial statements with the responsible...
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
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...
Audit reports issued under GAAS ordinarily are signed with the name of the _____________________. Responsibility for...
Audit reports issued under GAAS ordinarily are signed with the name of the _____________________. Responsibility for the preparation and fair presentation of the financial statements rests with the ______________________. The auditor’s responsibility relating to a GAAS audit is for _________________________ on the financial statements. A(n) __________________________ opinion is an opinion that the financial statements of a public company fairly present financial position, results of operations, and cash flows, in conformity with generally accepted accounting principles. When a nonpublic client elects...
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...
1. Which of the following are the established criteria against which management's assertions are judged in...
1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for...
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for becoming a CPA include all but which of the following (1 A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement (The International Standards on Auditing (ISAS (2 A) are issued by the AICPA B) override a country's regulations govering the audit of a company (C) has many of the same standards as the Auditing Standards Board (ASB D) must...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) Indicating that the audit was adequate in scope and that the financial statements present the financial position, results of...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should contain a separate paragraph explaining the departure and its effects. True False 2 The introductory paragraph of the auditors’ report clarifies management’s responsibility for the financial statements. True False 3The phrase “generally accepted auditing standards” appears in the scope paragraph of the auditors’ standard report. True False 4An auditors’ report is in essence a guarantee by the auditors that the financial statements are correct....
1. Consider the following statements: I. Financial statements are based on Generally Accepted Auditing Principles....
1. Consider the following statements: I. Financial statements are based on Generally Accepted Auditing Principles. II. Auditing standards issued by the AICPA’s Auditing Standards Board must be followed on all audits of companies' financial statements in the United States of America. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Considering the demand...
The standards by which the auditor performs an effective audit are known as governmental accounting principles...
The standards by which the auditor performs an effective audit are known as governmental accounting principles generally accepted accounting principles (GAAP) accounting standards generally accepted auditing standards (GAAS). QUESTION 49 An indirect financial interest for a covered member would be caused by Ownership of shares of stock of the client by dependent children. Ownership of shares of client's stock by spouse. Ownership of single share of client's stock Ownership of mutual fund shares that owns stock in client. QUESTION 50...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
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...
1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for becoming a CPA include all but which of the following (1 A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement (The International Standards on Auditing (ISAS (2 A) are issued by the AICPA B) override a country's regulations govering the audit of a company (C) has many of the same standards as the Auditing Standards Board (ASB D) must...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) Indicating that the audit was adequate in scope and that the financial statements present the financial position, results of...
The standards by which the auditor performs an effective audit are known as governmental accounting principles generally accepted accounting principles (GAAP) accounting standards generally accepted auditing standards (GAAS). QUESTION 49 An indirect financial interest for a covered member would be caused by Ownership of shares of stock of the client by dependent children. Ownership of shares of client's stock by spouse. Ownership of single share of client's stock Ownership of mutual fund shares that owns stock in client. QUESTION 50...
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