Homework Answers
7) False
Auditor have the responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
This statement is false . As per the amendments to Responsilbilty and Functions of the Independent auditor because ,the nature of the evidence collected during audit and the fraud characteristics , the Auditor have no responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
8) True
Fraudulent financial reporting involves the theft of an entity assets and is often perpetrated by employees in relatively small and immaterial accounts
This statement true . Faudulent financial reporting involvesthe theft of an entity assets and is often perpetrated by employees in relatively small and immaterial accounts.Misappropriation of assets can be done by stealing physical assets , embezeling receipts,
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7) Auditors have the responsibility to plan and perform the audit to obtain...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
Review the following independent auditors’ report To the Board of Directors and Shareholders Company XYZ "We...
Review the following independent auditors’ report To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of X Company as of December 31, 2012, 2011 and 2010, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance...
Situation No. 2: Fundamental Principles For each of the items below, indicate through the appropriate letter...
Situation No. 2: Fundamental Principles For each of the items below, indicate through the appropriate letter principle to which the item is most closely related. A. Responsibilities principle B. Performance principle C. Reporting principle 1. Maintaining professional skepticism. 2. An indication that an opinion cannot be expressed. . Auditors, assessment of the risk of material misstatement. 4. Determining and applying an appropriate materiality level. 5. Expressing an opinion in accordance with the auditor's findings. 6. An auditors' overall conclusion of...
1.It is management’s responsibility to ensure that financial statements are fairly and truthfully presented. True False...
1.It is management’s responsibility to ensure that financial statements are fairly and truthfully presented. True False 2.Generally speaking, the existence of related party transactions ________. -decreases inherent risk and should be investigated further -is illegal and should be reported to the Securities and Exchange Commission -is not worth of further investigation -increases inherent risk and should be investigated further 3.Analytical procedures are conducted during the risk assessment phase of the audit to ________. -aid in the elimination of risk -identify...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
These are more choices to choose from. John Josephs, an audit manager for Tip, Acanoe &...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
The following audit procedures are included in the audit program of Holland Equipment, Inc. 1. Use...
The following audit procedures are included in the audit program of Holland Equipment, Inc. 1. Use audit software to examine journal entries in the sales, cash receipts, purchases, cash disbursements, payroll, and general journals for any amounts exceeding $1 million and for any entries with unusual account codings. Review related supporting documentation for reasonableness. 2. Examine the estimate for the Allowance for Doubtful Accounts recorded in the prior-year audited financial statements. Obtain information about receivable writeoffs recorded during the current...
please answer all! asap A detailed record of work completed, and evidence gathered in forming the...
please
answer all! asap
A detailed record of work completed, and evidence gathered in forming the audit opinion is confidential and should not be shared with client personnel is referred to as the audit plan should be submitted by the auditor to management for approval Is contained in the working papers The completeness assertion relates to all transactions and events that should have been recorded have been recorded all accounts are valued at their correct amounts all entries are recorded...
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Auditors have a responsibility to remain alert to audit evidence that contradicts other audit evidence obtained. The app...
REMOVEDAuditors have a responsibility to remain alert to audit evidence that contradicts other audit evidence obtained. The application of professional skepticism is essential to the critical assessment and questioning of contradictory audit evidence. When the auditor obtains information during the course of the audit that contradicts information obtained from another source, the auditor has a responsibility to resolve the matter and consider its impact on the sufficiency and appropriateness of audit evidence obtained and the effect, if any, on other...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
Situation No. 2: Fundamental Principles For each of the items below, indicate through the appropriate letter principle to which the item is most closely related. A. Responsibilities principle B. Performance principle C. Reporting principle 1. Maintaining professional skepticism. 2. An indication that an opinion cannot be expressed. . Auditors, assessment of the risk of material misstatement. 4. Determining and applying an appropriate materiality level. 5. Expressing an opinion in accordance with the auditor's findings. 6. An auditors' overall conclusion of...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
please
answer all! asap
A detailed record of work completed, and evidence gathered in forming the audit opinion is confidential and should not be shared with client personnel is referred to as the audit plan should be submitted by the auditor to management for approval Is contained in the working papers The completeness assertion relates to all transactions and events that should have been recorded have been recorded all accounts are valued at their correct amounts all entries are recorded...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
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