Homework Answers
Answer: Designing, implementing and maintaining internal control relevant to the preparation of the financial statement.
As
It is the responsible for all the internal controls for proper designing and implementing which are relevant for preparation of financial statements and even devising the proper controls for maintaining such controls and when ever some type of corrective measures are to be taken for proper function of these controls
In all other case it is the duty of the auditor to use professional skepticism, issuing opinion and to see that auditing standards are followed
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Management is responsible for which of the following? Using professional skepticism in the preparation of the...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
True or False 4) The purpose of an audit is to provide an opinion on the...
True or False
4) The purpose of an audit is to provide an opinion on the financial statements, with an underlying premise that management is responsible both for preparing financial statements in accordance with the applicable financial reporting framework and for providing the auditors with access to necessary information 5) An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements and a critical assessment of audit evidence is referred to as professional skepticism.
It is always a good idea for auditors to begin an audit with a professional skepticism...
It is always a good idea for auditors to begin an audit with a professional skepticism characterized by the assumption that O a potential conflict of interest always exists between the auditor and the management of the enterprise under audit. O in audits of financial statements, the auditor acts exclusively in the capacity of an auditor O the professional status of the independent auditor imposes commensurate professional obligations. O financial statements and financial data are verifiable. When Auditee Company prohibits...
Which of the following services to audit clients are not prohibited by the PCAOB? Select one:...
Which of the following services to audit clients are not prohibited by the PCAOB? Select one: a. Legal services and expert services unrelated to auditing b. Bookkeeping c. Internal audit outsourcing services d. Agreed-upon procedures services Which of the following statements is not correct? Select one: a. Financial audits determine whether the financial statements fairly present the entity's operations. b. Integrated audits include providing non-assurance services on both the financial statements and the effectiveness of internal control over financial reporting....
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning and supervision, appropriate materiality levels, and sufficient appropriate audit evidence. an audit opinion in accordance with the auditor's findings, whether the financials are presented fairly, and whether the financial are in accordance with the applicable financial reporting framework. O whether the auditor has unrestricted access to those within the entity from whom the auditor needs to obtain audit evidence. complying with ethical requirement, appropriate...
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company...
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company to be used for a loan from a publicly traded bank. g. An audit of a U.S. public company. h. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan. 2-20 (OBJECTIVE 2-7) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an...
Financial statements are prepared following a(an) A Appropriate subject matter. B Generally accepted auditing standards. C...
Financial statements are prepared following a(an) A Appropriate subject matter. B Generally accepted auditing standards. C Set of quality control standards. D Applicable financial reporting framework. Which of the following is the best defense that a CPA can assert against common law litigation by a stockholder claiming fraud based on an unqualified opinion on materially misstated financial statements? A A disclaimer contained in the engagement letter. B Contributory negligence on the part of the client. C Lack of due diligence....
.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...
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...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
True or False
4) The purpose of an audit is to provide an opinion on the financial statements, with an underlying premise that management is responsible both for preparing financial statements in accordance with the applicable financial reporting framework and for providing the auditors with access to necessary information 5) An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements and a critical assessment of audit evidence is referred to as professional skepticism.
It is always a good idea for auditors to begin an audit with a professional skepticism characterized by the assumption that O a potential conflict of interest always exists between the auditor and the management of the enterprise under audit. O in audits of financial statements, the auditor acts exclusively in the capacity of an auditor O the professional status of the independent auditor imposes commensurate professional obligations. O financial statements and financial data are verifiable. When Auditee Company prohibits...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning and supervision, appropriate materiality levels, and sufficient appropriate audit evidence. an audit opinion in accordance with the auditor's findings, whether the financials are presented fairly, and whether the financial are in accordance with the applicable financial reporting framework. O whether the auditor has unrestricted access to those within the entity from whom the auditor needs to obtain audit evidence. complying with ethical requirement, appropriate...
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company to be used for a loan from a publicly traded bank. g. An audit of a U.S. public company. h. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan. 2-20 (OBJECTIVE 2-7) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an...
.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...
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...
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