Select the necessary words from the list of possibilities to complete the following statements. ( Choices of all questions are same)
1. Audit Committee (Sarbanes Oxley Act 2002 makes it mandatory for audit committees to be directly responsible for the oversight of Independent auditor.)
2. Misappropriation of assets.
3. Inherent Risk
4. Audit Plan
5. Tests of controls
6. Substantive Procedures Tests.
7. Risk
8. Confirmation
9. Representation of management
10. Cutoff
Select the necessary words from the list of possibilities to complete the following statements. ( Choices...
12 Select the necessary words from the list of possibilities to complete the following statements Answer Statements 1. The term refers to the process of dividing a population into relatively homogeneous subgroups risk which is the possibility of selecting a sample that is not risk which is the possibility of selecting a sam Inherent in the use of sampling is representative of the population To use attributes sampling tables, the auditors must stipulate the desired risk of assessing control risk...
Select the necessary words from the list of possibilities to complete the following statements. Statements1.CPAs in public practice should not accept a fee from an audit client that is _______ specified finding.2.In evaluating independence, financial interests of a CPA's _______ are ascribed directly to the CPA.3.Consulting services for audit clients should be advisory in nature, CPAs should not assume the role of _______ for these clients.4.The Accounting Principles Rule requires the CPA to recognize the pronouncements of theFinancial Accounting Standards Board...
1 Select the necessary words from the list of possibilities to complete the following statements Statements Answer Material fluctuations revealed by analytical procedures should be investigated to determine whether they are indicative of material in the financial statements should distribute them to the employees When paper paychecks are issued, the company's of the company The primary purpose of the is to have the client's principal officers acknowledge that they are primarily responsible for the famess of the financial statements In...
Select the necessary words from the list of possibilities to complete the following statements.
Select the necessary words from the list of possibilities to complete the following statements.
Ched Select the necessary words from the list of possibilities to complete the following statements. Statements - Answer 1. The auditors should obtain a letter from the client's attomeys describing In estimating the total likely misstatement in the financial statements, the auditors should combine misstatements, projected misstatements, and judgmental misstatements. - If the auditors conclude that the total misstatement in the financial statements is material, they should request management to adjust the financial statements or issue an opinion An event...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) 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 The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
Select the necessary words from the list of possibilities to complete the following statements. Statements Answer of financial statements involves the performance of limited investigative procedures that provide a basis for the expression of limited assurance that there are no material departures from generally accepted accounting principles is the written contract summarizing the relationship between the auditors and the client 2. An Under the Securities Act of 1933, initial purchasers of securities may sue the auditors for misleading audited financial...
Select the necessary words from the list of possibilities to complete the following statements.Statements1. Under the Securities Act of 1933, initial purchasers of securities may sue the auditors for misleading audited financial statements and need not prove that they relied on the financial statements. The burden of proof is on the auditors to prove that they were in the performance of their work.2. When CPAs are associated with a possibility exists that the client may misinterpret the extent of the...
Select the necessary words from the list of possibilities to complete the following statements. Statements Good evidence of ownership of property often is found by examining current 2. Possession of a deed is not proof of present of property A dollar minimum ordinarily should be established to be used by accounting personnel for distinguishing between capital and expenditures A company should maintain a unit of property f or plant and equipment, consisting of a separate record for each A company...