Obtaining a “Sufficient” Understanding of Internal Control- “But we can’t disregard generally accepted auditing standard...
Obtaining a “Sufficient” Understanding of Internal Control- “But we can’t disregard generally accepted auditing standards like Jones proposes!” You will be given a short scenario and asked about your opinion on the recommendations made.
Homework Answers
- It is duty of an auditor to comply with the generally accepted auditing standards. Audit of accounts must be done in accordance with the applicable auditing standards.
- One cannot set aside auditing standards after obtaining sufficient understanding of internal control of the client.
- The auditor will be held guilty of he does so.
- Therefore Jones proposal should not be considered and audit proceedures shall be carried out in accordance with general auditing standards.
Add Answer to:
Obtaining a “Sufficient” Understanding of Internal Control- “But we can’t disregard generally accepted auditing standard...
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,...
Recently, there have been a significant number of highly publicized cases of management fraud involving the...
Recently, there have been a significant number of highly publicized cases of management fraud involving the misstatement of financial statements. Although most clients possess unquestioned integrity, a very small number, given sufficient incentive and opportunity, may be predisposed to fraudulently misstate reported financial conditions and operating results. What distinguishes financial reporting fraud from other types of fraud? What are an auditor's responsibilities, under generally accepted auditing standards, to detect financial reporting fraud? What are the characteristics of financial reporting fraud...
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....
what standard from these standards had been violated at this case, and why ? Standards :...
what standard from these standards had been violated
at this case, and why ?
Standards :
please i want it quickly
Auditing I Assignment I A. Majdi has a degree in accounting from BZU and works for a local accounting office. He was asked by a friend to prepare Financial statements for a small company in Ramallah. To help his friend Majdi prepared the financial statements and a report indicating that the financial statements were audited by him. What standards...
For each of the following independent situations, state whether the CPA has violated generally accepted auditing...
For each of the following independent situations, state whether the CPA has violated generally accepted auditing standards and/or the CPA Ontario Professional Code of Ethics. Explain your reasoning. (That is, violated/not violated and then explain why?) a. Emily, CPA, completed an audit of the financial statements of Major Breakthrough Inc. (MBI), a public company. During the audit, she became privy to information that MBI’s most recent major breakthrough was falsified and the information was going to made public in the...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the needed changes/additions directly on the Engagement Letter. LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2018 Ocean City, Florida 33140 October 30, 2018 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: You have requested that we audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2018, and the related...
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...
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...
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...
Task Internal Audit Must Embrace Change or Sink Like a Stone On March 21, 2019 By...
Task Internal Audit Must Embrace Change or Sink Like a Stone On March 21, 2019 By Jason Mefford Here’s a list of the internal audit challenges that present threats to the profession or cause sleepless nights for some CAEs. While it’s hardly a comprehensive list, it includes some of the changes and trends that we internal auditors simply can’t ignore. Speed of Technology: Changing business models from technological advances are disrupting traditional organizations and just may be the existential threat...
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,...
what standard from these standards had been violated
at this case, and why ?
Standards :
please i want it quickly
Auditing I Assignment I A. Majdi has a degree in accounting from BZU and works for a local accounting office. He was asked by a friend to prepare Financial statements for a small company in Ramallah. To help his friend Majdi prepared the financial statements and a report indicating that the financial statements were audited by him. What standards...
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...
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...
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...
Most questions answered within 3 hours.
-
Consider the schema below that models a bank’s branches,
customers and their accounts and loans. Provide...
asked 4 minutes ago -
What kinds of policies should be considered when individuals
decisions may likely impact public expense? For...
asked 12 minutes ago -
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 18 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 27 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 29 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 33 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 31 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 47 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 33 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 38 minutes ago -
A circuit is constructed with five resistors and a battery as
shown. The battery voltage is...
asked 46 minutes ago -
A. What is the U.S.
economic system and what do you think are the advantages and...
asked 46 minutes ago