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.
| Statements | |
|---|---|
| 1. | 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 the Financial Accounting Standards Board and the Government _______ |
| 5. | The AICPA Code of Professional Conduct includes: Principles, Rules and _______ |
Homework Answers
| 1 | Contingent |
| 2 | Spouse and dependent relatives |
| 3 | Decision maker |
| 4 | Accounting Standards Board |
| 5 | Interpretations of rule of conduct and ethical rulings |
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Select the necessary words from the list of possibilities to complete the following statements.
Statements Answer 1. The AICPA Code of Professional Conduct includes: Principles, Rules and interpretations st be...
Statements Answer 1. The AICPA Code of Professional Conduct includes: Principles, Rules and interpretations st be independent of any enterprise and must also ______independent to third parties. A CPA's independence with respect to an enterprise will be impaired if the CPA has any or material indirect financial interest in the enterprise. In evaluating independence, financial interests of a CPA's are ascribed directly to the CPA CPAs in public practice should not accept a fee from an audit client that is...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements...
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...
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...
Check my w Select the necessary words from the list of possibilities to complete the following...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
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.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...
Ched Select the necessary words from the list of possibilities to complete the following statements. 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...
1 Select the necessary words from the list of possibilities to complete the following statements Statements...
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. Statements Answer...
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...
True and false questions 10) Under Rule 101, Independence, independence is considered to be impaired if...
True and false questions 10) Under Rule 101, Independence, independence is considered to be impaired if fees remain unpaid for professional services provided more than six months before the date of the current year's report. 11) The criteria by which an auditor evaluates the information under audit may vary with the information being audited. 12) The criteria used by an external auditor to evaluate published financial statements are known as generally accepted auditing standards. 13) An auditor 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...
Statements Answer 1. The AICPA Code of Professional Conduct includes: Principles, Rules and interpretations st be independent of any enterprise and must also ______independent to third parties. A CPA's independence with respect to an enterprise will be impaired if the CPA has any or material indirect financial interest in the enterprise. In evaluating independence, financial interests of a CPA's are ascribed directly to the CPA CPAs in public practice should not accept a fee from an audit client that is...
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...
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...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
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...
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. 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...
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...
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