As you look at financial statements audits it is important to gain an understanding of the rules and regulations that govern the profession. First from an audit standpoint you have US Generally Accepted Auditing Standards (GAAS). You should think of these standards as the guidelines that are used by the auditor on how to cond
Described the tolerable exception rate and how you might use this as an auditor. Explain how you might determine the rate you select.
What makes audit evidence persuasive? What criteria must meet evidence to be considered persuasive?
What role does auditing evidence play in protecting the auditor and the client? What steps must be taken to ensure the evidence accurately supports the conclusions? Please use attachment.
When is insurance beneficial? Is insurance ever not beneficial? Explain the answer
In the course of an audit, you discovered that the CEO of the company you are auditing is having a consensual affair with a female executive at the same company, who does not work for him. Do you feel obligated to inform the Board of Directors?
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company? In the case of question number 1 there is certainly a "fear" factor that is involved with auditors. This certainly could be a motivator for some com
In today's world what would happen to a company that looks at accounting as a necessary evil and audits as a pure waste of time? How should the Senior officers of a corporation respond to questions from Board Members, Stockholders and External auditors? How many accounting methods can you think of that can be used by Corpo
Auditing standard 5 - Internal controls for integrated audit What would you do if you were the CFO of the XYZ company that is listed on the stock exchange and find through the yearend audit by an independent Audit firm that a 3,000 dollar entry went to the wrong account? In this case the CFO decided not to reopen the books
1. Sales/Inventory Cutoff. Your client took a complete physical inventory count under your observation as of December 15 and adjusted the inventory control account (perpetual inventory method) to agree with the physical inventory. After considering the count adjustments as of December 15 and after reviewing the transactions r
You are currently reviewing the audit file before planning the audit for the financial year ending 31 December 2010. As per the previous year auditor's findings, last year there were no major audit problems and inherent risks were assessed as relatively low and the control environment was considered satisfactory. The descript
Kent, CPA, is engaged in the audit of Davidson Corp.'s financial statements for the year ended December 31, 20XX. Kent is about to commence auditing Davidson's employee pension expense, but Kent's preliminary inquiries concerning Davidson's defined benefit pension plan led Kent to believe that some of the actuarial computations
Here I have about 45 review questions, about half of them are multiple choice. Please complete in Excel or Word. --------------------------- Response starts with: Question 7-1 Before you begin to answer this question, the first thing you may want to note is that, "Section 404 of the Sarbanes-Oxley Act calls
The role of the auditor has evolved from auditing "around the computer" to having to "know" technology in order to competently evaluate system controls. What is meant by auditing "around the computer" and is it efficient? Do you agree with the evolution of the role of the auditor and why?
What are CAATs and why would or should they be used?
What events might prevent reliance on auditing through the computer.
1.What could Nike's Corporate Responsibility team do to improve Nike's public image? 2.Why did Nike's attempt to address it critics prove unsuccessful? 3.What damage, if any, has been done to Nike? Did Nike react appropriately? Did it overreact? 4.What damage, if any, has been done to Nike? Did Nike react appropriately? Did i
These all need to be based on the United States 1. Distinguish among the three principal types of auditors and indicate the types of audits each may perform 2. Explain one of the four economic benefits of a financial statement audit 3. What is the PCAOB and what is the authority given to it. 4. Identi
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement? Describe the differences between positive and negative confirmations. Which type is generally viewed as more reliable? 900 words
Question: Contrast the circumstances in which the auditor would choose not to test controls with those in which he or she would perform tests of controls.
Discuss what is meant by the term 'auditing around the computer'. Discuss the circumstances that must exist for the auditor to 'audit around the computer'.
What are the computer auditing techniques available to the auditor?
Reasonableness of management's accounting estimates is covered by the existence or occurrence assertion. True or False Which one of the following is among the three components of audit risk? a) Incurrence risk b) Occurrence risk c) Rejection risk d) Acceptance risk e) Control risk For which of the following accounts i
Here are the questions that I need help with. The fact pattern that should be referenced, is attached. It is a pdf file. Please send me a message if you are unable to view it properly. Part A. What reporting responsibilities, if any, does a Mr. Murphy have to: 1) The Audit Committee Explain why or why not the respon
Multiple Choice REQUIRED: Indicate the best answer choice for each of the following. 1. Which of the following would most likely be audited in conjunction with the examination of the client's interest notes payable? a. Interest income. b. Interest expense. c. Amortization of goodwill. d. Royalty revenue. 2.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division of a company from within?
1. The most persuasive means of assessing production quality control is to: a. Evaluate the number and reasons for sales adjustments. b. Analyze labor efficiency variances. c. Analyze materials efficiency variances. d. Evaluate the production/inventory/sales mix. 2. A means of preventing production delays as a consequence
Study guide for auditing class to use to study for final exam Multiple Choice - Choose the BEST answer for each question 1. Which of the following accounts does not appear in the acquisition and expenditure cycle? a. Cash. b. Purchases Returns. c. Sales Returns. d. Prepaid Insurance. 2. For which of th
Compare and contrast auditing attestation and assurance services. Be sure to include an example of the assurance service, and who might request such a service and what standards apply to that service and who establishes those standards.
Please check the *** attached file *** and let me know if it is possible to solve the problem. Thanks! 1. Describe the two forms of accounts receivable confirmation requests that you used and indicate the factors that you considered in determining which type to use. 2. What "alternative procedures" are you going to use