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Category: Accounting

In which of the following circumstances would an auditor of an issuer be least likely to reevaluate established materiality levels?

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ASSIGNMENT The following questions deal with client acceptance, audit planning, and materiality. Choose the best response. a. In which of the following circumstances would an auditor of an issuer be least likely to reevaluate established materiality levels? (1) The materiality level was established based on preliminary financial statement amounts that differ significantly from actual amounts. […]

Which of the following circumstances would most likely pose the greatest risk in accepting a new audit engagement?

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EXAMINATION The following questions concern the planning of the engagement. Select the best response. a. Analytical procedures used in planning an audit should focus on identifying(1) material weaknesses in internal control.(2) the predictability of financial data from individual transactions.(3) the various assertions that are embodied in the financial statements.(4) areas that may represent specific risks […]

What are the responsibilities of the successor and predecessor auditors when a company is changing auditors?

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QUESTIONS What are the benefits derived from planning audits? What are the responsibilities of the successor and predecessor auditors when a company is changing auditors? What is the purpose of an engagement letter? What subjects should be covered in such a letter? Who is considered the client when auditing public companies? Explain why auditors need […]

Distinguish between the terms performance materiality and preliminary judgment about materiality. How are they related to each other?

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TASK 1. What is meant by setting a preliminary judgment about materiality? Identify the mostimportant factors affecting the preliminary judgment.2. Distinguish between the terms performance materiality and preliminary judgment aboutmateriality. How are they related to each other?3. Explain the difference between known and likely misstatements. Assume the auditortests a sample of $100,000 of inventory and […]

Discuss why adequate audit planning is essential-Make client acceptance decisions and perform initial audit planning.

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TASK Discuss why adequate audit planning is essential.Make client acceptance decisions and perform initial audit planning.Perform preliminary analytical procedures.Apply the concept of materiality to the audit.Make a preliminary judgment about what amounts to consider material.Determine performance materiality during audit planning.Use materiality to evaluate audit finding

Prepare an improved audit schedule, using an electronic spreadsheet software pro- gram. Include an indication of the audit work done as well as the analysis of the client option)

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ASSIGNMENT You are the in-charge auditor on the audit of Vandervoort Company and are to review the audit schedule shown on the next page. a. List the deficiencies in the audit schedule. b. For each deficiency, state how the audit schedule could be improved. c. Prepare an improved audit schedule, using an electronic spreadsheet software […]

Identify any divisions or months that you believe should be examined further, and document your rationale.

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ASSIGNMENT As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for performing risk assessment procedures related to the sales cycle. JA Tire has four sales divisions within the U.S. and sells primarily to large tire companies with regional warehouses that subsequently […]

Recalculate net pay for each payroll transaction for all pay periods and compare it to the amount included in the file.

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ASSIGNMENT Analytical procedures are an important part of the audit process and consist of the evaluation of financial information by the study of plausible relationships among financial and nonfinancial data. Analytical procedures may be done during planning, as a substantive test, or as a part of the overall review of an audit. The following are […]

Discuss the likelihood and amount of loss in a lawsuit against the client with client’s in-house legal counsel versus discussion with the CPA firm’s own legal counsel.

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ASSIGNMENT The following are nine situations, each containing two means of accumulating evidence: 1. Confirm receivables with consumers versus confirming accounts receivable with business organizations. 2. Physically examine 3-inch steel plates versus examining electronic parts. 3. Examine duplicate sales invoices when several competent people are checking each other’s work versus examining documents prepared by a […]

Which of the following types of audit evidence is generally the most reliable?

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ASSIGNMENT The following questions concern audit evidence and audit documentation. Choose the best response.a. According to PCAOB audit standards, audit documentation must be retained for b. Which of the following types of audit evidence is generally the most reliable?(1) one year.(2) three years.(3) five years.(4) seven years.(1) A bank confirmation(2) A bank statement(3) Analytical procedures(4) […]

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