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ASSIGNMENT The following questions concern audit documentation. Choose the best response. a. Which of the following is not a primary purpose of audit documentation?(1) To coordinate the audit(2) To assist in preparation of the audit report(3) To support the financial statements(4) To provide evidence of the audit work performed b. During an audit engagement, pertinent […]
ASSIGNMENT Revised question: Write 150-200 words per question answering the following. 1) Briefly explain Revised question: Write 100-200 words per question answering the following.. 2) What is 1 advantage and 1 disadvantage of the matching principle?
TASK Answer the following questions using your own words… According to police reports, a Gainesville, Florida, CPA was arrested for engaging in sexual assault. This story generated substantial publicity , especially in northern Florida . Despite the heinous nature of these crimes, there is no evidence whatsoever that the tax accounting services performed by him […]
RISK ASSESSMENT PROCEDURES At what two levels does the auditor assess the risk of material misstatement? Describe the types of procedures that constitute risk assessment procedures.
REVIEW QUESTIONSDiscuss the similarities and differences between evidence in a legal case and evidence in an audit of financial statements.List the four major evidence decisions that must be made on every audit.Describe what is meant by an audit procedure. Why is it important for audit procedures to be carefully worded?Describe what is meant by an […]
TASK Describe what is meant by the cycle approach to auditing. What are the advantages of dividing the audit into different cycles? Define what is meant by a management assertion about financial statements. Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.
AUDIT RESPONSIBILITIES AND OBJECTIVES Explain the objective of conducting an audit of financial statements and an audit of internal controls. Distinguish management’s responsibility for the financial statements from the auditor’s responsibility for verifying those statements. Explain the auditor’s responsibility for discovering material misstatements due to fraud or error. Describe the need to maintain professional skepticism […]
CIVIL LIABILITY UNDER THE FEDERAL SECURITIES LAWS What are the four major sources of auditors’ legal liability? Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law. How has that law changed in recent years? What are the auditor’s possible defenses against lawsuits filed under the Securities Exchange Act of […]
TASK Identify the circumstances under which a CPA can disclose confidential information without client permission. Explain the rule on contingent fees. Why is this rule necessary?
MULTIPLE CHOICE QUESTIONS The following questions deal with deficiencies in internal control. Choose the best response.a. An internal control deficiency may be defined as a condition in which material mis-statements would ordinarily not be timely detected by(1) auditors in assisting control risk.(2) the controller reconciling the general ledger.(3) employees in normal course of assigned functions.(4) […]
