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Category: Accounting

Explain how three of the following elements can affect estimate of loss reserve. Write no less than 300 words

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Assignment Question(s):   Q1. Structures of insurance companies’ financial statements (income statement, balance sheet, cash flow statements) vary than structures the non- insurance organization due to the unique features of the insurance companies.  Give a sample of the structures for any selected Saudi insurance company’ financial statements and explain the rational for classifying balance sheet […]

Which of the following types of documentary evidence should the auditor consider to be the most reliable?

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MULTIPLE CHOICE QUESTIONS FROM CPA EXAMINATIONS 7-23 (OBJECTIVES 7-3, 7-4) The following questions concern persuasiveness of evidence.Choose the best response.a. Which of the following types of documentary evidence should the auditor considerto be the most reliable? (1) Confirmation of an account payable balance mailed by and returned directly tothe auditor (2) A sales invoice issued […]

Discuss the similarities and differences between evidence in a legal case and evidence in an audit of financial statements.

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REVIEW QUESTIONS 7-1 (OBJECTIVE 7-1) Discuss the similarities and differences between evidence in a legal case and evidence in an audit of financial statements. 7-2 (OBJECTIVE 7-2) List the four major evidence decisions that must be made on everyaudit. 7-3 (OBJECTIVE 7-2) Describe what is meant by an audit procedure. Why is it important foraudit […]

Identify how auditors incorporate data analytics and other advanced technologies in an audit.

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ASSIGNMENT Contrast audit evidence with evidence used by other professions. Specify the characteristics that determine the persuasiveness of evidence. Identify and apply the eight types of evidence used in auditing. Identify how auditors incorporate data analytics and other advanced technologies in an audit. Compute common financial ratios. Prepare organized audit documentation. List the purposes of […]

Identify the four audit evidence decisions that are needed to create an audit program.

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AUDIT EVIDENCE Contrast audit evidence with evidence used by other professions.7-2 Identify the four audit evidence decisions that are needed to create an audit program.7-3 Specify the characteristics that determine the persuasiveness of evidence.7-4 Identify and apply the eight types of evidence used in auditing.7-5 Know the types of analytical procedures and their purposes.7-6 Identify […]

Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports. State these three issues

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TASK Q.1 Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports. State these three issues  

What are the responsibilities of the independent auditor for the detection of fraud involving misappropriation of assets and fraudulent financial reporting?

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ASSIGNMENT 6-27 (OBJECTIVES 6-1, 6-3) Auditors provide “reasonable assurance” that the financial statements are “fairly stated, in all material respects.” Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting.RequiredRequiredIn-class Discussion (2) Management and those charged with governance are responsible for ensuring […]

What is the auditor’s responsibility when noncompliance with laws or regulations is identified or suspected?

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REVIEW QUESTIONS 6-1 (OBJECTIVE 6-1) State the objective of the audit of financial statements. In general terms, how do auditors meet that objective? 6-2 (OBJECTIVE 6-2) Describe management’s responsibility for the financial statements. Doyou believe the CEO and CFO of a public company perceive an even greater responsibility as a result of the Sarbanes–Oxley Act […]

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