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Tag: Financial Statements

Which of the following circumstances most likely would cause the auditor to suspect that there are material misstatements in the entity’s financial statements?

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QUESTIONS The following questions concern the assessment of the risk of material misstatements. Choose the best response. a. Which of the following circumstances most likely would cause the auditor to suspect that there are material misstatements in the entity’s financial statements? (1) The entity’s management places no emphasis on meeting publicized earningsprojections.(2) Significant differences between […]

Discuss some of the problems encountered when performing financial statements and operating indicator analysis.

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Financial Analysis Consider a healthcare organization in Saudi Arabia and assume they have a debt to equity ratio of 1.3. Address the following requirements: Is this good performance on this ratio? Discuss which actions would improve (i.e., increase) this ratio. Discuss some of the problems encountered when performing financial statements and operating indicator analysis.  Support […]

How do you, as the auditor, know that all minutes have been made available to you?

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ASSIGNMENT The minutes of the board of directors of the Tetonic Metals Company for the year ended December 31, 2019, were provided to you. Meeting of March 5, 2019The meeting of the board of directors of Tetonic Metals was called to order byJames Cook, the chairman of the board, at 8:30 a.m. The following directors […]

Which of the preceding transactions would most likely be considered a related party transaction?

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DISCUSSION QUESTIONS The following are various activities an auditor does during audit planning. 1. Review accounting principles unique to the client’s industry2. Determine the likely users of the financial statements3. Evaluate the appropriate financial statement measures for determining amountslikely to be considered material by users of the financial statements4. Identify whether any specialists are required […]

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 […]

Which of the following is not a primary purpose of audit documentation?

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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 […]

Discuss some of the problems encountered when performing financial statements and operating indicator analysis.

Posted on by Shady

Financial Analysis Consider a healthcare organization in Saudi Arabia and assume they have a debt-to-equity ratio of 1.3. Address the following requirements: Is this good performance on this ratio? Discuss which actions would improve (i.e., increase) this ratio. Discuss some of the problems encountered when performing financial statements and operating indicator analysis. Embed course material […]

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 […]

Discuss whether you believe Horton will be found liable to the purchasers of common stock.

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5-23 (OBJECTIVES 5-5, 5-6) In order to expand its operations, Gibson Corp. raised $5 millionin a public offering of common stock, and also negotiated a $2 million loan from CitizensNational Bank. In connection with this financing, Gibson engaged Horton & Co., CPAs, toaudit Gibson’s financial statements. Horton knew that the sole purpose of the audit […]

Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording.

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REVIEW QUESTIONS 3-1 (OBJECTIVE 3-1) Explain why auditors’ reports are important to users of financial state-ments and why it is desirable to have standard wording.3-2 (OBJECTIVE 3-1) What are the purposes of the opinion section in the auditor’s report?Identify the most important information included in the opinion section.3-3 (OBJECTIVE 3-1) What are the purposes of […]

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