...Liuting Han Accounting 439, Sec #01 Assignment #1 1-25: The objective of external auditing is to provide opinions on the reliability of the financial statements and, as a part of an integrated audit, provide opinions on internal control effectiveness. The overall objective of external auditing is to ensure that the financial statements of an organization are correct and are in order. The external audit is intended to enhance the confidence that users can place on management-prepared financial statements. When the auditor has no reservations about management’s financial statements or internal controls, the report is referred to as an unqualified audit report. If the auditor had reservations about the effectiveness of the client’s internal controls, the auditor would issue an adverse opinion on internal controls. The auditors should find fraud, require accounting principles that best portray the spirit of the concepts adopted by accounting standard setters, and be independent of management. Managements need the unbiased and correct financial information to make operational decisions. Shareholders need the information to decide to invest or not. Tax authorities need the information to determine taxable income. 1-31: a) Describe the unethical actions of Susan Birkert. Susan Birkert told her friend the stock of Cometech Corporation that she was auditing was a good investment. Also, she agreed to her friend to purchase stocks on her behalf and she gave her friend...
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...ANSKEY KEY AUDITING THEORY (2011 EDITION) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 C A C C B C B C D C B D C D C B A A D D Chapter 1 21 C 41 22 A 42 23 B 43 24 C 44 25 B 45 26 B 46 27 B 47 28 D 29 C 30 C 31 C 32 B 33 B 34 D 35 B 36 D 37 D 38 C 39 B 40 B 61 62 63 64 65 66 67 68 69 70 71 D C D D A B C 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 C C A C B B C B C C D D A A B C A A C A A C D A A D C A A B C B B A C C D A A B Chapter 2 21 A 41 22 C 42 23 C 43 24 C 44 25 B 45 26 B 27 B 28 C 29 B 30 D 31 B 32 C 33 D 34 C 35 D 36 C 37 D 38 D 39 D 40 D Chapter 9 21 A 41 22 B 42 23 D 43 24 A 44 25 B 45 26 B 46 27 D 47 28 C 48 29 C 49 30 A 50 31 A 32 C 33 D 34 B 35 B 36 D 37 B 38 B 39 C 40 C D B D A A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 D C C C C B D C C D C D C A C A A B B B A A B A C D A C D D A D A D C C C C D A Chapter 3 A 41 A 22 B 42 A 23 D 43 B 24 B 44 D 25 B 45 C 26 A 46 A 27 B 47 A 28 D 48 B 29 A 49 B 30 C 50 D 31 C 51 D 32 A 52 C 33 C 53 C 34 B 54 C 35 D 55 D 36 C 56 D 37 B 57 C 38 A 58 A 39 A 59 B 40 D 60 C 21 61 62 63 64 65 66 67 68 B C D D B B A C 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 B A D D B A C A B B D D B D D D A A C D A B A B C D D B B A B D D B A C D B D D Chapter 4 21 D 41 22 A 42 23 C 43 24 A 44 25 C 45 26 B 46 27 D 28 D 29 B 30 C 31 C 32 C 33 D 34 C 35 B 36 B 37 D 38 A 39 D 40 A C C C C D D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A C C A C D A D B D B C...
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...regulations than the audits of the 19th century. Answer: True Difficulty: Medium 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. Answer: False Difficulty: Medium 3. A company is either audited by the GAO or internal auditors, but not both. Answer: False Difficulty: Easy 4. The SEC does not pass on the merits of the securities that are registered with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. Answer: True Difficulty: Easy 8. Staff assistants in CPA firms generally are responsible for planning and coordinating audit engagements. Answer: False Difficulty: Easy Whittington, Principles of Auditing, Fifteenth Edition 1 Chapter 1 The Role of the Public Accountant 9. The Sarbanes-Oxley Act requires that auditors of publicly traded companies in the United States perform an integrated audit that includes providing assurance on both the financial statements and on compliance with laws and regulations. Answer: False Difficulty: Medium 10. Auditing is frequently only a small part of the practice of local CPA firms. Answer: True Difficulty: Medium Multiple Choice...
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...can download or read online. So if you need to download Pinnacle manufacturing solution manual pdf gxukzaf then you've come to the right website. We have Pinnacle manufacturing solution manual epub, pdf and kindle formats. We will be happy if you come back to us again. Auditing pinnacle case answers - free eBooks Auditing pinnacle case answers download on Caa2011-2.org free books and manuals search Banbury Impex Case Study http://www.caa2011-2.org/auditing-pinnacle-case-answers/ Pinnacle manufacturing auditing case solution Pinnacle manufacturing auditing case solution download on iubmb-2013-3.org free books and manuals search - CHAPTER 8 8 40 PINNACLE MANUFACTURING SOLUTION http://www.iubmb-2013-3.org/pinnacle-manufacturing-auditing-case-solution/ Pinnacle manufacturing case solution - free Pinnacle manufacturing case solution download on iubmb-2013-3.org free books and manuals search - TIVO HARVARD CASE SOLUTION http://www.iubmb-2013-3.org/pinnacle-manufacturing-case-solution/ Auditing Class Case Study Pinnacle Manufacturing Latest Auditing Class Case Study Pinnacle Manufacturing Solutions Chapter 16 into habitats baystat240 owner manual bendix ws 20 california tax http://www.platformusers.net/rt/auditing-class-case-study-pinnacle-manufacturing-solutions-chapter-16/ Solution For Pinnacle...
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...Gleim EQE Test Prep: Auditing and Systems (10 questions) ACC400 Auditing, Chapter 1-2 Pre Quiz Name: Date: [1] Gleim #: 1.1.1 -- Source: CPA 1193 A-9 In performing an attestation engagement, a CPA typically A. B. C. D. Supplies litigation support services. Assesses control risk at a low level. Provides management consulting advice. Expresses a conclusion about an assertion. Answer (A) is incorrect. Litigation support services are consulting services. Answer (B) is incorrect. The CPA assesses control risk in an audit but not necessarily in all attest engagements. Furthermore, the assessment may not be at a low level. Answer (C) is incorrect. An attest engagement results in a conclusion about an assertion. Answer (D) is correct. When a CPA in the practice of public accounting performs an attest engagement, the engagement is subject to the Statements on Standards for Attestation Engagements (codified as AT 101 to AT 801). An attest engagement is one in which a practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter, or an assertion about the subject matter, that is the responsibility of another party. [2] Gleim #: 1.1.7 -- Source: CPA, adapted A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to A. Review management’s discussion and analysis (MD&A) prepared pursuant to rules and regulations adopted by the SEC. B. Report on financial...
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...by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories is included in generally accepted auditing standards? a. b. c. d. Standards of review. Standards of planning. Standards of fieldwork. Standards of evidence. ANSWER: Choice "c" is correct. Generally accepted auditing standards include three categories: general standards, standards of fieldwork, and standards of reporting. Choices "a", "b", and "d" are incorrect, based on the above explanation. 1 2007 AICPA Newly Released Questions – Auditing 2. CPA-05466 A retailing entity uses the Internet to execute and record its purchase transactions. The entity's auditor recognizes that the documentation of details of transactions will be retained for only a short period of time. To compensate for this limitation, the auditor most likely would: a. b. c. d. Compare a sample of paid vendors' invoices to the receiving records at year-end. Plan for a large measure of tolerable misstatement in substantive tests. Perform tests several times during the year, rather than only at year-end. Increase the sample of transactions to be selected for cutoff tests. ANSWER: Choice "c" is correct. When...
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...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...
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...Name Chapter 1: Auditing: Integral to the Economy Description Instructions Modify Add Question Here Question 1 True/False 0 points Modify Remove Question The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. Answer True False Add Question Here Question 2 True/False 0 points Modify Remove Question An audit of financial statements is a form of attestation service. Answer True False Add Question Here Question 3 True/False 0 points Modify Remove Question Independence is an attribute necessary to perform assurance services. Answer True False Add Question Here Question 4 True/False 0 points Modify Remove Question A bank using Milton Company's financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting. Answer True False Add Question Here Question 5 True/False 0 points Modify Remove Question Independence is only required for assurance service providers. Answer True False Add Question Here Question 6 True/False 0 points Modify Remove Question A CPA automatically qualifies as an assurance provider in all areas of business. Answer True False Add Question Here Question 7 True/False 0 points Modify Remove Question Attestation services are a subset of assurance services and always involve a report that...
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...Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2006 AICPA Newly-Released Auditing Questions An auditor observes the mailing of monthly statements to a client's customers and reviews evidence of follow-up on errors reported by the customers. This test of controls most likely is performed to support management's financial statement assertions of: Presentation and disclosure Yes Yes No No Existence or occurrence Yes No Yes No a. b. c. d. ANSWER: Choice "c" is correct. In testing the existence or occurrence assertion, the auditor is concerned that fictitious or overstated receivables may have been recorded. Observing the mailing of monthly statements and reviewing evidence of follow-up on errors reported by customers provides evidence that procedures are in place to identify and correct such errors. Choice "a" is incorrect. Observing the mailing of monthly statements and reviewing evidence of follow-up on errors reported by customers does not provide any assurance regarding how receivables are presented and disclosed in the financial statements. Choice "b" is incorrect. Observing the mailing of monthly statements...
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... and Control 1) Most strategists believe that an organization's well being depends on evaluation of the strategic-management process. Answer: TRUE Diff: 1 Page Ref: 286 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 2) Adequate, timely feedback is important to effective strategy evaluation. Answer: TRUE Diff: 1 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 3) Too much emphasis on evaluating strategies may be expensive and counterproductive. Answer: TRUE Diff: 2 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 4) Strategy evaluation should have a long-run focus and avoid a short-run focus. Answer: FALSE Diff: 2 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 5) According to Richard Rumelt, consonance and consistency are mostly based on a firm's external assessment. Answer: FALSE Diff: 2 Page Ref: 288 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is...
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...EXAM COVER SHEET NOTE: This exam paper may be RETAINED by the student EXAMINATION DETAILS Course Code: Course Description: Date of exam: ACCT1111 Auditing and Assurance Services 28/10/2008 Start time of exam: 9:15 AM Duration of exam: 3hr 15min Total number of pages (incl. this cover sheet) 8 ALLOWABLE MATERIALS AND INSTRUCTIONS TO CANDIDATES 1. Write your full name and student number on each examination booklet together with the number of examination books used. Students must not write during reading time. 2. This is a CLOSED BOOK Exam. 3. Commence each question on a new page. Carry out the instructions on the front cover of the examination script book and the front of this exam paper. 4. Non text storing calculators are allowed. 5. Bi-lingual dictionaries are not allowed. 6. No electronic devices such as mobile phones, laptop computers, electronic dictionaries etc. are permitted to be taken into the exam room. 7. The examination paper contains the following questions: Section A ONE essay questions 25 marks Section B TWO short answer questions 15 marks Section C FIVE application questions 60 marks Totalling 100 marks 8. To obtain a pass in this course, candidates must achieve at least 50 marks overall and obtain at least 50% of the total marks on this examination paper. 9. Attempt ALL questions and all parts of questions. 10. No dictionaries are allowed in this examination unless duly authorised as a special consideration by the Course Coordinator...
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...CHAPTER 1 The Role of the Public Accountant in the American Economy Review Questions 1–1 The “crisis of credibility” largely arose from the number of companies that restated their previously issued financial statements as a result of accounting irregularities and fraud. Especially responsible were the very visible Enron and WorldCom fraud cases. Both companies filed for bankruptcy and constituted the largest companies in American history to do so. The extent of the accounting irregularities and fraud being investigated and disclosed brought into question the effectiveness of financial statement audits. In addition, the criminal conviction of Arthur Andersen, LLP, one of the then Big 5 accounting firms, on charges of destroying documents related to the Enron case brought into question the ethical standards of the profession. 1–2 Assurance services are professional services that enhance the quality of information, or its context, for decision making. The two types are: (a) those that increase the reliability of information and (b) those that involve putting information in a form or context that facilitates decision making. 1–3 A financial statement audit is, by far, the most common type of attest engagement. The overall assertion, made by management, most frequently is that the financial statements follow generally accepted accounting principles. 1–4 A large corporation with securities listed on a stock exchange is required by the rules of the stock...
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...ACC 492 Contemporary Auditing II Week 1 to 5 with Final Exam Purchase here http://chosecourses.com/acc-492-contemporary-auditing-ii-week-1-to-5-with-final-exam Product Description ACC 492 Contemporary Auditing II Week 1 Individual Assignment from the Text, 14-28, 14-30 Discussion Questions 1, 2 and 3 Week 2 Individual Assignment from the Text, 16-33, 16-35 Learning team Apollo Shoe Case Assignment Learning Team Payroll Schedule Discussion Questions 1, 2 and 3 Week 3 Individual Assignment from the Text, 16-26, 16-29 Learning team Apollo Shoe Learning team Apollo Shoe Case Assignment Discussion Questions 1, 2 and 3 Week 4 Individual Assignment from the Text, 17-22, 17-26 Individual Case Study Assignment Learning Team Apollo Shoe Case Assignment Learning Team Apollo Shoes Case Prepaid and Fixed Assets Learning Team Assignments from the Text, 17-27, 18-31 Discussion Questions 1, 2 and 3 Week 5 Individual Issuing Audit Reports Simulation Learning Team Case Study Assignment Learning Team Case Study Assignment and Presentation Sample Final Exam (36 Questions and Answers) ACC 492 Contemporary Auditing II Week 1 to 5 with Final Exam Purchase here http://chosecourses.com/acc-492-contemporary-auditing-ii-week-1-to-5-with-final-exam Product Description ACC 492 Contemporary Auditing II Week 1 Individual Assignment from the Text, 14-28, 14-30 Discussion Questions...
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...responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain. A. For public companies, the standards are established by the PCAOB, whereas the standards for all non-public entities are set by the Auditing Standards Board of the AICPA. The split between public and private entities occurred as a result of the passage of the Sarbanes-Oxley Act which set up the PCAOB. 2-10 (Objective 2-6) Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more specific to enable practitioners to improve the quality of their performance. As the standards are now stated, some critics believe that they provide little more than an excuse to conduct inadequate audits. Evaluate this criticism of the 10 generally accepted auditing standards. B. The standards are provided as a minimum standard, not a maximum, and auditors are encouraged to strive for more. The concern for more specificity in the standards is that it could turn into a mechanistic process of data gathering, removing all professional judgment from the audit. The standards also need to have the flexibility to fit into the specific situation of a company, i.e., determination of sample size. 2-16 (Objective 2-6) The following questions deal with generally accepted auditing standards. Choose the best...
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...Chapter 2 The CPA Profession Review Questions The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. Accounting and bookkeeping services Accounting services involve preparing the client's financial statements from the client's records. Bookkeeping services include the preparation of the client's journals and ledgers as well as financial statements. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. Management consulting services These services range from suggestions to improve the client's accounting system to computer installations. 2-1 2. 3. 4. 2-2 The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid an employer-employee relationship with its clients...
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