1) “Assurance Services” is a professional service provided by Certified Public Accountants, the objective of which is to provide accurate information, in this example, information about the Spot Cards. Assurance Services give reliable opinions about the particular subject in order to reduce information risk (risk that comes from incorrect information). 2) The use of electronic payment technology offers particular benefits and costs. Below is an account of the benefits and cost to various parties
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CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules, techniques, and computations required to prepare financial statements, auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial
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HUISWERK WEEK 3 (E6 C32 & E8 C39) + OPGAVE E7 DQP 29 & 31 Case 6-32 a. A review provides limited assurance about the fair presentation of financial statements in accordance with generally accepted accounting principles but far less assurance than an audit. Presumably, the bank decided that the assurances provided by a review were needed before a loan could be approved, but an audit was not necessary. A review includes a CPA firm performing analytical procedures, making inquiries about
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FRAMEWORK FOR ASSURANCE ENGAGEMENTS Framework PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS CONTENTS Paragraph Introduction 1-6 Definition and Objective of an Assurance Engagement 7-11 Scope of the Framework 12-16 Engagement Acceptance 17-19 Elements of an Assurance Engagement 20-60 Inappropriate Use of the Practitioner’s Name 61 Effective Date 62 Acknowledgment 63-64 Appendix: Differences Between Reasonable Assurance Engagements
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Attestation, and Assurance Services ACC491 Auditing, Attestation, and Assurance Services This paper discusses and analyzes three different services provided by Certified Public Accountants (CPAs), namely: auditing, attestation, and assurance services. Surprisingly, assurance service is the broadest term among three. It includes auditing and attestation services. The most commonly heard service, auditing, is the narrowest service that a CPA firm provides. The attestation service lies in between
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Audit, Attestation, and Assurance Services ACC491 Kimberly Johnson December 14, 2015 Audits, assurance services, and attest services are all work that could be performed by an auditor. Each category offers a range of services that could be beneficial to many companies, and all help in regulating a company’s financial documents. Audit Services There are 3 different types of audits, financial statement audit, compliance audit, and operational audit. A financial statement audit involves obtaining
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Memorandum To: Larry Lancaster, CEO, Apollo Shoes From: Anderson, Olds, and Watershed Date: 12/12/11 Re: Audit Services Available Business nature dictates that companies must have yearly audit services provided when publicly traded. Additionally, companies not traded publicly benefit from audit services when obtaining loan or financial capital for the business. Apollo Shoes based in Shoeville, Maine and incorporated in Delaware has requisitioned Anderson
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Question 1 (3 marks) The chair of the board of Hughes Corporation proposed that the board hire as controller a PA who had been the manager on the corporation’s external financial statement audit. The chair thought that hiring this person would reduce the cost of the annual audit and consequently save the company at least half of the fee paid to the auditors. The chair proposed giving this new controller a full staff to conduct investigations of accounting and operating data as necessary. Required
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There are many fraud risk factors indicated in the dialogue. Among the fraud risk factors are the following: * Two individuals, Saul and the store manager, appear to dominate management without any compensating controls. * The supplier does not have any support for the transactions, nor do they have a phone number or an address where they can be reached. The oral confirmation by phone call could have been an insider posing as the vendor. * No
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MINI-CASES | |Question | |Case |1 |2 |3 |4 |5 |6 |7 | | | | | | | | | | |1. Andersen: An Obstruction of Justice
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