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Evaluate the following comments about compiled financial statements: "When CPAs associate their name with compiled financial statements, their only responsibility is to the client and that is limited to the proper summarization and presentation on the financial statements of information provided by the client. The opinion clearly states that the auditor has not conducted an audit and does not express an opinion on this fair presentation. If users rely on compiled financial statements, they do so at their own risk and should never be able to hold the CPA responsible for inadequate performance. Users should interpret the financial statements as if they had been prepared by management."
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
Identify the ethical principles violated - In each discussion-excerpt above identify the specific threat to independence.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
A Business report identifying auditing procedures and practices
Identify what you consider to be the 'key' inherent risk factors that could have an impact on the audit of Dick Smith for the year ended 31st December 2015 and/or future audits.
HI6026 Audit, Assurance and Compliance - Would King & Queen be liable to EFL? Provide specific case references to support your answer and define actual and perceived independence, and explain the importance of each.
ACC/ACF 3600 Auditing and Assurance Group Assignment. ‘Analytical procedures are conducted at the risk assessment phase of the audit to: . . . identify the accounts at risk of material misstatement'
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division of a company from within?
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
questionabc ltd recently established an audit committee in compliance with the australian stock exchange listing
For each of the above independent situations: (1) describe the overall impact on audit risk and provide your reasons for your answer, and (2) identify the specific component(s) of audit risk affected.
Expenses accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
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