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Multiple Choice QuestionsThe following questions concern attestation engagements. Choose the best response.
a. Which of the following professional services is considered an attestation engagement? (1) A management consulting engagement to provide IT advice to a client.(2) An income tax engagement to prepare federal and state tax returns.(3) An engagement to report on compliance with statutory requirements.(4) A compilation of financial statements from a client's accounting records.
b. A Type 1 service auditor's report on internal controls at a service organization (1) Includes an opinion about the suitability of the design of controls at the service organization.(2) Is based on the performance of tests of controls and substantive tests of transactions at the service organization.(3) Contains an opinion about the operating effectiveness of internal controls at the service organization.(4) Provides an opinion about the fair presentation of the service organization's financial statements in accordance with accounting standards.
c. Which of the following statements concerning prospective financial statements is correct? (1) Only a financial forecast is normally appropriate for limited use.(2) Any type of prospective financial statement is normally appropriate for limited use.(3) Only a financial projection is normally appropriate for general use.(4) Any type of prospective financial statement is normally appropriate for general use.
A Company budgeted sales on account for $120,000 for July, $211,000 for August, and $198,000 for September. Collection experience indicates that none of the budgeted sales will be collected in the month of the sale, 60% will be collected the month..
Furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales.
Prepare an additional report - The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for each of the identified potentially effective controls.
Complete a one- to two-page single spaced paper that discusses the impact the emerging issues will have on auditing.
Identify six key control weaknesses and its implication that were evident in Huntington unit's operations and develop control policies or procedures to alleviate the control weaknesses you identified in responding to question above.
on 112012 company abc gets 35000 shares of company xyz at a cash price of 10 per share. company xyz has 80000 shares
Create the workpaper eliminating entries for a consolidated statements workpaper on 31 st December, 2014. Prince uses the cost method and evaluate the total no controlling interest to be reported on the consolidated balance sheet on 31 st December,..
Audit report search: Many companies publish their annual reports on their website, usually in an "Investor Relations" section.
Distinguish the three forms of compilation reports that a CPA can provide to clients.
Identify and discuss in detail THREE (3) relevant legal concepts which are related to the collapse of HIH. In your answer, explain why these principles are relevant - What conditions need to exist for a negligence action to be upheld?.
Discuss the arguments for and against the auditors insisting that MPS begin expensing sonic portion of the construction costs rather than continuing to accumulate as ever-increasing asset. Indicate the position you would take as the auditor.
What is audit documentation, and why is it important to a quality audit? Given that the conduct of the two auditors had no impact on the client's financial statements or on E&Y's conclusions, why
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