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Determining Appropriate Services
What if a client approaches you with an engagement request that you are not sure your CPA firm provides? Knowing which services are offered and how they are performed helps to ensure you provide your clients with the services they need.
You are approached by the Emerald Production Company management to review and analyze their customer satisfaction trends over the past 5 years. This assurance service would tell management if their suspicions were correct in that customer satisfaction has been declining, especially in the past 2 years. Management currently evaluates customer satisfaction based on customer retention and sales increases. While management sends out surveys via mail and email to customers, response rates are very low. Management does not consider the survey responses to be an accurate representation of their customer service. In fact, only customers with negative feedback are the ones who respond.
Assuming that your firm can provide this type of service, where would you look to find guidance for this service?
What standards would you need to follow?
What type of report would you issue, and what should be included in the report?
Describe these requirements and discuss whether you believe they are adequate. What changes could be introduced to further improve auditor independence.
Diebold's accounting for accrued liabilities and capitalized expenses and what the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
What does the Consolidated Statements of Earnings-the income statement-tell you about the company and why is this statement important? What business decisions could be made using the income statement?
To identify principal audit risk and corresponding audit procedures
List at least eight different types of procedures an auditor would use in examining financial statements. For example, a type of procedure an auditor would use frequently is the observation of activities and conditions.
you have met with a potential client who informs you that all the employees and officers of his company are bonded. for
Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
Identify special circumstance and unusual risk, evaluate independence, ethical and legal consideration, determine ability to use due care, assess competence to perform audit
Reston Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 36,000 machine-hours and incurs $153,000 in manufacturing overh..
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Johnston, Inc. engaged in the following transactions involving treasury stock: Prepare general journal entries to record these transactions. Compute the amount of retained earnings that should be restricted because of the treasure stock still owned a..
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