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The Accounting and Review Services Committee (ARSC) is responsible for issuing standards for compilations and reviews of financial statement issued by nonpublic companies. Visit the AICPA website (www.aicpa.org) and answer the following questions about the operations of this committee:
Requireda. How many individuals serve on the ARSC and how are they chosen to serve?b. What is the nature of the due process ARSC follows when developing and establishing new standards?c. How long must an exposure draft of a new standard (i.e., a new SSARS) be made available for public comment?d. How many affirmative votes are required before an exposure draft of a proposed or final SSARS can be issued?e. Are meetings of the ARSC open to the public?
Procedures are how the evidence is to be gathered (these must be very specific and contain action verbs- not look at some stuff or check some stuff).
Internal controls 1 through 5 were tested in prior audits.
For each of the scenarios above, identify which of the components of audit risk (inherent, control or detection risk) are affected. In your answer you will need to justify you choice.
What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?
The for-profit entity sells $120,000 with net 30-day terms, while the nonprofit entity has a fund raising drive for which they receive pledges of $120,000. How do the two journal entries look?
Identify special circumstance and unusual risk, evaluate independence, ethical and legal consideration, determine ability to use due care, assess competence to perform audit
Identify the key audit deficiencies related to accounts, disclosures, and assertions in the revenue cycle. For each identified deficiency, indicate the appropriate action that should have been taken by the auditor.
1. Total and cross-total all columns in the cash receipts journal. 2. Trace postings from the cash receipts journal to the general ledger. 3. Examine remittance advices and related correspondence to support entries in the cash
1.Explain why auditors reports are important to users of financial statements and why it is desirable to have standard working.
Explain why management might want an independent audit of its financial statements. What types of users might be interested in Green Day's financial results?
Why would a company want to reduce its bond indebtedness before its bonds reach maturity? Indicate how this can be done and the correct accounting treatment for such a transaction.
Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
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