Decision to postpone an assurance engagement

Assignment Help Financial Accounting

Reference no: EM131224121

The CAE of PJS Company is working with senior management and the board to develop a combined assurance model and has asked you for advice. More specifically, he has asked you to respond to the following questions:

a. In a combined assurance model, should the internal audit function postpone assurance engagements in areas of the company for which other assurance providers have already planned assurance activities?

b. What factors might influence the CAE’s decision to postpone an assurance engagement?

c. What services might the internal audit function provide in lieu of performing an assurance engagement?

Reference no: EM131224121

Questions Cloud

About cell theory concept-define the mitochondrial function : Match the scientists with their respective discoveries orderly: Anton Von Leuvenhock, Robert Brown, Schleider and Schwann, Singer and Nicolson. Which of the following statement is false about Cell Theory Concept? Name the organelles that are the ch..

The structure of plasma membrane denote : From the figure below, what does 55% and 45% of the blood cells respectively constitute of? What do a, b, and c from the structure of plasma membrane denote?

Descriptions of two companies in different lines of business : The following are brief descriptions of two companies in different lines of business. Company A is a retailer. I makes sales on a daily basis for cash and on credit cards. Describe when revene should be recognized by each company. If revenue should n..

How much will be allocated to deluxe doughnuts : Doughnuts Inc. uses flour to produce two joint products. When processed each pound of flour yields 8 units of premium and 12 units of deluxe. Premium donuts sells for $1.00 per unit and deluxe sells for $2.00 per unit. The total cost to process a 10p..

Decision to postpone an assurance engagement : The CAE of PJS Company is working with senior management and the board to develop a combined assurance model and has asked you for advice. What factors might influence the CAE’s decision to postpone an assurance engagement? What services might the in..

Using the physical quantities method : Petro Inc. produces two joint products. Prior to the split-off point, the company incurred $600,000 in joint costs. Production totaled 72,000 pounds for product A and 48,000 pounds for product B. What amount of joint costs is allocated to product A u..

The price per unit of its smart phone products : Talmont products has dropped the price per unit of its smart phone products from $1,060 to $500.00. There are some units in work in process inventory that have costs of $600.00 per unit associated with them. Talmont could sell these units in their cu..

Distributes remaining after-tax earnings to ben as dividend : For the current year, Creative Designs Inc., a C corporation, reports taxable income of $340,000 before paying salary to Ben the sole shareholder of Creative Designs Inc. (CD). How much total income tax will Creative Designs and Ben pay on the $340,0..

Nonqualified deferred compensation plan : Katrina's executive compensation package allows her to participate in the company's nonqualified deferred compensation plan. This year, Katrina defers 20 percent of her $403,000 salary. What is her after-tax accumulation from the deferred salary in 1..

User Account

All Pages