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1-38. Ina discussion between Peters and Fenel, two auditing students, Peters made the following statement: "A CPA is a professional person who is licensed by the state for the purpose of providing an independent expert opinion on the fairness of financial statements. To maintain an attitude of mental independence and objectivity in all phases of audit work, it is advisable that the CPA not fraternize with client personnel. The CPA should be courteous but reserved and dignified at all times. Indulging in social contacts with clients outside business hours
Ferrelreplied as follows: "You are 50 years behind the times, Peters. An auditor and a client are both human beings. The auditor needs the cooperation of the client to do a good job; you're much more likely to get cooperation if you're relaxed and friendly rather than being cold and impersonal. Having a few beers or going to a football game with a client won't keep the CPA from being independent. It will make the working relationship a lot more comfortable, and will probably cause the client to recommend the CPA to other business people who need auditing services. Inother words, the approach you're recommending should be called 'How to Avoid Friends and Alienate Clients.' I will admit, though, that with so many women entering public accounting and other women holding executive positions in business, a few complications may arise when auditor-client relations get pretty relaxed."
Evaluate the opposing views expressed by Peters and Ferrel in a 1-2 page paper (double-spaced) submitted in Blackboard by 8am, Tuesday, January 17. Work together according to the groups below with each group submitting one paper.
Consider and discuss the specific risks and nature of the company you will be auditing. Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles.
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.
AIN is a financial planning firm which has an accounts receivable balance of $97,600. AIN uses the direct write-off method for bad debt. AIN determined that one of its clients which owes $7,300 has filed bankruptcy.
Which of the following describes the internal control component "monitoring of controls"?
Identify the audit procedure you would use to collect persuasive evidence. Try and be as specific as possiblem don't just say "documentary" for example, tell me exactly what sort of document would you be looking at?
What is the objective of this evaluation? What is involved in the evaluation process? Do you think this evaluation is an effective method to assess clients? Why or why not? What is the focus of the assessment?
Prepare Fenton's journal entries to record the sale on December 31, 2011. Prepare Fenton's journal entry on December 31, 2012, necessitated by this transaction. (Hint: Prepare an amortization schedule for the loan.)
1 if you were given complete authority how would you propose that generally accepted accounting principles gaap should
Who is the corporation's independent auditor and in which city is the auditor located and list and explain the types of audit opinions.
Describe the preferred format of the internal audit report, comparing it the recent report from the external auditors.
Compute price and usage variances for direct materials and compute the direct labor rate and labor efficiency variances.
Rodney Brick is completing a Master of Accounting part-time and has taken on a role as an auditing assistant with an audit/accounting firm and his first job is to assist with auditing the books of Daffey Jones Ltd, a major retailer. Has Rodney bre..
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