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Sarah O'Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class and it was clear that he didn't really understand the nature of the audit process as he asked the following questions:
a. What is the main objective of the audit of an entity's financial statements?b. The audit represents the CPA firm's guarantee about the accuracy of the financial statements. Right?c. Isn't the auditor's primary responsibility to detect all kinds of fraud at the client?d. Given the CPA firm is auditing financial statements, why would they need to understand anything about the client's business?e. What does the auditor do in an audit other than verify the mathematical accuracy of the numbers in the financial statements?Require:If you were Sarah, how would you respond to each question?
Given the recent accounting scandals, how much confidence should the public really have in financial audits? mIn light of recent audit failures, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples.
How do the actions of the audit committee, impact the scope of the internal audit function and do you agree with the Chief Accountant's directions on the review of computer operations and applications? Explain why.
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
question 1. explain the role of the following three bodies in national health reform and the implementation of activity
question -nbspinherent risk control risk and auditnbspplanning you are the audit senior responsible for the audit of
What types of unethical behavior should we expect to see from our clients? Also, how do we interpret "honest" mistakes from intentional fraud?
1.Callie Peters is completing the audit of Making New Friends.com for the year ended December 31, 2013.
1.What is meant by using benchmarks for setting a preliminary judgment about materiality? How will those benchmarks differ for the audit of a manufacturing company and a government unit such as a school district?
Should be included are included; thus, the financial statements are complete - assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period.
You are considering an investment in Bank of America (BAC, NYSE). From your analysis, you believe this stock should be valued so as to produce a 9.5 percent long-term rate of return.
The following are various potential misstatements due to errors or fraud (1 through 7), and a list of auditing procedures (a, through h.)
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