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The following relate to auditors, independence:
a. Why is independence so essential for auditors?b. Compare the importance of independence of CPAs with that of other professionals, such as attorneys.c. Explain the difference between independence in appearance and of mind.d. Assume that a partner of a CPA firm owns two shares of stock of a large audit client on which he serves as the engagement partner. The ownership is an insignificant part of his total wealth.(1) Has he violated the Code of Professional Conduct?(2) Explain whether the ownership is likely to affect the partner,s independence of mind.(3) Explain the reason for the strict requirements about stock ownership in the rules of conduct.
e. Discuss how each of the following could affect independence of mind and independence in appearance, and evaluate the social consequence of prohibiting auditors from doing each one:(1) Owning stock in a client company(2) Having bookkeeping services for an audit client performed by the same person who does the audit(3) Having a spouse who is the chief financial officer of a client company(4) Having the annual audit performed by the same CPA firm for 10 years in a row(5) Having management select the CPA firm(6) Recommending adjusting entries to the client,s financial statements and preparing financial statements, including footnotes, for the client(7) Providing valuation services on complex financial instruments for an audit client performed by individuals in a department that is separate from the audit department
f. Which of (1) through (7) are prohibited by the AICPA Code of Professional Conduct? Which are prohibited by the Sarbanes-Oxley Act or the SEC?
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
Suppose you are consulting for a VP branch bank. You notice that several branches have consistently low customers service ratings even though there are no apparent differences in resources or staff characteristics.
1.Analytical procedures consist of evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data.
1.Before a company can begin trading on an exchange, it must meet certain initial requirements.
Accounts receivable are $45,000 and are directly proportional to total sales. The sales forecast for next year is $125,000, which represents a 5% growth over the current year. The forecast accounts receivable would be:
The fieldwork for the June 30, 2013, audit of Tracy Brewing Company was finished August 19, 2013, and the completed financial statements, accompanied by the signed audit reports,
Identify what you consider to be the ‘key' inherent risk factors that could have an impact on the audit of BHP for the year ended 30th June 2012.
Explain the key audit tests which would normally ensure that such a fraud as that perpetrated by Mr A Long would be detected and discuss the implications of the signing of the 'confidentiality' agreement by the auditor.
clements amp partners are the audit firm of manufacturing co. and have been for 3 years. the audit firm is considering
What are some limitations of the internal controls of the business cycles at your organization? How would you address these limitations?
Describes the development of the internationalisation of auditing. Evaluates the need for the internationalisation of auditing. Identifies barriers to the internationalisation of auditing.
Objective of the audit is to assess the clinical coding in Curtin Hospital and evaluate the quality and the accuracy of the coding data;
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