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In a discussion between Peters and Ferrel, 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 will make it more difficult to be firm and objective if the CPA finds evidence of fraud or of unsound accounting practices." Ferrel replied as follows: "You are 50 years behind the times, Peters. Auditors 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. In other words, the approach you're recommending should be called 'How to avoid Friends and Alienate Clients." I will admit, though, that with so many woman 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.
State whether Event is adjusting or non-adjusting event.
Show the cash flows from investing and financing activities sections of the cash flows statement.
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Joseph Wellington, CFE, is preparing to give an educational presentation about management fraud at the annual ACFE conference, which will be held in Las Vegas.
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Provide and discuss some of the evidence regarding the significance of fraud in the United States.
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Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about m..
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
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