Where in the professional standards will you find examples

Assignment Help Financial Management

Reference no: EM131927987

Instructions:

Where applicable, assume the financial statements are of a nonissuer as of and for the year ending December 31, 2016. Below there are 10 questions. You are to find the answer to each of the questions. For this project, all of your answers will be in a single numbered paragraph (e.g., .05 or .A16, not .05-.07 or .A15-.A18; sometimes a single numbered paragraph has several paragraphs which it covers) from one of the following professional standards (no other standards will be used for this project):

AU-C-these are the clarified auditing standards for nonissuers-an example of a proper citation would be AU-C 705.29. Do not cite any 9000 sections. [N.B. Do not use the AU (i.e., without the -C) source as these are the unclarified standards for audits of financial statements with fiscal years ending before December 15, 2012; as such, they are NOT effective for this project].

AR-C-these are the clarified standards of preparation, compilations and reviews of financial statements for nonissuers-an example of a proper citation would be AR-C 60.24. Do not cite any 9000 sections. [N.B. Do not use the AR (i.e., without the -C) source as these unclarified standards are for reviews and compilations of financial statements with fiscal years ending before December 15, 2015; as such, they are NOT effective for this project].

AT-these are the standards for attestation engagements (agreed upon procedures, prospective financial statements, attestations of internal controls over financial statements, etc.) of nonissuers-an example of a proper citation would be AT 401.15. Do not cite any 9000 sections. [N.B. Do not use the AT-C standards as a source as these are the clarified standards for practitioners' reports dated on or after May 1, 2017; as such, they are NOT effective for this project].

ET-this is for the AICPA Code of Professional Conduct-an example of a proper citation would be ET 1.000.010.04.

For the AU-C, AR-C, and AT above, note that the citation consists of 3 parts. The first part is the source, consisting of alphabetical letters (e.g., AU-C, AR-C, or AT). The second part is the section, usually a 2 or 3 digit (e.g., 90, 401, or 502). The third part is the paragraph number, a 2 or 3 digit number with a decimal preceding it or an A preceding an 1 or 2 digit number with a decimal preceding the A (e.g., .01, .06, .A3, or .A13).

The numbering system for the ET section is X.XXX.XXX.XX. The single digit that begins the citation identifies the part wherein the content resides. Accordingly, content from the preface begins with the single digit 0.XXX.XXX, whereas content for part 1 (for members in public practice) begins with a 1.XXX.XXX, part 2 (for members in business) with 2.XXX.XXX, and part 3 (for other members) with a 3.XXX.XXX. Next are two sets of three digit numbers that identify the topics and, when applicable, subtopics or sections. The last two digits represent the paragraph number.

Questions

1. Where in the professional standards will you find examples of fraud risk factors?

2. Where in the professional standards will you find the form of report for compliance attestation that a practitioner should use when he or she concludes that an adverse opinion is appropriate in the circumstances?

3. Where in the professional standards will you find what the practitioner should do, regarding reading the financial statements, when performing a review of financial statements?

4. Where in the professional standards will you find AICPA Code of Professional Conduct, regarding sale of products to clients, for AICPA members in public practice?

5. Where in the professional standards will you find how the practitioner should prepare documentation in a compilation engagement?

6. Where in the professional standards will you find how professional competence is defined to all AICPA members?

7. Where in the professional standards will you find, in performing a review of financial statements, what the practitioner should do when he/she has concerns about the reliability of written representations and when requested written representations are not provided?

8. Where in the professional standards will you find what information about related parties the auditor should include in the audit documentation?

9. Where in the professional standards will you find what the practitioner performing attest engagements with respect to management's discussion and analysis should do regarding inclusion of external information in Management's Discussion and Analysis (MD&A)?

10. Where in the professional standards will you find the objective of a practitioner in the preparation of financial statements?

Reference no: EM131927987

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