1. What is the role of the Public Company Accounting Oversight Board? 2. What roles are played by the American Institute of Certified Public Accountants for its members? 3. Describe the relations among international auditing standards, AICPA auditing standards, and PCAOB auditing standards.
There are many types of information that require assurance. Individually or in groups, identify the following types of assurance services. a. Identify three or more assurance services that are likely to be provided only by public accounting firms. b. Identify three or more assurance services that are likely to be provided by assurance providers other […]
Five college seniors with majors in accounting are discussing alternative career plans. The first senior plans to become an internal revenue agent because hisprimary interest is income taxes. He believes the background in tax auditing will provide him with better exposure to income taxes than will any other available career choice. The second senior has […]
James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National’s collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000. […]
Monterrey Corporation Monterrey Corporation has an existing loan in the amount of $7 million with an annual interest rate of 6.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement. Two com- peting banks have offered to replace Monterrey Corporation’s existing loan agreement. Required 21Chapter 1 / THE DEMAND […]
THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES What are the information and established criteria for the audit of Jones Company’s tax return by an internal revenue agent? What are they for the audit of Jones Company’s financial statements by a CPA firm? 1-2 (OBJECTIVE 1-2) In the conduct of audits of financial statements, it […]
THE AUDITING PROFESSION What are the similarities and differences among the three main types of audits. What are the major differences in the scope of the audit responsibilities for CPAs, GAO auditors, IRS agents, and internal auditors?
A compliance audit is conducted to determine whether the auditee is following specific procedures, rules, or regulations set by some higher authority. Following are examples of compliance audits for a private business. • Determine whether accounting personnel are following the procedures pre- scribed by the company controller. • Review wage rates for compliance with minimum […]
Question 1: (03 Marks) Under the expenditure cycle ordering materials, supplies and services are the first activity. Explain the following ordering threats with suitable example with each of these. a) Purchasing at inflated prices b) Unreliable Suppliers c) Kickbacks Question 2: (03 Marks) What are the advantages of the REA data model over the traditional […]
1. How appropriate and clear is the title of the article? 2. How clear are the author’s statements, and does the discussion maintain cohesion? 3. Was this article in your opinion an informative article or a persuasive article? 4. What do you think of the author’s writing? Do you feel like the author is a […]
