1. Define what is meant by attestation standards. Distinguish between attestation standards and auditing standards. 2. Distinguish the three types of service organization reports.
REPORTS ON CONTROLS AT SERVICE ORGANIZATIONS (SOC REPORTS) Describe engagements to report on internal controls at service organizations .
ATTESTATION ENGAGEMENTS Distinguish AICPA attestation standards from auditing standards and know the typesof engagements to which they apply.
1. Distinguish among engagements to prepare, compile, and review financial statements. What is the level of assurance for each? 2. What procedures should the auditor use to obtain the information necessary to give the level of assurance required of reviews of financial statements?
In your audit of Aviary Industries for calendar year 2019, you found a number of matters that you believe represent possible adjustments to the company’s books. These matters are described below. Management’s attitude is that “once the books are closed, they’re closed,” and management does not want to make any adjustments. Planning materiality for the […]
In a letter to the audit committee of the Cline Wholesale Company, Jerry Schwartz, CPA, informed them of material weaknesses in the controls over inventory. In a separate letter to senior management, he elaborated on how the material weaknesses could result in a significant misstatement of inventory by the failure to recognize the existence of […]
Below I Posted a link for you to get an idea on how to answer this. The link BELOW is to look over chapter 3 only. https://guides.hostos.cuny.edu/edu113/3 * Why are observations important in assessing student's performance ? Must be at least two paragraphs in length and include a brief summary with your reactions to the […]
SUBSEQUENT DISCOVERY OF FACTS Identify the auditor’s responsibilities when facts affecting the audit report are discov-ered after its issuance.
1. What procedures do auditors typically follow to address the completeness of disclosures? 2. Describe a contingency. What conditions are required for a contingent liability to exist? 3. Distinguish between the two general types of subsequent events and explain how they differ. Give two examples of each.
The amount of subjectivity involved in establishing fair value estimates can be complex for management responsible for making the fair value measurements and disclosures contained in financial statements. This is particularly true for fair value measurements for which observable market prices are not available. Auditing standards require auditors to obtain sufficient appropriate audit evidence to […]
