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Category: Finance

The AICPA provides for a number of specialist designations. How should a member use the designation? When may a firm include a specialty designation on firm letter- head? Where would you find the applicable guidance in the Code?

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The following questions relate to the AICPA Code of Professional Conduct, which can be viewed online or downloaded in pdf format at www.aicpa.org: a. When should a member apply the conceptual framework for members in public practice? Which rule or rules have their own conceptual framework? b. Covered members are not allowed to have a […]

How does the information in the preceding paragraphs compare to the information in the Basis for Opinion section in the standard unmodified opinion audit report ex- ample for a public company shown in Figure 3-3 (p. 54)?

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Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is […]

Describe how users of the financial statements may benefit from communications about these matters in an audit report.

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The PCAOB’s recently revised auditor reporting standard includes a requirement for the auditor to communicate critical audit matters. Critical audit matters include those matters during the audit that involved difficult, subjective, or complex auditor judgments or that posed difficulty to the auditor in obtaining sufficient appropriate evidence or in forming the opinion on the financial […]

Which of the following is not a required element of a standard unmodified opinion audit report issued in accordance with AICPA auditing standards?

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The following questions concern unmodified opinion audit reports. Choose the best response. a. Which of the following is not a required element of a standard unmodified opinion audit report issued in accordance with AICPA auditing standards? (1) A title that emphasizes the report is from an independent auditor (2) The city and state of the […]

How does the auditor’s opinion differ between scope limitations caused by client restrictions and limitations resulting from conditions beyond the client’s control? Under which of these two will the auditor be most likely to issue a disclaimer of opinion? Explain.

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Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording. 3-2 (OBJECTIVE 3-1) What are the purposes of the opinion section in the auditor’s report? Identify the most important information included in the opinion section. 3-3 (OBJECTIVE 3-1) What are the purposes of the auditor’s […]

Briefly describe each of the principles underlying AICPA auditing standards and indi- cate how the action(s) of Holmes resulted in a failure to comply with each principle.

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Ray, the owner of a small company, asked Holmes, a CPA, to conduct an audit of the company’s records. Ray told Holmes that an audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. Holmes immediately accepted the engagement and agreed to provide an […]

Identify and assess risks of materialmisstatement based on understanding of entity and its environment,including internal controls.

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Obtain reasonable assurance about whether financial statements are free of material misstatement. • Plan work and supervise assistants. • Determine and apply materiality level or levels. • Identify and assess risks of materialmisstatement based on understanding of entity and its environment,including internal controls. • Obtain sufficient appropriate audit evidence.

List services other than audits that Czarnecki and Hogan likely provides.Identify ways in which a financial statement audit adds value for clients.

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Dave Czarnecki is the managing partner of Czarnecki and Hogan, a medium-sized local CPA firm located outside of Chicago. Over lunch, he is surprised when his friend Juarez Foley asks him, “Doesn’t it bother you that your clients don’t look forward to seeing their auditors each year?” Dave responds, “Well, auditing is only one of […]

Explain the relationships among audit services, attestation services, and other assur- ance and nonassurance services provided by CPAs.

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The list below indicates various audit, attestation, and other engagements involving auditors. 1. A report on the effectiveness of internal control over financial reporting as required by Section 404 of the Sarbanes–Oxley Act. 2. An examination report on whether a company’s statement of greenhouse gas emis- sions is presented in conformity with standards issued by […]

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