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Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

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Auditor’s Responsibilities for the Audit of the Financial Statements. In performing an audit in accordance with GAAS, we: • Use professional judgment and exercise professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive […]

What does the auditor do in an audit other than verify the mathematical accuracy of the numbers in the financial statements?

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Sarah O’Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class, and it was clear that he didn’t really understand the nature of the audit process as he asked the following questions: a. What is the main […]

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.

Which of the following attributes is likely to be unique to the audit work of CPAs as compared to the work performed by practitioners of other professions?

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The following questions deal with audits by CPA firms. Choose the best response. a. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? (1) The opinion of an independent party is needed because a company may not be objective with respect […]

Suppose you work for the Lee K. Fawcett Plumbing Company as Mr. Fawcett’s administrative assistant. Recently Mr. Fawcett asked you to type some financial statements from his hand-written notes so that he can take them to the bank as part of a loan application.

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Ethical Decision Making Suppose you work for the Lee K. Fawcett Plumbing Company as Mr. Fawcett’s administrative assistant. Recently Mr. Fawcett asked you to type some financial statements from his hand-written notes so that he can take them to the bank as part of a loan application. This exercise seems odd to you because the […]

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

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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 erro  and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is […]

What major characteristics of the organization and conduct of CPA firms permit them to fulfill their social function competently and independently?

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The following questions deal with auditing standards. Choose the best response. a. Which of the following best describes what is meant by U.S. auditing standards? (1) Acts to be performed by the auditor (2) Measures of the quality of the auditor’s performance (3) Procedures to be used to gather evidence to support financial statements (4) […]

Compare the concept of information risk introduced in this chapter with the information risk problem faced by a buyer of an automobile.

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Consumers Union Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is the testing of different brands of consumer products that are purchased on the open market and then the reporting of the results of the tests in Consumer Reports, a monthly […]

Which of the following engagements is most likely to be considered an operational audit?

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The following questions deal with assurance services and types of audits. Choose the best response. a. Which of the following is considered an assurance engagement? (1) Bookkeeping (2) Preparation (3) Compilation (4) Audit b. Which of the following engagements is most likely to be considered an operational audit? (1) The auditor determines whether the organization […]

List five examples of specific operational audits that can be conducted by an internal auditor in a manufacturing company.

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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 […]

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