Ashavin In addition to issuing audited financial statements, public companies also must do all the following except:Multiple ChoiceProvide audited reports on the effectiveness of their internal control structures.Be ethically and socially responsible for providing accurate and reliable financial information to theirstakeholders.Be legally responsible for providing accurate and reliable financial information to their stakeholders.Provide audited reports on the effectiveness of their value chain.

Financial Statement -An organization's management will draft financial statements, which are written…

Answered: addition to issuing audited financial…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 3CYBK

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Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.
In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to: * Identify the financial reporting framework to be used in the preparation and presentation of their financial report. Establish and maintain internal controls that are effective in preventing and detecting material misstatements Selecting and applying appropriate O accounting policies and making reasonable accounting estimates All of the above.
Outline the reasons why auditor independence is considered of fundamental importance for confidence in financial statement auditing and evaluate the case for and against recent regulatory changes that affect the relationship between the auditor and the reporting company. Any help?
TRUE OR FALSE A disclosure is considered material if it reflects the significant economic, environmental, and social impacts of the organization of the stakeholders, and the capacity of the stakeholders to influence the economic, environmental and social impacts or activities of the organization * the audit committee is responsible for overseeing the entire financial reporting process. * NASDAQ listing standards require the audit committee to review major issues regarding accounting principles and the presentation of the financial statements. * External auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations * The reported information shall reflect positive and negative aspects of the reporting organization’s performance to enable a reasoned assessment of overall performance. *
What is involved in the legal requirements of financial governance? Select an answer: having a process in place for internal and external auditing of financial records collecting, managing, monitoring, and controlling financial information holding accountants legally responsible for the accuracy of financial reports
TRUE OR FALSE NASDAQ listing standards require the audit committee to review major issues regarding accounting principles and the presentation of the financial statements. External auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations * The reported information shall reflect positive and negative aspects of the reporting organization’s performance to enable a reasoned assessment of overall performance.
Prior to accepting a new audit engagement, a public accounting firm shoulda. Attempt to contact the predecessor auditors.b. Evaluate the integrity of management.c. Assess the firm’s resources to ensure that they are sufficient to permit the firm to accept the engagement.d. All of the above.
Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the AICPA? a. to serve investors b. to serve the International Accounting Standards Board (IASB) c. to serve the capital markets d. to serve public company auditors
One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of achieving this objective can be obtained by followinga. Generally accepted auditing standards.b. Standards within a system of quality control.c. Generally accepted accounting principles.d. International auditing standards.
The internal audit activity most directly contributes to an organization’s governance process by A. Identifying significant exposures to risk. B. Evaluating the effectiveness of internal control over financial reporting. C. Promoting continuous improvement of controls. D. Evaluating the design of ethics-related activities. Which of the following is nota role of the internal audit activity in best practice governance activities? A. Support the board in enterprise-wide risk assessment. B. Ensure the timely implementation of audit recommendations. C. Monitor compliance with the corporate code of conduct. D. Discuss areas of significant risks. According to COSO, culture is A. The behavior expected within the organization. B. The attitude and actions of the board and management regarding the importance of control within the organization. C. The combination of processes and structures within the…
Which of the following parties is responsible for the fairness of the representations made in financial statements? * O Audit committee. Client's management. AICPA. OIndependent auditor. TOSHIBA
Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws and regulations applicable on the entity b. To design, implement and maintain system of internal control. c. To ensure that financial statement comply with applicable financial reporting framework d. To express an opinion on true and fair view of the financial statements.

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addition to issuing audited financial statements, public companies also must do all the following except: Multiple Choice