FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
All of the following are examples of assurance services except:
a. Financial engagement.
b. Compliance engagement.
c. Due diligence engagement.
d. Training engagement.
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- Why is it important to "begin with the end in mind" when planning an assurance engagement?arrow_forwardWhat type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Limited assurance engagement b. Positive assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement explain whyarrow_forwardIdentify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…arrow_forward
- Which of the following is considered different and more limited in objectives than theothers?a. Operational auditing.b. Performance auditing.c. Management auditing.d. Financial statement auditingarrow_forwardListed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies. (One Rule of Conduct may apply to more than one ethical problem.) Rules A. Independence B. Integrity and objectivity C. General standards D. Compliance with standards E. Accounting principles F. Contingent fees G. Acts discreditable H. Advertising and other forms of solicitation I. Commissions and referral fees J. Form or practice and name Rules An audit client owes the CPA past-due audit fees. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards. A CPA who is the controller for a company knowingly issues misleading financial statements. A CPA performs tax services that the CPA is not competent to perform. A sole practitioner practices in a partnership name. A member violates rules issued by the Accounting and Review Services Committee. A CPA robs a service station. A CPA accepts a percentage of the client's loan…arrow_forward
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