Describe the organization of public accounting firms and the composition of the audit teams

Q: What is the role of the Public Company Accounting Oversight Board?

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Q: t o

A: The End product of an Audit is a report expressing the Auditor's Opinion on the client's financial…

Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: What do the ASX Corporate Governance Principles say about having an internal audit function?

A: Internal audit is the auditing process of the internal processes of a company such as accounting,…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: Describe the nature of activities that internal auditors do.How important is internal audit to a…

A: An internal auditor is a person who provides how accurately the financial statements of a company…

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: or in the implementation of cor

A: Auditing plays a key role in Corporate Social Responsibility (CSR) and corporate governance.…

Q: Describe the audit documentation review process in a public accounting firm.

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Q: roles of directors of the company and the role of auditors using the categories

A: Roles of Directors of the Company To choose the directors of the firm is vested in the hands of the…

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

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Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: Management's expert refers to an individual or organization, whose work is used by the entity to…

A: Management experts are the individuals who possess expertise other than accounting or auditing and…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: One of an accounting firm’s basic objectives is to provide professional services that conform to…

A: Definition: Quality control: Quality control is a set of guidelines that helps in ensuring that the…

Q: Explain the role of audit report in company.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Management is primarily responsible for the preparation and presentation of financial statements.…

Q: How do ‘audits’ work as a corporate governance mechanism

A: Introduction: An audit is an examination or audit by an auditor of various books of accounts,…

Q: Management accounting focuses primarily on providing data for: Oa. internal uses by managers Ob.…

A: There are different types of accounting such as financial accounting, management accounting, cost…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: Understand the role of a system of quality control and monitoring efforts in enabling public…

A: A system of quality control means that every professional is following every quality professional…

Q: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: Explain the relationship between the SEC and the various private sector standard-setting bodies that…

A: SEC has the power to prescribe the accounting practices and principles to be employed by the…

Q: Identify the major disclosures in the auditor's report and understand management's responsibilities…

A: An audit is an independent examination of the books of the accounts and financial statements whether…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: Discuss elements of the system of external and internal financial reporting thatcreate integrity in…

A: Financial reporting refers to framework which need to be followed while preparing financial…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act? What…

A: Following are the responsibility of Management describe in section 404 of the Sarbanes-Oxley Act:…

Q: General-purpose financial statements are prepared primarily for: a.    internal users. b.…

A: General - purpose financial statements are prepared primarily for External users.

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: Explain how the auditors can be sustained in the auditing profession.

A: Auditing: It is an act of the examination of financial statements of an entity and expression of…

Q: the role of the Chief Audit Executive?

A: A chief audit executive or the head of the internal audit function in a company is a staff from the…