How do auditors interact with third parties to gain audit evidence when auditing debt and equity? Why is it important that auditors determine if the client is complying with debt provisions?

2 What are the two main assurance level or engagements that auditors can perform for their clients regarding the financial statements:   _________________ ________________

Evaluating the accounting methods used and testing the valuation of securities is a primary audit objective of which assertion? *   A. Existence     B. Occurrence     C. Completeness     D. Valuation and allocation

Identify the primary concernsin the audit of owners’ equitytransactions.

Do the auditors have to report on (a) the audited financial statements and (b) any other information that is required by law?

What is the purpose of an audit of a company's financial statements? Provide references if any.

Using the concept of justice, evaluate how an auditor would assess the equality of interests in the financial reporting process.

Although audit reports should provide assurance to investors and creditors that financial information presented is free of material misstatements and in accordance with GAAP, should audit reports be used to solicit investments, credit, or sales in a manner similar to Jim Bakker’s? How can a CPA firm prevent such behavior?

Who is the auditor for Target? What type of opinion are they giving on Target’s financial statements? (page 32) Refer to “Types of Auditor’s Opinions document.

Three common types of attestation services are:-  A) audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting.B) audits of historical financial information, verifications of historical financial information, and attestations regarding internal controls. C) reviews of historical financial information, verifications of future financial information, and attestations regarding internal controls.D) audits of historical financial information, reviews of controls related to investments, and verifications of historical financial information