May chin is an Audit intern at Paul Adam chartered accountants, she is confused about the responsibilities of the profession. It is difficult for her to understand the need for an internal audit when there is an external audit. Explain to her the two types of auditing and what are the differences
Q: Arturo Manufacturing Company provided the following information for the year 2012: Beginning…
A: The costs incurred for production are classified as direct and indirect costs. The manufacturing…
Q: Leebei placed his savings from his salary in time deposit with VileBank. VileBank regularly deducts…
A: Final withholding taxes The percentage of tax withdrawn by the withholding agent serves as the…
Q: Job A has 1,000 units with costs incurred as follows: Direct materials of 100,000; Direct labor of…
A: Unit cost is the per unit cost of the units which is calculated by dividing the total cost after…
Q: Calculatedecimal. Please present answer to nearest half a month. the payback period for both…
A: Payback period is one of the capital budgeting technique. Under this, time period is calculated to…
Q: Kingbird Enterprises is using a discounted cash flow model. Identify which model Kingbird might use…
A: There are two approaches of estimating the fair value Traditional Approach Expected cash flow…
Q: (b) An annuity immediate has quarterly payments of P 5,000 for 6 years at a rate of 4% convertible…
A: Annuity immediate which starts at the beginning of period. Present value is the equivalent value…
Q: State whether the statements are true or false -- a) An advance receipt of subscription from…
A: Not-for-profit organization (NFPO) is one that does not earn profit for its owners. All money earned…
Q: Ivanhoe Company sells goods to Pharoah Company during 2025. It offers Pharoah the following rebates…
A: Revenue refers to the amount that is being earned from selling goods or services to customers that…
Q: port estimated production cost ad cost per machine-hour termined overhead rate. started, completed,…
A: Answer : 1) Predetermined overhead rate per machine hour : Budgeted fixed overhead costs…
Q: Identify three (3) examples of Australian financial legislation relating to Financial transactions…
A: Corporations Act 2001: The Corporations Act 2001 is the primary piece of legislation that governs…
Q: Problem 9-4B Calculating depreciation-partial periods LO2, 3 eXcel CHECK FIGURES: 1B, 2025…
A: Depreciation is a diminution or decrease in the value of the asset over a period of time. Such…
Q: pls answer it all in details ASAP 1. Discuss THREE advantages and THREE disadvantages of the…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Odgen issued a $70,000, 12%, 10-year bond payable at 90 on January 1, 2016. Journalize the issuance…
A: Bonds are generally issued to raise money and can be issued at par, discount or premium. When bonds…
Q: PREPARE THE BANK RECONCILIATION Alpha Co. is preparing its December 31, 20XY bank reconciliation.…
A: Bank reconciliation: It implies to a process of matching the bank balance as per passbook with…
Q: Suppose you have just finished your third year of college and expect to graduate with a bachelor's…
A: Relevant cost The cost that can be avoided by accepting or rejecting an alternative can be termed as…
Q: the net income reported on the income statement for the current year was $250,000. depreciation was…
A: Cash flows from operating activities: A section of the Statement of cash flow explains the sources…
Q: The following transactions occurred during March 2021 for the Wainwright Corporation. The company…
A: Journal Entries - Journal Entries are record of the transactions entered into by the organization.…
Q: his was not the answer to the question im needing, please provide an example of the answer with t…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses,…
Q: Choose the correct answers for the following questions: 1. Calculate the final amount in a bank…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: Use the following account heading: 100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid…
A: Journal entries recording is the first step in accounting cycle process, under which atleast one…
Q: Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It…
A: Income Statement - An income statement, also known as a profit and loss account, is one of a…
Q: Suppose the extra cost for a municipality to enact a "no texting while driving" law is $15,000 per…
A: The decision to enact a law, such as "no texting while driving," should be based on a comprehensive…
Q: Computation of Tax. The following information relates to two married couples: Smiths Millers Salary…
A: There is tax due of $2,356 for Smiths and refund due of $1,256 for Millers
Q: For each of the following situations, write the equation needed to calculate the yield to maturity,…
A: ANSWER:- 1. Calculation of yield - to - maturity for simple loan: Yield - to - maturity =…
Q: role and responsibilities of the audit committee of Pastells with regard to: (i) the external audit…
A: An audit committee is a committee of an company's board of directors which plays a significant role…
Q: Required information (The following information applies to the questions displayed below Martinez…
A: Manufacturing overhead (MOH) cost is the sum of all the indirect costs which are incurred while…
Q: Pastina Company sells various types of pasta to grocery chains as private label brands. The…
A: T-Accounts - T-Accounts are the Ledgers that are prepared using journal entries, adjusting and…
Q: Carnes Electronics sells consumer electronics that carry a 90-day manufacturer's warranty. At the…
A: A loss contingency is an expense incurred in anticipation of a future event, like the unfavorable…
Q: Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000…
A: Income or losses in the partnership are divided among partners based on the stipulation made in the…
Q: Please add a source to the question. If you do want to elect COBRA coverage, what are some important…
A: COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law that requires employers to…
Q: Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed…
A: Sales or manufacturing volume fluctuations have no effect on fixed costs, which are outlaid that…
Q: Apex Corporation estimates that its production for the coming year will be 10,000 units with the…
A: Predetermined overhead rate: It is the estimated allocation rate used by the company to allocate its…
Q: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Required information [The following information applies to the questions displayed below.] Simon…
A: Lets understand the basics. Return on total assets ratio indicates company ability to generate…
Q: Current Attempt in Progress Marin has been in business several years. At the end of the current…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: A man borrowed P2,000.00 from his friend and agreed to pay the at the end of 6 months. His friend…
A: Rate of interest is the percentage representation of the amount of interest needs to be paid to the…
Q: Why is it important that FINANCIAL accounting provide a common set of standards that are used by all…
A: Financial accounting is a specific branch of accounting involving a process of recording,…
Q: Identify three transactions your business might engage in that affect Net Income but do not involve…
A: Here the concept to identify the business transaction which are engage in the affect of net income…
Q: Journal Note: Start each entry on a starred row Note: Use the gray-shoded cell for each entry to…
A: Apr 12 Cash a/c Dr. $43,500 Accu. depreciation. Dr.$65000…
Q: The following accounts balances and other financial information are drawn from the records of the…
A: Cash Flow from Operating Activities - Cash flow is based on three major activities which are…
Q: Explain the role and responsibilities of the audit committee of Pastells with regard to: (i) the…
A: Answer:- Audit:- To ensure that all departments are using a documented system of documenting…
Q: 1. Rundle Inc. makes a smartphone case that includes a battery that extends the operating life of an…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Indicate whether the following acts can be considered as tax evasion/tax management/ tax planning or…
A: Tax planning is process of arranging business operations in such a way that reduces tax liability.…
Q: Closing balances of accounts are: Buildings 1000, Land 500, Material 200, Suppliers 400, Bank loan…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: 2. Transfer the journal entry into the general ledger and related subsidiary ledger
A:
Q: You are an Audit Manager for a CPA firm that is assigned to audit the ABC company. Near the middle…
A: Ans. There is a code of conduct in audit for auditors that speaks about independence in an audit.
Q: The following information concerns the company Plastic Products S.A. which produces a single product…
A: Marginal Costing The costing system that takes into account only the variable costs while computing…
Q: the work of a management accountant
A: Statistical methods and other techniques play a vital role in the functioning of any enterprise.…
Q: Questions on Mutual Func Question 2a KTK FUND Ltd. has the following portfolio: Fund portfolio is as…
A: The mutual funds are very easy way to invest in the stock market and mutual funds are managed by…
Q: Required: 1. and 2. Determine the cost of batteries that would appear in each of the following…
A: COST OF INVENTORY Cost of inventory are the cost of those inventory which is left at the end of…
May chin is an Audit intern at Paul Adam chartered accountants, she is
confused about the responsibilities of the profession. It is difficult for her to
understand the need for an internal audit when there is an external audit.
Explain to her the two types of auditing and what are the differences.
Step by step
Solved in 2 steps
- Discuss how each of the following could affect independence of mind and independence in appearance, and evaluate the social consequence of prohibiting auditors from doing each one: Owning stock in a client company. Having bookkeeping services for an audit client performed by the same person who does the audit. Having a spouse who is the chief financial officer of a client company. (More detail)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. What is the main objective of the audit of an entity’s financial statements? Given the CPA firm is auditing financial statements, why would they need to understand anything about the client’s business? What does the auditor do in an audit other than verify the mathematical accuracy of the numbers in the financial statements? The audit represents the CPA firm’s guarantee about the accuracy of the financial statements, right? Isn’t the auditor’s primary responsibility to detect all kinds of fraud at the client?Hi there, Need help with questions: Determine why it is important to have auditing standards. Specifically, why are ethics important to the auditing profession?Explain why independence is such an important requirement for auditors. Who gets hurt when accountants and auditors fail to live up to high ethical standards?
- Auditors are important because they are able to provide assurance of an organization's financial statements from an objective and independent opinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. While performing work , the auditors may face situations when they will not be able to fulfill ethical requirements. Answer the following three questions based on the above case By having the auditor review his or her own work, the auditor cannot be expected to form an unbiased opinion on the financial statements. Which threat may occur when a previous judgment needs to be re-evaluated by the professional accountant responsible for that judgment? a. Self-review threats b. Advocacy threats c. Intimidation threats d. Self-interest threatsIn Crazy Eddie, the auditors’ work plan and results were viewed by the client, in part because the security of their workpapers was inadequate. Why is protecting the audit work product so important? In today’s audit environment, what should auditors do to protect their work product? What might auditors do in today’s audit environment that could expose their work product to individuals not engaged in the audit?Marissa is an audit intern working at Marshall CPA firm. Her supervisor at Marshall CPA firm has explained that the audit of property, plant and equipment and the related accounts ties in to management's expectations of the firm's earnings. Marissa is unclear as to how this relationship works and asks the supervisor to elaborate. Which of the following would be the most accurate response? O The relationship is fairly straightforward. If the client's management is keen to show strong earnings to beat analysts' expectations, they may manipulate depreciation expenses to boost these earnings. O The best way to think about this relationship is to think about how fixed assets are depreciated over time, and the incentive management has to shorten useful lives to decrease depreciation expenses. The relationship works on the premise that when property, plant and equipment is amortized, the firms earnings are boosted through the accelerated amortization of fixed assets. O None of these answer…
- Regarding auditor remuneration, a self-interest threat to professional competence and due care is created if: A professional accountant with an audit firm tries to get new work through advertising or other forms of marketing The fee quoted is so low that it may be difficult to perform the audit The auditor accepts a referral of a new client from an existing client. A gift from a client is acceptedMr. Bader is leaving his Auditing Firm to become the Finance Director of his client company. The ethical dilemma that he is most likely to face would be conflict in: a. Confidentiality b. Due Care c. Professional Competence d. Professional BehaviorAuditors are important because they are able to provide assurance of an organization's financial statements from an objective and independent opinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. While performing work , the auditors may face situations when they will not be able to fulfill ethical requirements. Answer the following three questions based on the above case Which threat may occur when, because of a close relationship, a professional accountant becomes too sympathetic to the interests of others? Self-review threats Self-interest threats Advocacy threats Familiarity threats
- Auditors are important because they are able to provide assurance of an organization's financial statements from an objective and independent opinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. While performing work , the auditors may face situations when they will not be able to fulfill ethical requirements. Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member? Self-interest threats Familiarity threats Advocacy threats Self-review threatsAuditors are important because they are able to provide assurance of an organization's financial statements from an objective and independent opinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. While performing work , the auditors may face situations when they will not be able to fulfill ethical requirements. Answer the following three questions based on the above case Which threat may occur when a professional accountant may be deterred from acting objectively by threats, actual or perceived? Intimidation threats Advocacy threats Self-review threats Self-interest threatsWhich of the following is true?a. Members of an audit engagement team cannot speak with audit client officers about matters outside the scope of the audit while the audit engagement is in progress.b. Audit team members who leave the public accounting firm for employment with auditclients can provide audit efficiencies (next year) because they are very familiar with thefirm’s audit plans.c. Audit team partners who leave the public accounting firm for employment with auditclients can retain variable annuity retirement accounts established in the person’s formerfirm retirement plan.d. The public accounting firm must discuss with the audit client’s board or its audit committee the independence implications of the client’s having hired the audit engagement teammanager as its financial vice president.