Ryan Clark was reviewing the previous year's audited financial statements of a clothing manufacturer. His manager explained that for a financial statement audit, the clothing company was the accountable party, its shareholders were the users, and the subject matter was the financial statements. What kind of audit engagement was his manager describing? a) consulting engagement b) assurance engagement c) review engagement d) compliance engagement

Hi, I have an assignment and I was asked to the audit   Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare a audit program for PSC. The firm manufactures and sells bicycles. The audit program must be in one of the following areas of the business: accounts receivable and revenues; inventories and costs of goods sold; accounts payable; payroll; or property, plant and equipment.    Week 2 - Identify the components/sections of a cash audit program for PSC.       Date General Journal  Debit  Credit Merchandise Inventory : $5,900 Account Payable Johns $5,900 Merchandise Inventory $330   Cash $330       Account Payable Johns $900 Merchandise Inventory $900   Account Payable Johns $5,000 Cash  $4,900 Merchandise Inventory  $100   Merchandise Inventory  $ 12,250 Account Payable Johns  $12,250   Account Payable Johns  $3,250 Merchandise Inventory   $3,250   Account…

Steve Ankenbrandt, president of Beeb Corporation, has been discussing the company’s internal operations with the presidents of several other multidivision companies. Ankenbrandt discovered that most of them have an internal audit staff. The activities of the staffs at other companies include financial audits, operational audits, and sometimes compliance audits.   Required: Describe the meaning of the following terms as they relate to the internal auditing function: a. Financial auditing.       b. Operational auditing.       c. Compliance auditing.

An organization’s board of directors has recently experienced a substantial change in leadership. The new members of the board have demanded an external audit for internal control and information assurance. What should the president or leader of the organization be prepared to provide to ensure the board is comfortable with the audit results?