Auditing and Assurance Services (16th Edition)
Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 1, Problem 20DQP

a.

To determine

State the most likely type of auditor (CPA, GAO, IRS, or internal) to perform each of the examples.

b.

To determine

State the type of audit (financial statement audit, operational audit, or compliance audit) to perform each of the examples.

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In the normal course of performing their responsibilities,auditors often conduct audits or reviews of the following:1. Federal income tax returns of an officer of the corporation to determine whether heor she has included all taxable income in his or her return.2. Financial statements for use by stockholders when there is an internal audit staff.3. A bond indenture agreement to make sure a company is following all requirementsof the contract.4. Internal controls at a casino to ensure the casino is in compliance with federal andstate regulations.5. Computer operations of a corporation to evaluate whether the computer center isbeing operated as efficiently as possible.6. Annual statements for the use of management.7. Operations of the IRS to determine whether the internal revenue agents are usingtheir time efficiently in conducting audits.8. Statements for bankers and other creditors when the client is too small to have anaudit staff.9. Financial statements of a branch of the federal…
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which type of the auditors will audit The computer operations of a large corporation to evaluate whether the internal controls are likely to prevent misstatements in accounting and operating data Select one: a. internal auditor b. IRS c. external auditor d. government auditor
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