Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 1, Problem 36OQ
To determine
Identify the type of auditor and class of work for the given statements.
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Identify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the information in these filings?
Answer the below:
What do you understand by attestation services?
Discuss the responsibility and functions of CPA.
Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?
The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from the prior audit while planning the current audit to determine their usefulness for the current-year work.Required:a. (1) What are the purposes or functions of audit documentation? (2) What records may be included in audit documentation?b. What factors affect the auditors’ judgment of the type and content of the audit documentation for a particular engagement?c. What should be included in audit documentation to support auditors’ compliance with generally accepted auditing standards?d. How can auditors make the most effective use of the prior-year audit plans in a recurring audit?
Chapter 1 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Describe briefly the function of the GAO.Ch. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - What characteristics make an accounting...Ch. 1 - Prob. 24RQCh. 1 - Prob. 25QRACh. 1 - A corporation is contemplating issuing debenture...Ch. 1 - Prob. 27QRACh. 1 - Prob. 28QRACh. 1 - Prob. 29AOQCh. 1 - Prob. 29BOQCh. 1 - Prob. 29COQCh. 1 - Prob. 29DOQCh. 1 - Prob. 29EOQCh. 1 - Prob. 29FOQCh. 1 - Prob. 29GOQCh. 1 - Which of the following did not precipitate the...Ch. 1 - Prob. 29IOQCh. 1 - Prob. 29JOQCh. 1 - Prob. 29KOQCh. 1 - Prob. 29LOQCh. 1 - Prob. 30OQCh. 1 - Prob. 31OQCh. 1 - Prob. 32OQCh. 1 - Prob. 33OQCh. 1 - Prob. 34OQCh. 1 - Prob. 35OQCh. 1 - Prob. 36OQCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Will Williams, a college senior, has begun the...Ch. 1 - Smith Co., a local Dallas public accounting firm,...
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- Discuss the responsibility and functions of CPA. Then, Identify why independent Auditors' Reports are usually required and What type of information usually discussed in this report.arrow_forwardDuring the planning phase of an audit client, Ana Alitick (auditor) utilises analytical procedures. These procedures range from simple comparisons to the use of complex models involving many relationships and elements of data. The procedures also include comparisons of recorded amounts, or ratios developed from recorded amounts, to expectations developed by the auditors.Required: 4) Name the four categories of financial ratios and give an example of a ratio in eachcategory. What is the primary information provided by each financial ratio category?5) Describe the factors that influence an auditor’s consideration of the reliability of data for purposes of achieving audit objectives?arrow_forwardIdentify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.arrow_forward
- Identification of Audits and Auditors. Audits may be characterized as (a) financial statement audits, (b) compliance audits, (c) economy and efficiency audits, and (d) programaudits. The work can be done by independent (external) auditors, internal auditors, or governmental auditors (including IRS auditors and federal bank examiners). Following is a listof the purpose or products of various audit engagements. [Students may need to refer toChapter 1.]a. Analyze proprietary schools’ spending to train students for oversupplied occupations.b. Determine the fair presentation in conformity with GAAP of an advertising agency’sfinancial statements.c. Study the Department of Defense’s expendable launch vehicle program.d. Determine costs of municipal garbage pickup services compared to comparable servicesubcontracted to a private business.e. Audit tax shelter partnership financing terms.f. Study a private aircraft manufacturer’s test pilot performance in reporting on the resultsof test…arrow_forwardWhat are the procedures available to auditors in auditing accounts payable and what level of assurance is obtained by each? Describe at least three. Which primary assertion is tested through these approaches?arrow_forwardAnalytical procedures are one of many financial audit processes which help an auditor understand the client's business and changes in the business. The analytical procedures may be classified as being primarily: Select one: a. Reasonable tests. b. Detailed tests of balances. c. Substantive tests. d. Tests of control.arrow_forward
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