External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature. To describe: The role of Congress and in which way it affects external auditing profession.

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Answer 1

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Which of the following groups is responsible for developing auditing standards for public firms in the U.S.? A. American Institution of Certified Public Accountant (AICPA)B. Public Company Accounting Oversight Board (PCAOB)C. Organizations for Economic Cooperation and Development (OECD)D. Center for Audit Quality (CAQ)

Distinguish between auditing standards and generally accepted accounting principles, and give two examples of each. Auditing standards: A. represent pronouncements by any of the organizations responsible for setting auditing standards. In the U.S. these standards are set by the PCAOB for public companies and broker dealers, and by the Auditing Standards Board of the AICPA for other entities. B. are ten general guidelines to aid auditors in fulfilling their professional responsibilities and maintain professional skepticism and exercise professional judgment. C. represent the combination of the six principles and four of the Statements on Auditing Standards (SASS) that are codified in the AU-C sections. D. outline specific rules for accounting for transactions occurring in a business enterprise for all private companies in the United States.

The AICPA has issued several audit and accounting guides for specialized industries. Do auditors have a responsibility to refer to these guidelines when auditing clients to those industries?

Answer 2

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 3

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 4

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 5

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 6

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

Answer 7

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

Answer 8

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

Answer 9

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

Answer 10

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

Answer 11

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

Answer 12

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

Answer 13

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

Answer 14

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

Answer 15

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

Answer 16

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

Answer 17

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

Answer 18

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 19

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 20

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Answer 21

Expert Solution & Answer

Answer 22

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Answer 23

Ch. 1 - Prob. 1TFQ Ch. 1 - Prob. 2TFQ Ch. 1 - Prob. 3TFQ Ch. 1 - Prob. 4TFQ Ch. 1 - Prob. 5TFQ Ch. 1 - Prob. 6TFQ Ch. 1 - Prob. 7TFQ Ch. 1 - Prob. 8TFQ Ch. 1 - Prob. 9TFQ Ch. 1 - Prob. 10TFQ

Solution Summary: The author explains the role of the Sarbanes and Oxley Act 2002 and how it affects external auditing profession.

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Chapter 1 Solutions