MindTap Accounting, 1 term (6 months) Printed Access Card for Johnstone/Gramling/Rittenberg's Auditing: A Risk Based-Approach, 11th
11th Edition
ISBN: 9781337619509
Author: JOHNSTONE, Karla M; Gramling, Audrey A.; Rittenberg, Larry E.
Publisher: Cengage Learning
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Question
Chapter 1, Problem 7RQSC
A.
To determine
Introduction:Auditor’s independence means audit is conducted by the auditor in an unbiased manner and is in accordance with the recognized standards and rules.
To explain: The unethical behaviour of Ms. S.
B.
To determine
Introduction: Auditor’s independence means audit is conducted by the auditor in an unbiased manner and is in accordance with the recognized standards and rules.
To discuss:Comparison between the ideas of independence in fact and independence in appearance.
C.
To determine
Introduction: Auditor’s independence means audit is conducted by the auditor in an unbiased manner and is in accordance with the recognized standards and rules.
To explain: The punishment given to Ms. S is valid.
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Chapter 1 Solutions
MindTap Accounting, 1 term (6 months) Printed Access Card for Johnstone/Gramling/Rittenberg's Auditing: A Risk Based-Approach, 11th
Ch. 1 - Prob. 1CYBKCh. 1 - Prob. 2CYBKCh. 1 - Prob. 3CYBKCh. 1 - Prob. 4CYBKCh. 1 - Prob. 5CYBKCh. 1 - Prob. 6CYBKCh. 1 - Prob. 7CYBKCh. 1 - Prob. 8CYBKCh. 1 - Prob. 9CYBKCh. 1 - Prob. 10CYBK
Ch. 1 - Prob. 11CYBKCh. 1 - Prob. 12CYBKCh. 1 - Utilitarian theory holds that what is ethical is...Ch. 1 - Prob. 14CYBKCh. 1 - Which of the following statements related to...Ch. 1 - Utilitarianism does not require which of the...Ch. 1 - Prob. 17CYBKCh. 1 - Prob. 18CYBKCh. 1 - Prob. 19CYBKCh. 1 - Which of the following factors is not an example...Ch. 1 - Prob. 1RQSCCh. 1 - Prob. 2RQSCCh. 1 - Prob. 3RQSCCh. 1 - Prob. 4RQSCCh. 1 - Prob. 5RQSCCh. 1 - Prob. 6RQSCCh. 1 - Prob. 7RQSCCh. 1 - Prob. 8RQSCCh. 1 - Prob. 9RQSCCh. 1 - Prob. 10RQSCCh. 1 - Prob. 11RQSCCh. 1 - Prob. 12RQSCCh. 1 - Prob. 13RQSCCh. 1 - Prob. 14RQSCCh. 1 - Prob. 15RQSCCh. 1 - Prob. 16RQSCCh. 1 - Prob. 17RQSCCh. 1 - Prob. 18RQSCCh. 1 - Prob. 19RQSCCh. 1 - Prob. 20RQSCCh. 1 - Prob. 21RQSCCh. 1 - Prob. 22RQSCCh. 1 - Prob. 23RQSCCh. 1 - Prob. 24RQSCCh. 1 - Prob. 25RQSCCh. 1 - Prob. 26RQSCCh. 1 - Prob. 27RQSCCh. 1 - Prob. 28RQSCCh. 1 - Prob. 29RQSCCh. 1 - Prob. 30RQSCCh. 1 - Prob. 31RQSCCh. 1 - Refer to the Why It Matters feature “What Is...Ch. 1 - Prob. 33RQSCCh. 1 - Prob. 34RQSCCh. 1 - Prob. 35RQSCCh. 1 - Prob. 36RQSCCh. 1 - Prob. 37RQSCCh. 1 - As the auditor for XYZ Company, you discover that...Ch. 1 - Prob. 39RQSCCh. 1 - Prob. 40RQSCCh. 1 - Prob. 41RQSCCh. 1 - Prob. 42RQSCCh. 1 - Prob. 43FFCh. 1 - Prob. 44FFCh. 1 - Prob. 45FFCh. 1 - Prob. 46FF
Knowledge Booster
Similar questions
- Do you believe that the SEC should prohibit auditors from providing all nonaudit services for audit clients? Use ethical reasoning to support your answer.arrow_forwardThe audit firm is acting as an expert witness directly for the audit client. What type of threat to independence might this create? Intimidation Self-interest Advocacy Familiarity.arrow_forwardA moral or legal obligation to ensure the safety or well-being of others Could be defined as duty of care. An auditor's duty of care to a client would most likely be breached if the auditor failed to: Select one: a.comply with the Cooperation Act 2001 & all relevant auditing standards. b. Resolve their staffing issues. c. conduct the audit for the cheapest price. d.Prevent & detect earnings of management.arrow_forward
- What is the biggest role or contribution that an accountant/auditor can do in ensuring that ethical principles are followed and fraudulent activities are prevented, if not, monitored and discovered?arrow_forwardWhat steps do you believe auditors should take if the client is not pleased with the type of audit report issued by the auditors, based on the evidence they collected?arrow_forwardWhich of the following actions would be considered as self-interest threats? Select which two options are correct. Select one or more: A. A member of the assurance team is a director of the client. B. An auditor acts as an advocate on behalf of an assurance client. C. An auditor has potential employment with an assurance client. D. One client provides a high percentage of total audit fees.arrow_forward
- Which of the following BEST (select one) describes why auditors must maintain independence? a) The value of the audit report is higher if the report is free of bias. b) The value of the audit report is lower if the report is free of bias. c) The value of the audit report is generally not impacted by the independence of the auditor. d) The value of the audit report depends on the due professional care of the auditor performing the work.arrow_forwardKPMG is the auditing firm for Tech Corporation, a listed computer software company. The audit team assigned to perform the audit includes an Audit Manager, a Senior Auditor and three Audit Assistants. No member of the team has updated their knowledge or experience on IT or the business processes of an IT company. Based on the given scenario answer the following question numbers 29, 30 and 31: What is the appropriate course of action in the given situation? O a. KPMG should file for bankruptcy and close their auditing firm O b. KPMG should place team members who has updated knowledge and skills in IT business processes O c. KPMG should file a complaint against Tech Corporation O d. KPMG should complete the audit engagement with the current audit teamarrow_forwardWhich of the following is an accurate statement about professional skepticism? Select one: a. Professional skepticism involves a critical assessment of the evidence. Professional skepticism involves a critical assessment of the evidence. b. Professional skepticism is only necessary for the audits of public companies c. It is easy for auditors to understand that their clients may try to deceive them throughout the audit process d. Professional skepticism is easy to implement in practice.arrow_forward
- What are some civil and criminal consequences if CPAs/auditors fail to follow professional standards?arrow_forwardWhich of the following statements is correct regarding auditor independence in fact and in appearance? The auditor should be independent both in fact and in appearance. The auditor should be independent in fact but not in appearance. O The auditor should be independent in appearance but not in fact. When the auditor does not challenge an inappropriate journal entry made by the client in order to keep the client for future audits, this is an example of loss of independence in appearance.arrow_forward
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