List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

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Answer 1

Question

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

b.

To determine

Explain the differences between the audit and review procedures.

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

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Students have asked these similar questions

The auditor prepares the financial statements for DecoPaints SAOG while also serving as the auditor for DecoPaints SAOG Company. By having the auditor review his or her own work, the auditor cannot be expected to form an unbiased opinion on the financial statements. Which threat may occur when a previous judgment needs to be re-evaluated by the professional accountant responsible for that judgment? Intimidation threats Advocacy threats Self-review threats Self-interest threats

Auditors are required to communicate numerous issues to those charged with governance of the firm (i.e., the AC and BoD). One of the things auditors must convey is a listing of all material misstatements that have been corrected via adjusting entries by the client. If the client has corrected these issues, thus correcting the financial statements to be fairly presented under GAAP, do you believe it is necessary to inform the AC about these issues? Why or why not?

In making client acceptance and continuance decisions, the auditor will perform various procedures in assessing the client. Which of these would most likely not be one of those procedures? a. obtain background checks on management to assess management integrity b. review regulatory filings and examination reports c. analyze client financial statements and compare to industry metrics d. submit management to a lie detector test

Answer 2

Question

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

b.

To determine

Explain the differences between the audit and review procedures.

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

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Answer 3

Question

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

b.

To determine

Explain the differences between the audit and review procedures.

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

Expert Solution & Answer

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Answer 4

Question

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

b.

To determine

Explain the differences between the audit and review procedures.

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

Expert Solution & Answer

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Answer 5

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

b.

To determine

Explain the differences between the audit and review procedures.

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

Answer 6

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

Answer 7

Chapter 25, Problem 24DQP

a.

To determine

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

Answer 8

b.

To determine

Explain the differences between the audit and review procedures.

Answer 9

b.

To determine

Explain the differences between the audit and review procedures.

Answer 10

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

Answer 11

c.

To determine

Identify the person from whom the accountant makes inquiries in a small, closely held company.

Answer 12

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

Answer 13

d.

To determine

Explain the circumstances under which the additional procedures need to be performed.

Answer 14

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

Answer 15

e.

To determine

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 25 - Prob. 1RQ Ch. 25 - Prob. 2RQ Ch. 25 - Prob. 3RQ Ch. 25 - Prob. 4RQ Ch. 25 - Prob. 5RQ Ch. 25 - Prob. 6RQ Ch. 25 - Prob. 7RQ Ch. 25 - Prob. 8RQ Ch. 25 - Prob. 9RQ Ch. 25 - Prob. 10RQ

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

Solution Summary: The author explains the differences between the audit and review procedures.

List all other information that wills an accountant has to obtain related to the accounts receivables and revenue, besides the information which is given.

Explain the differences between the audit and review procedures.

Identify the person from whom the accountant makes inquiries in a small, closely held company.

Explain the circumstances under which the additional procedures need to be performed.

Identify whether the achieved level much higher for audits, somewhat higher or approximately the same by comparing the level of achieved assurance for review services and audits. Also, explain the reason.

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Chapter 25 Solutions