Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 25, Problem 30DQP
a)
To determine
Identify the level of assurance that the CPA will provide related to the agreed-upon procedures.
b)
To determine
Identify the most likely used evidences by the CPA in order to perform the agreed-upon procedures.
c)
To determine
Identify the parties to whom the report will be addressed and whether the report will be distributed more broadly or not.
d)
To determine
Identify the way that the report related to the agreed-upon procedures will be described.
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Dodson is preparing to meet with the controller of Charlemagne Co. to discuss the written representations the management of Charlemagne will provide as a part of an engagement to report on an examination of an investment portfolio to be distributed to Charlemagne's ownership.
Charlemagne does not have any previously audited financial statements. Which section of the authoritative literature provides specific examples of matters that might appear in the representation letter that Dodson should consider discussing with the controller during this meeting? Enter response for Example: QC : 12. A34
In performing risk assessment procedures for investments, an auditor may inquire of the client personnel which of the following questions?
Group of answer choices
4. All of the choices
1. Is investment income independently recalculated?
2. Are investment records periodically reconciled to actual listing of investments (i.e., per count or investment custodian statement)?
3.Is there independent review of investments measured at fair value based on market valuation?
Which of the following audit procedures would not likely be performed for audits of investments?a. Read board of directors’ minutes for authorization of investment strategies.b. Confirm investments with registrar.c. Confirm investments with broker or trustee.d. Compare valuation to published market prices.
Chapter 25 Solutions
Auditing And Assurance Services
Ch. 25 - Prob. 1RQCh. 25 - Prob. 2RQCh. 25 - Prob. 3RQCh. 25 - Prob. 4RQCh. 25 - Prob. 5RQCh. 25 - Prob. 6RQCh. 25 - Prob. 7RQCh. 25 - Prob. 8RQCh. 25 - Prob. 9RQCh. 25 - Prob. 10RQ
Ch. 25 - You have been asked to provide assurance on...Ch. 25 - Prob. 12RQCh. 25 - Prob. 13RQCh. 25 - Prob. 14RQCh. 25 - Prob. 15RQCh. 25 - Explain what is meant by prospective financial...Ch. 25 - Prob. 17RQCh. 25 - Prob. 18.1MCQCh. 25 - Prob. 18.2MCQCh. 25 - Prob. 18.3MCQCh. 25 - Prob. 19.1MCQCh. 25 - Prob. 19.2MCQCh. 25 - Prob. 20.1MCQCh. 25 - Prob. 20.2MCQCh. 25 - Prob. 21.1MCQCh. 25 - Prob. 21.2MCQCh. 25 - Prob. 21.3MCQCh. 25 - You are doing a review services and related tax...Ch. 25 - Prob. 23DQPCh. 25 - Prob. 24DQPCh. 25 - Prob. 25DQPCh. 25 - Prob. 27DQPCh. 25 - Prob. 28DQPCh. 25 - Prob. 29DQPCh. 25 - Prob. 30DQP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is a source of detailed information for fund investments? A) Internet B) Professional advisory services C) The fund's annual report and prospectus D) Financial publications E) All of these Which of the following seeks high total return by maintaining precise amounts within each of the various types of asset that the fund invests in? A) Funds of fund B) Family of funds C) Fixed-income securities D) Money market instruments E) Asset allocation fund 4 Which of the following is an example of an exchange-traded fund (commonly referred to as ETF) that is available to track an index? A) Midcap stocks B) Small-cap stocks C) Fixed-income securities D) Commodities E) All of these are correctarrow_forwardIn performing risk assessment procedures for investments, an auditor may inquire of the client personnel which of the following questions? O Is investment income independently recalculated? O Are investment records periodically reconciled to actual listing of invèstments (i.e., per count or investment custodian statement)? O All of the choices O Is there independent review of investments measured at fair value based on market valuation?arrow_forwardChoose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.arrow_forward
- Prepare a one-page memo for a client organization to explain the purpose of a capital funds project as well as your findings from the statement of revenues, expenditures, and changes in fund balance from that project.arrow_forwardIn performing risk assessment procedures for investments, an auditor may inquire of the client personnel which of the following questions? O Are investment records periodically reconciled to actual listing of investments (i.e., per count or investment custodian statement)7 O All of the choices O Is there independent review of investments measured at fair value based on market valuation? O Is investment income independently recalculated?arrow_forwardThe issue of security througha number of processes .once the SEC has commented to interest on the registration statement and a preliminary prospectus has been distributed to interest invetors,the investment bankers organizeroad shows and undertake book building in the process. Required: Explain the meaning and two [2]purposes of road showa as used in the preamble above.arrow_forward
- Which of the following is true about the management’s discussion and analysis (MD&A)? It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion. It adds a verbal explanation for the numbers and trends presented in the financial statements. It appears at the very end of a government’s comprehensive annual financial report. It replaces a portion of the fund financial statements traditionally presented by a state or local government.arrow_forwardThe following represent controls over authorization of acquisition and disposal ofinvestments, except: choices: Investment purchases and disposals should be authorized in accordance with the companypolicyAn investment committee approves the acquisition of investmentsThe company maintains a list of people in the investment committee.The journal entries are reviewed and approved by the accounting supervisor.arrow_forwardChoose the correct. The financial reporting for private not-for-profit entities primarily focuses on:a. Basic information for the organization as a whole.b. Standardization of fund information reported.c. Inherent differences of various not-for-profit entities that impact reporting presentations.d. Distinctions between current fund and noncurrent fund presentations.arrow_forward
- The board of directors has approached you as the financial manager to come up with a remedial approach to the company`s financial woes. They have tasked you with writing a report addressed to the Board of Directors that will inform them on the following: Identify and discuss two best different forms of long -term financing, including their respective merits and characteristics applicable for the above situation.arrow_forwardIn applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?arrow_forward(Students should visit the SEC website, www.sec.gov, for supplemental resources.) List several provisions of the Sarbanes–Oxley Act that are designed to restore public confidence in the U.S. capital market system.arrow_forward
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