Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit. To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

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Answer 1

Question

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

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Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying balance sheets of XYZ Company as of December 31, 2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the Caribbean. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the…

Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of XYZ Company as of December 31,2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flowsfor the years then ended. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statements basedon our audits. We conducted our audits in accordance with auditing standards generallyaccepted in the Caribbean. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall…

Answer 2

Question

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Answer 6

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

Answer 7

Chapter 3, Problem 3.26P

a.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The information that should obtain during inquiry of the predecessor auditor prior to accepting the engagement

Answer 8

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Answer 9

b.

To determine

Concept Introduction:

Internal audit is a process designed to improve and enhance the companies or organization’s operations, and help to assess the whole internal control, corporate governance, and accounting process of a business. The internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

To Describe: The addition audit procedure that should perform in evaluating a potential client.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 3 - Prob. 3.1RQ Ch. 3 - Prob. 3.2RQ Ch. 3 - Prob. 3.3RQ Ch. 3 - Prob. 3.4RQ Ch. 3 - Prob. 3.5RQ Ch. 3 - Prob. 3.6RQ Ch. 3 - Prob. 3.7RQ Ch. 3 - Prob. 3.8RQ Ch. 3 - Prob. 3.9RQ Ch. 3 - Prob. 3.10RQ

Solution Summary: The author explains that internal audit provides the board of directors and management a value-added service which corrected or audited before an external audit.

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Chapter 3 Solutions