Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor. Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures. To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

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Answer 1

Question

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

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Answer 2

Question

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Answer 6

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Answer 7

Chapter 4, Problem 4.5RQ

To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To indicate: The type of enquiries about a perspective client an auditor should make to third parties.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 4.1RQ Ch. 4 - Prob. 4.2RQ Ch. 4 - Prob. 4.3RQ Ch. 4 - Prob. 4.4RQ Ch. 4 - Prob. 4.5RQ Ch. 4 - Prob. 4.6RQ Ch. 4 - Prob. 4.7RQ Ch. 4 - Prob. 4.8RQ Ch. 4 - Prob. 4.9RQ Ch. 4 - Prob. 4.10RQ

Solution Summary: The author explains that auditing is an independent examination of financial statements. Understanding the client's business and internal control determines the nature, timing, and extent of the audit procedures.

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Chapter 4 Solutions