Question: Audits may be characterized as a Financial statement audits b

Audits may be characterized as
(a) Financial statement audits,
(b) Compliance audits,
(c) Economy and efficiency audits, and
(d) Program audits. The work can be done by independent (external) auditors, internal auditors, or governmental auditors (including IRS auditors and federal bank examiners). Following is a list of the purpose or products of various audit engagements.
a. Analyze proprietary schools’ spending to train students for oversupplied occupations.
b. Determine the fair presentation in conformity with GAAP of an advertising agency’s financial statements.
c. Study the Department of Defense’s expendable launch vehicle program.
d. Determine costs of municipal garbage pickup services compared to comparable service subcontracted to a private business.
e. Audit tax shelter partnership financing terms. f. Study a private aircraft manufacturer’s test pilot performance in reporting on the results of test flights.
g. Periodically have U. S. comptroller of currency examine a national bank for solvency.
h. Evaluate the promptness of materials inspection in a manufacturer’s receiving department.
i. Report on the need for the states to consider reporting requirements for chemical use data.
j. Render a public report on the assumptions and compilation of a revenue forecast by sports stadium/ racetrack complex.

Prepare a three- column schedule showing
(1) Each of the engagements listed,
(2) The type of audit (financial statement, compliance, economy and efficiency, or program), and
(3) The kind of auditors you would expect to be involved.

View Solution:

Sale on SolutionInn
  • CreatedOctober 27, 2014
  • Files Included
Post your question