The AICPA has issued several Audit and Accounting Guides for specialized industries. Do auditors have a responsibility to refer to these guides when auditing clients in those industries? Do these guides override or replace the authoritative guidance included in the professional auditing standards?
Answer to relevant QuestionsWas the change that Paragon made in applying the percentage- of- completion accounting method a “change in accounting principle” or a “change in accounting estimate”? Briefly describe the accounting and financial ...Is it appropriate for audit firms to sharply discount their professional fees for developmental stage companies? Why or why not? What problems, if any, may this practice pose for audit firms? Provide examples of important audit objectives for complex financial instruments and transactions. For each audit objective that you identify, list one or more audit procedures that could be used to accomplish that objective.E&Y officials believed that the CBI audits were high-risk engagements. Under what general circumstances should an audit firm choose not to accept a high-risk engagement?Identify the primary audit risk factors that were evident within Powder River’s operations. Briefly explain the significance of each.
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