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business
auditing

Questions and Answers of Auditing

What are the important ICFR for taxes?
What substantive audit procedures apply to taxes?
How does the auditor investigate disclosures for debt, pension and postretirement benefits, and taxes?
Which equity transactions tend to be more complicated? Less complicated?
What stock-related activities do many public companies outsource and to whom?
What aspects of merger and acquisition transactions involving stock are highly complicated? How are merger and acquisition transactions audited?
Why is auditing retained earnings a relatively simple audit procedure?
Why does the auditor need to identify and understand related party transactions?
What standards define related parties, and what is the definition?
What steps does the auditor conduct to identify related parties?
What steps does the auditor conduct to identify material related party transactions?
Once material related party transactions have been identified, what steps does the auditor perform on those transactions? What is the purpose of performing those steps?
What is the auditor ultimately trying to determine regarding material related party transactions and the financial statements?
Minutes after your college graduation, your family is gathered around discussing your achievements and future plans. Your uncle asks what exactly you plan to do with your degree in accounting. While
Gene is a new staff-level auditor on the audit of CalPower, a publicly traded energy and utility company. On his first day, his senior informs him that the engagement team is scheduled to have lunch
a. During the meeting with Cal Power’s internal audit group, Gene learns that the internal audit group’s focus has shifted significantly from operational audits to Sarbanes-Oxley Section 302 and
During her studies at Florida Keys University, a public university that is part of Florida’s state university system, Amanda took a work-study position in the university’s financial reporting and
Annie’s audit firm has recently won the bidding for the audit of Big Spending, an organization supported by public funds provided from the federal government. Annie has never been involved in an
Your firm has recently been engaged as the auditor for Samwiches, a publicly traded restaurant holding company with yearly revenues of $15 billion. You are assigned to the quarterly review engagement
After completing your quarterly review of Samwiches (Problem 16-26), you are assigned to perform a SSARS review of the annual financial statements of Soops & Sal-lids—a nonpublic company. How will
Compare and contrast the differences between the following services that an auditor may provide—audit, attest, review, and compilation. Comment on the scope, work performed, level of assurance
By now, you should be thoroughly familiar with the roles, responsibilities, duties, and so on, of an external auditor. Compare and contrast the work of an external auditor to that of an internal
Some universities now offer degrees in forensic accounting. Based on what you read about the activities of a forensic accountant, what are your thoughts about someone starting out fresh with an
The firm of Kay and Cee, CPAs, was engaged to perform a compilation of TCV Corporation, a private company, for the year ended 2010. The owner of TCV Corporation signed the engagement letter provided
Yacht Crew Training, Inc. is a privately owned corporation that has been in business for 15 years. The company specializes in training individuals who work on private yachts. Its promotion materials
Brad Jolie is a CPA who has worked for a very large public accounting firm for 12 years. He is being considered for the partnership but will likely have to move to another city if he is elected and
Place letters of an accountant’s career position in front of each description of services that fit. You may use any number of letters on each line and use the letters as many times as they fit.(a)
Match the accountants with the services provided1. Attest 2. Financial statement review 3. Financial statement compilation 4. Agreed-upon procedures 5. Comfort letters for underwriters6.
Kate and Sawyer, CPAs, have been hired by Kate’s mother in relation to the financial statements of her company, a local diner that she owns 100%. Although she is 35 and can support herself, Kate
You have been engaged by Markus Industries to examine its projected financial statements for 2011.Required:For each of the following, state the evidence sources and procedures you would use to
Magnolia Snook and Associates, CPAs, has been engaged by the Dobson Fabrication Company to apply agreed upon procedures to forecast assumptions with respect to a new labor contract for 2011. The
Upton Industries, a public company, prepared a comprehensive interim financial report covering the first two quarters of their fiscal year 2011, which ends December 31. Upton management engaged
Hobson Brothers, Inc., engaged Young, Simpson, and Norris, CPAs, to compile their financial statements from books and records maintained by Jim Hobson, one of the principals in the business. The
Smothers & Nelson, CPAs, have previously been engaged by Garrison Corporation to perform compilations and tax returns. Henry Garrison, the company’s president, indicated to the accountants that
You are performing a review for a company with a plant that uses many different types of metals, including steel, aluminum, and copper. As part of your inquiry, you ask about the inventory and
Go to the AICPA Web site and find AU 801, titled Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance. Read AU 801. Based on the
If information in a registration statement is not true, professionals associated with the public offering may be sued by those who suffer a loss. However, they may offer as a defense that they did
Go to the AICPA Web site and find AU 622 describing the withdrawal of the auditing standard on “Agreed Upon Procedures.” Why do you think “Agreed Upon Procedures” was originally included as
In what way does a forensic accountant approach an engagement differently from an auditor?
Based on the IIA definition, what are the components of internal auditing?
How do management and internal audit activities differ in evaluating and assessing ICFR to comply with Sections 302 and 404 of SOX?
What is the difference between financial statement and compliance audit work? Why do government units and other entities need compliance audits?
What is the benefit of the Single Audit Act?
What is the primary purpose of the Government Accountability Office (GAO)? What activities does it carry out to accomplish its purpose?
What are the different levels of financial statement assurance provided by audits, reviews, and compilations?
What is required of an accountant to perform a compilation? Do any procedures have to be conducted to verify the accuracy or integrity of information received from the entity and used as the basis
What are the characteristics of suitable criteria? Why are they needed for an attest engagement to be possible? What are the objective criteria for financial statements?
Under what circumstances do attest reports have limited distribution?
Explain the role of the auditor in the corporate governance process. Is this role more important or less important today than twenty years ago?
What is involved in the auditing process?
How does the principal–agent relationship apply to the audit process?
Describe the three standard-setting organizations involved in writing auditing standards and the roles of each in establishing guidelines for auditors.
What is evidence? How does the auditor use it in the audit process?
How does the auditor gather evidence using substantive testing? Describe three types of substantive tests.
Describe management’s assertions regarding the financial statements.
What are the various regulatory bodies that regulate the accounting profession?Describe the functions of each.
How would you describe the auditing profession to a friend? Describe at least one element of the profession that is appealing to you. Describe another element that is less appealing, and explain why.
Describe management’s incentive to misstate financial statements. What challenge do auditors face as they review such misstatements?
What are classes of transactions? What other terms might be used to describe them? How does the auditor use the concept of transaction classes in the audit process?
What are tests of account balances? How are they used in the audit process?
Explain how the audit report is used to describe the responsibilities of the auditor and management, the work done by the auditor during the audit, and the conclusions reached by the auditor
After it was convicted of a felony in connection with the failed Enron audit, Arthur Andersen went out of business in August 2002 because it could no longer file audit opinions with the SEC. In 2005,
What is the purpose of an audit?
Describe the phases in the audit process including the steps in each phase.
What is the purpose of the engagement letter? How does it benefit both the auditor and the client’s management?
Describe the quality control measures the audit firm uses to ensure that the audit process corresponds to professional standards.
How does the auditor gain an understanding of the audit client and its environment?
What is the risk of material misstatement in the financial statements? How should the auditor respond to this risk?
How do audit strategy and audit plan differ? How are both related to the assessed risk of material misstatement?
1. During the initial planning phase of an audit, a CPA most likely woulda. Identify specific internal control activities that are likely to prevent fraud.b. Evaluate the reasonableness of the
You are in charge of planning the audit for BCS, Inc., and will use the audit risk model to plan the internal control testing and the substantive testing for the client.a. If inherent risk is
Describe how materiality is used in (1) planning and performing the audit and (2) evaluating evidence gathered during the audit process.a. Provide an example describing how materiality might be used
Calculating materiality. Dell Computers reported total revenue of $49,205,000,000 and total assets of $23,215,000,000 in 2005.a. Calculate materiality for the company using the worksheet in this
Using the audit process to plan and perform the audit. You are in charge of planning the audit for a large bookstore selling CDs, DVDs, and books. Follow the steps discussed in the chapter. Assume
Identifying significant accounts and calculating materiality. Anaheim Enter-prises, which operates in California, sells patio furniture imported from China; the merchandise is marketable twelve
The Securities and Exchange Commission sued KPMG, LLP, and four KPMG partners in 2004 in connection with the Xerox Corporation audits from 1997–2000. According to the SEC, KPMG allowed Xerox to
Parmalat, one of Italy’s largest companies, is best known for its shelf stable milk products. The company filed for bankruptcy protection in December 2003 after a ten-year fraud that removed at
BJ Services, a U.S. company, sells products and services to petroleum companies worldwide. BJ Services, S.A., a wholly owned subsidiary of BJ that operates in Argentina, made illegal payments of
The auditing standards require the auditor to determine materiality. How does the auditor do this?
What is audit risk? Explain how the auditor reduces it to an “acceptably low level.”
Describe the five components of an internal control system. As an auditor, how will you document the five parts of the internal control system?
Explain how the auditor tests internal controls in a financial statement audit.
The auditing standards require the auditor to gather “sufficient appropriate evidence.” What does this mean?
When does the auditor perform control tests to test his or her assessment of control risk? Is it assessed for the audit as a whole or for each business process?
Why would an auditor gather evidence using a combination of internal control testing and substantive testing?
Describe compensating controls, and provide one example.
Describe five procedures a company might use as internal control procedures.
What are dual-purpose tests? How does the auditor use them?
What information does the evidence the auditor gathers using internal control tests provide? What information does the evidence the auditor gathers using substantive testing provide? Which type of
How does the auditor communicate internal control deficiencies to management and the audit committee in a financial statement audit?
What is an integrated audit? Which companies use it?
What is the COSO internal control framework? How is it used?
What is reasonable assurance? Is it good?
What are internal control deficiencies in design and in operation?
Describe management’s report on internal controls over financial reporting. Where is it reported and how often?
What does it mean for an audit client if the auditor discloses a material weakness in internal controls over financial reporting?
What are significant accounts and disclosures? How do management and the auditor identify them?
Describe a walk-through. How does the auditor use this auditing technique?
Explain how the auditor tests internal controls over financial reporting.
Can the auditor use the work of others in the internal control testing process? If so, explain the process.

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