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business
auditing

Questions and Answers of Auditing

What is the set of standards for internal control most frequently used in the U.S.?
What is the set of standards against which U.S. financial statements are usually analyzed in an audit?
What are the client prerequisites in order for an audit to be performed?
What is the client acceptance and continuance process?
What audit results cause a preliminary conclusion that internal control over financial reporting is effective?
What are substantive audit procedures?
What are the final steps of an integrated audit?
What is the relationship between due professional and negligence?
Do auditors need to find immaterial financial statement misstatements?
When is evidence relevant?
What is audit risk? Discuss.
What sources of information about the client company are available early in planning and risk assessment?
What procedure does the auditor use to assess the risk of fraud early in the audit?
What are entity-level controls? Why are they important? Discuss.
What is remediation of internal control problems?
What is a test of controls?
What is detection risk, and how does the definition relate to inherent risk and control risk?
What entity creates the auditing standards that are followed in the audit of a nonpublic company?
What is the source of the field work and reporting standards for an audit of ICFR?
What are the generally accepted auditing standards, and what do they mean?
Who elects the Board of Directors?
Who hires management?
Under SOX, who selects and hires the auditor?
With whom does the auditor interact most – shareholders, the Board of Directors, or management?
In performing its work, to whom does the audit firm owe “ultimate responsibility”?
What are some of the influences on individual judgment regarding what is “good” or “bad”?
What are the characteristics of a profession?
What is a moral dilemma?
Why are Interpretations of the AICPA Code written?
What is the relationship between the AICPA Code of Conduct and the codes of the various states?
What are the four levels in the structure of the AICPA Code of Conduct?
Which level of the AICPA Code is intended to be the ideal standard of conduct? The enforceable guide of conduct
Do all rules of the Code of Conduct apply to all members of the AICPA?
What does Rule 102 mean in stating that a CPA should not subordinate judgment?
What does Rule 201 mean when it calls for “due professional care”?
Why do auditors need to be independent?
Do most of the independence rules address independence in fact or in appearance?
What information related to CPA firm fees appears on a public company’s proxy statement?
What services that are provided by a company’s must be approved by the audit committee of a public company?
Big Boi Co., a U.S. publicly traded company regulated by the SEC and its auditor Chappelle CPA were recently found liable in a civil case pursuant to the Securities Exchange Act of 1934. The judgment
What important precedent did the Ultramares decision set?
Why might an auditor choose to settle a case rather than go through with a trial?
For what would an auditor be liable as the result of a negligence finding?
For what amount would an auditor be liable as the result of a fraud finding?
What defense is typically used?
Why might a breach of contract cause of action be brought against an auditor?
What defense is typically used?
What types of claims are brought under the 1933 Act?
What are treble damages under RICO?
What does the Foreign Corrupt Practices Act have to do with a public company’s system of internal control?
What is the content of SOX Section 104(b)? 105(c)(4)?
What are the possible penalties for intentional (willful) material misstatements of financial statements under the 1933 Act? The 1934 Act?
What type of charge was made against Arthur Andersen?
What guidance exists in the professional standards literature regarding client acceptance and continuance?
What is a request for proposal? Is a formal RFP always used? What information is included in an RFP?
What would cause a CPA firm to immediately rule out proposing on a company’s audit, in terms of independence?
What are related party transactions? Discuss.
Why is management and Board of Directors integrity important to an audit firm?
What is the auditor’s concern regarding a company that lacks a competent management team?
In what way would management misrepresenting a company’s performance in public speeches be a problem to an auditor?
What are the concerns regarding an obscure or a very complex organizational structure?
What happens to the audit report if there is a question about the client’s ability to continue as a going concern?
Would the auditor have questions about a potential client having an operating location or bank account in another country when no readily apparent business purpose for the foreign location?
What are the auditor’s sources of information about a potential client?
Does the predecessor have to respond to the successor auditor? Why might the prior auditor not be willing or able to communicate fully with the successor auditor? Is this okay, according to
Why do the audit standards address qualifications of the user of financial statements in the discussion of materiality?
When a benchmark approach is used to set materiality at the financial statement level, why are different benchmarks used for different types of entities, or companies in different entities?
What is the purpose of evidence collected during an ICFR audit?
When does the collection of information that is used for the planning process begin? When does it end?
Why does the audit firm have to plan the audit resources needed for an audit engagement?
What is an audit plan?
What is accomplished by risk assessment during planning?
What services that the auditor performs for an audit client may assist in scoping the audit engagement?
What would a first-year audit staff member learn from participating in the audit planning meeting of a client to which he or she has been assigned?
Why is the audit planning memo an important part of audit documentation?
Why might some audit procedures need to be performed exactly at the end of the fiscal year?
Considering only the core members of the audit team, how might an area being labeled “high risk” affect the audit plan for staffing the area?
What client circumstances might cause the need for an IT specialist to be involved in an audit?
What audit procedures are useful for a financial statement audit but not an ICFR audit, and why?
What are the wrap up steps of the audit that are included in the audit plan?
How does the auditor plan for the ICFR audit? For the financial statement audit? In other words, what linkages are important to develop and document as a part of drafting the audit plan?
What impact does the work of others have on decisions the auditor makes about work he or she must perform?
How does the work of others affect the auditor’s responsibility for the audit opinions?
Who can perform work that may be of value to the independent auditor?
What are indicators of the competence of others performing work that is used by the auditor?
How can management’s control over a low-ranking person affect the value of that person’s work to the auditor?
In what way can work on the control environment performed by others affect the auditor’s work?
Does materiality and risk of misstatement have a positive or an inverse relationship with the amount of work the auditor performs personally?
What do the subjectivity and judgment involved in a procedure have to do with the auditor’s use of the work of others?
What are management’s motivations for effective internal control?
What are the COSO components of internal control?
Why do companies need competent workers for good internal control?
What is important to ICFR about organizational authority?
What is important to successful empowerment of employees and delegation of authority?
What are risks? How are objectives and threats related to risk assessment?
About which aspect of a company’s internal control is the auditor primarily concerned?
What does management have to decide before a company implements control activities?
What are performance reviews? How do they serve as a control activity?
What activities fall into the category of physical controls?
What are the five questions COSO IC proposes as indicators of the quality of information?

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