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business
auditing

Questions and Answers of Auditing

What is the intention of Section 9200, Compilation engagements, in the CICA Handbook?
Discuss the standards for compilation engagements, and explain why they differ from those for review engagements and audits.
What does "assurance" mean in the financial reporting context? What qualities must an "assurer" have in order for you to feel that their statement has high credibility?
Explain the system of reviewing the quality of audits performed by listed company auditors.
Why do audit firms offer consulting services to their audit clients? Why don't they just do audits and let consulting firms provide the consulting services?
An assurance engagement involves evaluation or measurement of subject matter against criteria. What criteria are used in a financial statement audit?
Who would request a performance audit? Why?
Are internal auditors independent? Which internal auditor would be more independent: an internal auditor who reports to the chief financial officer (CFO) of the company, or an internal auditor who
What is an "emphasis of matter" paragraph? When do you think an auditor would use it?
Compare the financial statement users and their needs for a large listed public company with those of a sporting team (for example, a football team).
What standards or guidelines are relevant to the assurance of corporate social responsibility disclosures?
Describe the expectation gap.
A sample audit report is provided in figure 1.2 in this chapter. A sample review engagement report is provided. Required (a) Explain the relevance of the paragraphs "Management's responsibility for
Fellowes and Associates Chartered Accountants is a successful national accounting firm with a large range of clients across Canada. In 2011, Fellowes and Associates gained a new client, Health Care
DDD Motor Sales Inc. is privately owned. It wants to expand its business and has approached its bank for a loan. DDD wants the funds to purchase additional inventory and will be able to provide
What type of audit report would be appropriate in each of the following scenarios? Explain. (a) There is uncertainty relating to a pending exceptional litigation matter that is adequately disclosed
Certek Technologies Inc. (Certek) is a biotechnology company whose stock traded on a major Canadian stock exchange. Over the 22 months following its initial public offering in May 2009, Certek's
The accounting firm of Aschari and Di Tomaso was engaged to perform an audit of the financial statements of Pammenter Inc. During the audit, Pammenter Inc.'s senior managers refused to give the
C. D. Hodgson and Associates Chartered Accountants audited the financial statements of Tallender Company, a sporting goods retailer. As with all of his firm's audits, Carl Hodgson conducted the
The corporate sustainability assurance report for Van city Credit Union is provided. The provider of the report states that the work was performed in accordance with a methodology based on
Most audit firms maintain a website that explains the services offered by the firm and provides resources to their clients and other interested parties. The services offered by most firms include
Each of the accounting bodies maintains a website that explains their designation process. Each designation requires both educational and work experience. Required Find the websites for (a) the
In 2002 the audit firm Arthur Andersen collapsed following charges brought against it in the United States relating to the failure of its client, Enron. Some other clients announced that they would
You have recently graduated from university and have started work with an audit firm. You meet an old school friend, Kim, for dinner-you haven't seen each other for several years. Kim is surprised
You are a trainee auditor working for a small audit firm. You completed your accounting degree at the end of last year and although you have not yet had much experience, you are concerned about some
Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, Ontario, where it manufactures high-tech armor-plated personnel
Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, Ontario, where it manufactures high-tech armor-plated personnel
Chong and Pflugrath conducted a study of different audit report formats and their effects on the audit expectation gap. They investigated whether report length (long or short), the location of the
Required Access the CICA Handbook and locate the following: (a) What number is the CAS for audit documentation? (b) How many sections are there to each CAS? (c) What is the name of Section 5025? (d)
Ron McLellan established his business, McLellan's Shoes, in 1980. Ron keeps records and his wife helps him prepare basic accounting records. As McLellan's Shoes has no outside owners, Ron has never
Explain how compliance with each of the five fundamental principles in the code of professional conduct contributes to the ability of the auditor to discharge their duty to act in the public interest.
What is the purpose of an engagement letter? Are all engagement letters the same?
Which is more important, independence of mind or independence in appearance? Explain.
Self-interest, self-review, and familiarity threats all arise from an inappropriate closeness between the auditor and the client. Explain how that closeness is likely to manifest in each case and why
Explain the relationship between the auditor and the shareholders of the audited company. How realistic is it to regard the shareholders as the clients of the auditor?
Why is it so important that an audit committee not have any executive directors as members?
Some companies outsource their internal audit function to a public accounting firm. Explain how this would affect the external auditor's evaluation of the reliability of the internal audit function.
What are the three conditions that must be proven for an auditor to be found negligent under tort law? Based on a review of the legal cases discussed in the chapter, which conditions appear to be
Explain how an auditor would use auditing standards to avoid legal liability.
Why are there procedures governing the client acceptance or continuance decision? Explain why auditors do not accept every client.
Charles is at a neighbourhood Christmas party with several of his roommates. Over a few beers, Charles gets into a conversation with a neighbour, William, about mutual acquaintances. Charles is a
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a
RequiredIdentify and discuss any professional conduct issues in the following independent scenarios.(a) Adnan is a certified general accountant working for a national firm. He is at his desk when he
Ahmad & Partners is a CGA firm in eastern Canada. Last year it audited Chan Corporation, a publicly traded company that manufactures automobile component parts. Although the company has been
Required Identify and discuss any breaches, if any, to the principles and rules of the code of professional conduct in the following independent scenarios. Explain. (a) Susanne, a professional
HHH Corporation manufactures automobile engines. In 2012, the treasurer at HHH decided to invest the company's surplus funds in the commodities market. She intended for it to be a short-term
Required You have been working with a national chartered accounting firm for a number of years and you now feel like you are ready to start your own chartered accounting firm. Given the requirements
Kerry is a senior auditor and a member of the team auditing a long-standing client, the listed public company Darcy Industries Ltd. Kerry's wife's uncle died recently and his estate is being
Elise Lauziere is the partner in charge of the audit of Hertenstein Ltd., a large listed public company. Elise took over the audit from Marjorie Szliske, who has recently retired from the audit firm.
Linda is the managing partner of Osuji and Associates, a small audit firm. Linda's role includes managing the business affairs of the firm, and she is very worried about the amount of fees
Theobald Ltd. has an internal audit department that primarily focuses on audits of the efficiency and effectiveness of its production departments. The other main role of the internal audit department
Godwin, Key & Associates is a small but rapidly growing audit firm. Their success is largely due to the growth of several clients that have been with the firm for more than five years. One of these
Featherbed Surf & Leisure Holidays Ltd. (Featherbed) is a resort company based on Vancouver Island. Its operations include boating, surfing, fishing, and other leisure activities; a backpackers'
Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, where it manufactures high-tech armour-plated personnel carriers.
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a
One way of getting accounting expertise onto audit committees is to recruit ex-audit firm partners and/or employees onto the board of directors. However, appointing former audit firm partners to
Each of the professional accounting bodies has its own rules of professional conduct, which may also vary from province to province. Required (a) Go to the website of the Certified General
Sharon Gallagher, Josh Thomas, and Jo Wadley are members of the audit firm W&S Partners. Sharon is the audit manager and Josh is the audit senior assisting the partner, Jo Wadley, evaluate the
Explain the relationship between the planning, executing, and reporting stages of an audit. Why is risk identification in the first stage?
Give an example of a client closing procedure. Using your example, explain the accounts that would be affected if the closing procedure is performed inadequately.
Explain the importance of the planning stage of a financial statement audit.
When gaining an understanding of a client, an auditor will be interested in an entity's relationships with both its suppliers and customers. What aspects of these relationships will the auditor be
List and briefly explain the key factors that the auditor would consider during preliminary risk identification with respect to related parties.
In the context of fraud, explain the differences between (1) incentives and pressures, (2) opportunity, and (3) attitudes and rationalization. Why is it important for an auditor to consider client
What procedures should the auditor perform with respect to fraud?
What does it mean when we say that a business is a "going concern" or, alternatively, has "going concern issues"? Why must an auditor specifically consider evidence about the going concern assessment
What are mitigating factors in the context of the going concern assessment? Give some examples of mitigating factors for a loss-making client.
Why does an auditor need to understand a client's IT system? Explain how IT affects the financial statements.
Michael has drafted an audit plan for a new client. The client is Countrywide Capers, a party rental business. Countrywide Capers earns 80 percent of its revenue from renting out tents, tables,
Featherbed Surf & Leisure Holidays Ltd. (Featherbed) is a resort company based on Vancouver Island. Its operations include boating, surfing, diving, and other leisure activities; a backpackers'
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During 2011, Fellowes and Associates gained a new client, Health
Francine Rideau, controller of Quatco Company, is reviewing the year-end financial statements with Tonya Kowalski, the company president. The financial statements currently report a net income of
Cool Look Limited (CLL) is a high-end clothing design and manufacturing company that has been in business in Canada since 1964. CLL started as an owner-managed enterprise created and run by Hector
Ajax Ltd. is a listed company and a new client of Delaware Partners, a medium-sized audit firm. Jeffrey Nycz is the engagement partner on the audit and has asked the members of the audit team to
Ivy Bishnoi is preparing a report for the engagement partner of an existing client, Scooter Ltd., an importer of scooters and other low-powered motorcycles. Ivy has been investigating certain aspects
Vaughan Enterprises Ltd. has grown from its beginnings in the steel fabrication business to become a multinational manufacturer and supplier of all types of packaging, including metal, plastic, and
The Wellington Plaza Hotel is located close to the main railway station in a large regional city. Its main client base is business people visiting the city for work-related purposes. The second
Shane White bone is getting to know his new client, Clarrie Potters, a large discount electrical retailer. Ben Brothers has been the engagement partner on the Clarrie Potters' audit for the past five
Farm Fresh Foods Inc. (FFF) is a new food distribution company that has been profitable since the second month of operations. It has arranged with Smith LLP a certified general accounting firm, to
Dunks Holdings Ltd. (Dunks) is an importer of hardware goods and distributes the goods to hardware retailers around the country. The growth in the do-it-yourself (DIY) market, which has accompanied
You have access to the following information for Featherbed: • Prior period financial statements • Anticipated results for the current year • Industry comparisons. Featherbed Surf & Leisure
Bernard Madoff was convicted in 2009 of running a Ponzi scheme, the biggest in U.S. history. A Ponzi scheme is essentially the process of taking money from new investors on a regular basis and using
The financial statements for public companies are available through the website SEDAR (www.sedar.com). This is the official site that provides access to information filed by public companies and
You are a graduate working for W&S Partners, a Canadian accounting firm with offices located in each of Canada's major cities. W&S Partners has just been awarded the December 31, 2012, statutory
Explain the approach adopted by auditors of identifying accounts and related assertions at risk of material misstatement. How does this approach help reduce audit risk to an acceptably low level?
What is the relationship between audit risk and materiality, and evidence? Why does setting a lower materiality level affect the number of items that are material and the assessment of the
How does the auditor's preliminary assessment of materiality affect audit planning? What does an auditor consider when making the preliminary assessment of materiality?
The materiality of an item is assessed relative to a particular base number. What are some of the choices for this base and what factors guide the auditor in this choice?
If an auditor adopts a predominantly substantive strategy for the audit, do they have to consider and test the client's internal controls? If an auditor adopts a combined audit strategy, do they have
A client has physical controls over inventory, including a locked warehouse with access restricted to authorized personnel. Testing of these physical controls over inventory shows that they are very
Explain using examples how you could use analytical procedures in assessing the risk of misstatement of sales revenue.
What are some possible explanations of a change in the gross profit margin? How could the auditor investigate which of these explanations is the most likely cause of the change in the ratio?
What is the difference between liquidity and solvency? Why does this difference matter to an auditor?
Consider the following statement: "If inherent and control risk is high, the auditor will set detection risk as low, to bring audit risk down." Explain how setting detection risk as low brings down
Ajax Finance Ltd. (Ajax) provides small- and medium-sized personal, car, and business loans to clients. It has been operating for more than 10 years and run throughout its life by Bill Schultz. Bill
Featherbed Surf & Leisure Holidays Ltd. (Featherbed) is a resort company based on Vancouver Island. Its operations include boating, surfing, diving, and other leisure activities: a backpackers'
Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, where it manufactures high-tech armour-plated personnel carriers.
Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, where it manufactures high-tech armour-plated personnel carriers.
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a

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