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auditing international approach

Questions and Answers of Auditing International Approach

Describe four reasons why auditing should be studied.
Give examples of two assertions or representations of an organization.
Explain the difference between accounting and auditing.
Explain the differences among the following.a. Financial statement auditing.b. Compliance auditing.c. Operational auditing.
Explain the differences among the following.a. External auditors.b. Internal auditors.c. Government auditors.
Describe four elements of the theoretical framework of auditing.
What are four conditions that create a demand for auditing?
Describe three reasons why independent auditors are the appropriate group to provide the potential investor with an unbiased opinion as to whether the financial statements are fairly presented.
Explain how stewardship or agency theory helps to explain the demand for audits.
Explain the motivational effect that an audit has on preparers of financial statements.
Describe three reasons why an audit is not a guaran- tee of the exactness or accuracy of the assertions or representations in financial statements.
What is meant by integrity?
Answer these questions about the history of auditing.a. Describe a method of auditing that seemed to be prevalent in ancient Egypt and Babylonia.b. Describe the audit of public accounts in ancient
Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles?a. Operational
Which of the following types of audit uses as its criteria laws and regulations?a. Operational audit.b. Compliance audit.c. Financial statement audit.d. Financial audit.
Which of the following types of auditing is per- formed most commonly by CPAs on a contractual basis?a. Internal auditing.b. Government auditing.c. Internal Revenue Service auditing.d. External
Which of the following statements does not prop- erly describe an element of the theoretical frame- work of auditing?a. The data to be audited can be verified.b. Short-term conflicts may exist
Which of the following statements does not de- scribe a condition that creates a demand for auditing?a. Conflict between an information preparer and a user can result in biased information.b.
Which of the following statements does not prop- erly describe a limitation of an audit?a. Many audit conclusions are made on the basis of examining a sample of evidence..b. Some evidence supporting
For each description, list the letter or letters whose term or terms define the description. Each term may be used once, more than once, or not at all. Description 1. This activity makes use of
Reread the broad definition of auditing in the chapter and discuss the meaning of each of the following key words and phrases as they relate to the definition.a. Systematic process.b. Objectively
Reread the definition of operational auditing in the chapter. Select the key words and/or phrases that distinguish this definition from that of financial statement auditing. Discuss the meaning of
Odom Company is a medium-sized producer of fishing rods with approximately $5 million of annual sales. The company is wholly owned by Mike Odom, who serves as its president and is active in its daily
Ms. Wilson is president of Wilson Company, which operates hamburger restaurants in Houston, New Orleans, Memphis, and Dallas. She believes that her company may be large enough to need an operational
Explain why each of the following audits would be classified as (1) financial statement, (2) operational, or (3) compliance.a. Audit of the contract costs of building jet fighter planes.b. Audit by
Members of a single family own the majority of the capital stock of Custom Furniture Company, a small corporation not listed on any stock exchange. The balance of the capital stock is held by a few
Describe the type of work performed and the general education requirements needed to enter each of the following career paths in accounting:a. Public accounting.b. Private accounting.c. Government
What are the three general requirements that must be followed to obtain a license to practice public ac counting?
Describe the differences among the following types of CPA firms.a. International CPA firms.b. National CPA firms.c. Regional CPA firms.d. Local CPA firms..
Describe the scope of service of each of the following services offered by CPA firms.a. Audit.b. Review.c. Tax services.d. Management consulting services.e. Accounting services.
Under what conditions is it acceptable for a CPA to perform management consulting services for an audit client?
Describe the five suggestions on how CPA firms can effectively implement a system of quality control.
Name the two sections of the Division of CPA Firms and describe the purpose of each section.
Give an explanation of each of the following parts of the independent auditor's report:
a. The heading.b. The addressee.c. The first sentence of the opening paragraph.d. The second and third sentences of the opening paragraph.e. The first sentence of the scope paragraph.f. The second
Name the generally accepted auditing standards from which the following phrase or phrases are taken. (For example, the phrase "adequate technical training and proficiency" is taken from the first
Describe the four types of audit opinions.
Describe three fundamental differences between at- testation standards and generally accepted auditing standards.
Answer the following questions about organizations that influence operations of CPA firms.a. What is the purpose of state boards of ac- counting?b. What are state societies of certified public
Answer the following questions.a. Why was the Commission on Auditors' Responsibilities appointed?b. Why was the Treadway Commission established?a. "Due professional care is to be exercised."b.
Which of the following is a correct statement?a. All states require only a CPA certificate to obtain a license to practice public accounting.b. All states require public accounting experience to
Which of the following is a correct statement?a. An audit provides limited assurance by at- testing to the fairness of the client's assertions.b. A review provides positive assurance by at- testing
Which of the following is not a quality control standard?a. Independence in fact and appearance should be maintained at all organizational levels.b. Personnel should be hired who possess the
Which of the following sentences or phrases from the auditor's report is not correctly stated?a. We have audited the accompanying.b. We conducted our audit in accordance with generally accepted
The first general standard of generally accepted auditing standards states thata. An independence in mental attitude is to be maintained.b. Due professional care is to be exercised. The audit is to
When the financial statements contain a material departure from generally accepted accounting principles, the auditor should issue eithera. An unqualified or qualified opinion.b. A qualified opinion
Which of the following is not an attestation standard?a. The engagement shall be performed by a practitioner or practitioners having adequate. knowledge in the subject matter of the assertion.b.
Which of the following is not an attestation standard?a. Sufficient evidence shall be obtained to pro- vide a reasonable basis for the conclusion that is expressed in the report.b. The report shall
Which of the following best describes what is meant by the term generally accepted auditing standards?a. Pronouncements issued by the Auditing Stan- dards Board.b. Rules acknowledged by the
Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards?a. The attestation standards provide a frame- work for the attest
The primary purpose of establishing quality control policies and procedures for deciding whether to accept a new client is toa. Enable the CPA firm to attest to the reliability of the client.b.
Snow, CPA, was engaged by Master Co. to examine and report on management's written assertion about the effectiveness of Master's internal control over financial reporting. Snow's report should state
For each description, list the letter or letters of the term or terms that define the description. Each term may be used once, more than once, or not at all. Description 1. Indicates that personnel
You are a supervisor with a midsized regional CPA firm that has offices in several cities throughout the southwestern part of the United States. Your state has two-tier licensing requirements to
A business associate makes the following statements. 1. The auditing standards for your profession are too general and provide no real guidelines. It would be very difficult to tell whether or not an
A graduating senior with a major in accounting is considering the following job offers.a. From a "Big Six" CPA firm.b. From a small local CPA firm.c. From a large corporation with training to become
You have been asked by a client to provide professional assurance regarding the operation of a software package developed by your client. Explain how each of the attestation standards would be of
After completing his auditing course with a grade of D-, a student was so excited about a career in auditing that he opened an office and began to solicit clients, even though he had not yet taken
Several years ago, Prescott Need opened a sporting goods store and invested heavily in a variety of inventory, including fishing rods, golf clubs, and a specialized brand of snow ski. He also secured
The atmosphere was tense as the Board of Directors met in July, 19X8. It was the second meeting since a member of Custom Furniture's original family of owners unexpectedly sold his stock to an
Define the following terms:a. Ethics.b. Ethical commitment.c. Ethical awareness.d. Ethical competency.
Describe the six-step model for making ethical decisions.
Describe three common elements of each profession's code of conduct.
What is the difference between the two following sections of the Code of Professional Conduct?a. Principles of Professional Conduct.b. Rules of Professional Conduct.
What is the difference between the two following sec- tions of the Rules of Professional Conduct?a. Interpretations of the Rules.b. Ethics Rulings.
Answer the following questions for the cited articles of the Principles of Professional Conduct.a. Responsibilities (Article 1). To which three groups do CPAs have responsibilities?b. The Public
Describe the purpose of each of the following Rules of Professional Conduct.a. 101-Independence.b. 102-Integrity and Objectivity.c. 201-General Standards.d. 202-Compliance with Standards.e.
What two types of relationships between auditors and their clients are prohibited by Interpretations and Ethics Rulings relating to the rule on independence?
In each of the three following situations, indicate whether the auditor has (1) a direct financial interest in his or her client or (2) an indirect financial interest in his or her client.a. The
What does the rule on independence state about loans from audit clients?
Under certain conditions, independence may be impaired if an audit client starts or indicates an in- tention to start litigation against the CPA conduct- ing the audit. Two essential features of an
What should auditors do if they seek employment with their client while participating in the audit?
Certain conditions must be met for CPAs to provide their audit clients with accounting services and still maintain their independence. Describe these conditions.
Under what conditions could a CPA perform management consulting services for an audit client and not impair independence?
State the rule on integrity and objectivity.
Describe the four standards that are part of the rule on general standards.
Under limited circumstances, CPAs may express unqualified opinions on financial statements that utilize accounting principles other than those for- mulated by designated bodies. Give two examples of
Describe the dual responsibility borne by CPAs.
What protection is given to professionals who have privileged communications?
What is a contingent fee?
To which types of services does the rule on contingent fees apply? Why?
Describe the advertising of four activities that CPAs might consider to be false, misleading, or deceptive.
Describe the professional services for which the re- ceipt of commissions is prohibited.
Describe one purpose of the rule on form of organization and name.
A violation of the profession's ethical standards most likely would have occurred when a CPAa. Issued an unqualified opinion on the 19X2 financial statements when fees for the 19X1 audit were
Which of the following is not a general common- ality among professions' codes of conduct?a. Members of each profession are usually ex- pected to maintain a higher standard of con- duct than is
All of the following are part of the structure of the Code of Professional Conduct excepta. Principles of Professional Conduct.b. Concepts.c. Rules of Professional Conduct.d. Interpretations of rules
The principles of the AICPA's Code of Professional Conduct emphasize certain responsibilities. Which of the following is an incomplete statement of those responsibilities?a. CPAs must serve their
Ethical behavior requires an individual toa. Act only in accord with the law.b. Perceive the ethical implications of a situation only if it involves the possibility of unlawful conduct.c. Consider a
In using a general model for making ethical decisions, the CPA should do all of the following excepta. Gather or identify all the relevant facts about the situation that raises the ethical issue.b.
According to the profession's ethical standards, a CPA would be considered independent in which of the following instances?a. A client leases part of an office building from the CPA, resulting in a
The issue of audit independence might be raised by the auditor's participation in management consulting engagements. Which of the following statements is most consistent with the profession's
May a CPA hire for the CPA's public accounting firm a non-CPA systems analyst who specializes in developing computer systems?a. Yes, provided the CPA is qualified to perform each of the specialist's
According to the AICPA Code of Professional Con- duct, a CPA who has a financial interest in a partnership that invests in a client is considered to havea. An indirect financial interest in the
A violation of the profession's ethical standards most likely would have occurred when a CPAa. Compiled the financial statements of a client that employed the CPA's spouse as a book- keeper.b.
A CPA discovered irregularities in the tax return of a client and withdrew from the engagement. Which course of action should the CPA take?a. Take the matter to the Internal Revenue Ser- vice.b.
A CPA is an elected legislator in a local government. The city manager is responsible for all administrative functions. Would the CPA's independence be impaired with respect to an audit of the local
A CPA has been asked to audit a municipal authority. The CPA owns some of the authority's outstanding bonds. The amount is immaterial. Would the CPA's independence be impaired with respect to an
For each description, list the letter or letters of the term or terms that define the description. Each term may be used once, more than once, or not at all. Description 1. Does not extend to
Each of the following statements is incorrect. In the spaces provided, write the correct statement and the reason why the original statement is incorrect. [Hint: The chapter material is background

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