For each of the following engagements, indicate the nature of the service performed (audit, review, compilation, etc.),
Question:
For each of the following engagements, indicate the nature of the service performed (audit, review, compilation, etc.), the standards covering the engagement (auditing, attestation, or accounting and review), the type of report to be issued (opinion, review, compilation), and the principal procedures to be applied.
- The Board of Directors of Apiatse Explosion Ltd has requested the ICA to examine the projected and extract financials for the restoration of the village for the upcoming year. The financials are to be used by the National Investment Bank as part of a loan application to be submitted by Apiatse Explosion Ltd.
- The board of directors of TUTAG Ltd requests the ICA to scrutinize certain elements of the financial statements of SC Ltd, a candidate for acquisition by TUTAG.
- Each of the following narratives describes an engagement performed by an ICA:
1. The ICA conducted an audit for the purpose of expressing an opinion on the client's financial statements.
2.The ICA reviewed the financial statements of a small client who is applying for a loan at the one of the commercial banks in Ghana.
3. The ICA agreed to review the yearly financial data submitted to the IDCE by the Finance Directorate of KsTU.
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley