1. Accountants help to develop values of sources of revenue and largely prosperity in the financial structure,...
Question:
1. Accountants help to develop values of sources of revenue and largely prosperity in the financial structure, for the reason that “High-quality performance by professional accountants benefits the economy and society by contributing to the efficient allocation and management of resources in both the private and public sectors and the operations of financial and capital markets, and through both of these to the production of goods and services”.
1. Comment on the above statement.
2. Discuss the following:
a. The Accountancy Profession
b. The Need for Regulation
c. What Areas Does Regulation Typically Cover?
d. How Regulation Can Be Implemented
e. The Role of Professional Accountancy Bodies
f. Characteristics of good regulation
Part 2. Elucidate the following in your own words
1) Different types of risk, Procedures to assess risks, and risk assessment based on evidence
2) Analytical procedures, strategy-oriented framework.
3) Materiality and audit planning memorandum.
Part 3. Illuminate the following in your own words
1) Define planning, Internal control, Design and implementation of internal control, monitoring of controls, Methods for obtaining controls, and Inspecting the control activities.
2) Explicate the most important control objectives to the External auditors, Management, Internal auditors, and the Shareholders.
3) Clarify Audit evidence, what issues need to be considered while evaluating the ongoing monitoring.
Part 4. Explain the Four-Phase Process of the analytical review process. Define data mining. Explain Analytical procedures as substantive tests. Explain Computer Assisted Audit Techniques (CAATs) and Generalized Audit Software (GAS), what is GAS, File interrogation audit tasks using GAS and Examples analyzing data with GAS.
Part 5. Explicate the following: What is an audit report, contents of the Auditor’s Report and its importance, 7 Parts of an Audit Report and opinion in an Audit Report.
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen