Auditing theory Study guides, Class notes & Summaries

Obtaining Clients - correct answer Submit a Proposal -contact the audit committee -make fee arrangements Communicate with the predecessor auditor Communication with the Predecessor Auditor - correct answer -we want to know how ethical management is -why the company switched auditors -where did they leave off? -any disagreements over accounting principles? The Audit Process - correct answer 1. Plan the audit 2. Obtain an understanding of the client and its environment, including inte...

AUDITING THEORY PRELIM REVIEWER (875 Multiple Choice Questions), Exams of Business Economics

PCAOB - correct answer -formed by Sarbanes Oxley -standards for audits for only registered public accounting firms -Priority based approach -does annual environmental scans to identify emerging or current issues which could lead to projects added to research agenda What is on the Current standard setting agenda - correct answer -Audit reporting model -Auditing accounting estimates including fair value measurement -The auditor's use of work of specialist -Supervision of audit using oth...

C - correct answer Which of the following statements is an example of an assertion made by management in an entity's financial statements? a. The financial statements were prepared in an unbiased manner. b. Reported inventory balances reflect all related transactions for the period. c. Reported accounts receivable does not include any uncollectible accounts. d. The scope of the auditors' investigation was not limited in any way by management D - correct answer The primary pu...

AUI2601 Assignment 2 Semester 1 2023 () 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25479 811 9845 . QUESTION 1 39 marks The International Professional Practices Framework (IPPF) is the conceptual framework that organises authoritative guidance promulgated by the Institute of Internal Auditors (IIA). Some elements of the IPPF are mandatory and essential for internal auditors, meaning internal auditors are required to conform to these elements. MARKS...

Exam (elaborations) AUI2601 - Internal Auditing: Theory And Principles (AUI2601) EXAM PACK MAYJUNE 2022

AUI2601 ASSIGNMENT 2 SEMESTER 1 2023 () 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25479 811 9845 . REQUIRED MARKS Q1. With reference to the “background” information: 1.1 State whether the appointment of SSSA as auditors of ASM complies with Section 91 of the Companies Act. Describe in your answer the procedures that should have been followed to ensure compliance with the Companies Act. (5) 1.2 Explain why ASM needs to have their finan...

Which of the following is not part of the systematic process called auditing? a. Assisting management in designing internal controls. b. Communicating results of the audit to users. c. Procuring and evaluating evidence. d. Comparing evidence regarding assertions to certain established criteria - correct answer a. Assisting management in designing internal controls. An Integrated Audit Report provides opinion(s) on which of the following? a. Internal controls. b. The financial statemen...

ACCTG 16 AUDITING THEORY EXAM REVIEWACCTG 16 AUDITING THEORY EXAM REVIEW (875 Multiple Choice Questions) c. Except in examinations of interim financial statements. d. Except in circumstances where the CPA is associated with unaudited financial statements. 6. It refers to the attribute or quality of audit 1. Which of the following engagements is covered by the Framework for Assurance Engagements? a. Consulting engagements b. Preparation of tax returns c. Independent financial stat...

When the Auditor has no reservations about management's financial statements or internal controls, the audit opinion is said to be unqualified (True or False) - correct answer True Independence is referred to as the cornerstone of the auditing profession (True or False) - correct answer True The sole responsibility of management with regard to financial reporting involves preparing and presenting financial statements in accordance with the applicable financial reporting framework (True or...