assurance services is reflected in Figure 1-3 on page 13 of the text. An assurance service is an independent professional service to improve the quality of information for decision makers. An attestation service is a form of assurance service in which the CPA firm issues a report about the reliability of an assertion that is the responsibility of another party. Audit services are a form of attestation service in which the auditor expresses a written conclusion about the degree of correspondence between information
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professional career in public‚ private‚ or governmental accounting. The curriculum includes foundation courses at a level needed for professional certification for the U.S. Certified Public Accountant (CPA) examination. Keeping pace with trends towards international convergence of accounting standards (and CPA examination test trends)‚ students will learn IFRS (International Financial Reporting Standards) by comparing and contrasting them with U.S. GAAP (Generally Accepted Accounting Principles). Students
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Six-Step Approach: 1. | Relevant Facts: | | * The accounting firm for which both Barbara Whitley and Jack Bean work for is Green‚ Thresher & Co.‚ CPAs. * Jack was a senior auditor‚ while Barbara had been an auditor for less than a year. * In February 2011‚ Barbara was on the team conducting an audit on Delancey Fabrics. * The CPA firm was already on a time crunch to complete its audit of Delancey. * In regards to Delancey’s property area‚ Barbara was to sample all items over
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CPA EXAM MULTIPLE CHOICE QUESTIONS - Introduction to Auditing 1. Auditing standards differ from auditing procedures in that procedures relate to a) Measure of performance. b) Audit principles. c) Acts to be performed. d) Audit judgments. 2. The independent auditor of 1900 differs from the auditor of today in that the 1900 auditor was more concerned with the a) Validity of the income statement. b) Determination of fair presentation of financial statements. c) Improvement of accounting systems. d)
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CPA Regulation Negotiable Instruments and Secured Transactions Negotiable Instruments and Secured Transactions What is a note and who are the parties to a note? © 2011 HOCK international 91 A note is a written promise to pay money. Notes are different from drafts in that notes are a promise to pay. If there is any doubt whether a document is a note or a draft‚ the holder of the document can decide what it is. There are two parties involved in a note. 1) The Issuer (Maker) is
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Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services‚ which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four
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CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | |
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discussion about the independence of CPA auditors; the leadership of the AICPA‚ the Auditing Standards Board‚ the Public Oversight Board‚ the Independence Standards Board‚ and most recently the proposed independence rules promulgated by the SEC have all attempted to clarify and strengthen auditor independence. Several newspaper and magazine articles have also addressed the issue. In my opinion‚ all the efforts to tinker with rules of stock ownership by relatives of CPAs and restrict the scope of services
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broad range of information enhancement services that are provided by certified public accountants (CPAs). Two types: Increase reliability of information Putting information into a form or context that facilitates decision making. Types of Services Assurance Services Attestation Services Example: Audits of Financial Statements‚ Examinations of Internal Control Other Assurance Services Example: CPA ElderCare Prime Plus Services NonAssurance Services Tax Services Management Consulting Services
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following questions concern quality control standards. Choose the best response. A. A CPA firm is reasonably assured of meeting its responsibility to provide services that conform with professional standards by (2) Having an appropriate system of quality control. B. The nature and extent of a CPA firm’s quality control policies and procedures depend on: (1) Yes Yes Yes C. Which of the following are elements of a CPA firm’s quality control that should be considered in establishing its quality control
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