Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY Professional Accounting Practice Related PSA : Preface to PSA and Related Services 1. The following statements relate to the accounting profession: I. To merit public trust and confidence‚ the professional person must convince the public that he will place public service ahead of personal reward. II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the certificate
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Chapter 1 An overview of auditing Multiple Choice 1. The three major professional accounting bodies in Australia are: a. ICAA‚ CPA and ASIC. b. CPA Australia‚ NIA and AARF. c. ATO‚ AUASB and ASIC. d. ICAA‚ CPA Australia and NIA. The correct option is d. Feedback: Section 1.3 The auditing environment 2. Which body has a mission ‘to develop‚ in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness
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AUDITING‚ ATTESTATION‚ AND ASSURANCE SERVICES Auditing‚ Attestation‚ and Assurance Services Paper By University of Phoenix ACC 490 This paper will provide examples for each type of service‚ which is auditing‚ assurance and attestation. These are very important services when it comes to the auditing process. There are certain individuals and organizations that may request these services. Also‚ the standards that apply to each service and who establishes those standards will be further discussed
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Q: “Auditing begins where accounting ends. State points of difference between accounting and auditing? “Auditing begins where accounting ends” Accounting is a process of maintaining business records. Joint stock companies are required by law to maintain proper record of business transactions. Maintaining books of accounts and preparing financial statement is a prime responsibility of directors. The shareholders are ambitious to see that their investment is safe. It is therefore imperative
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governmental auditing requirements (required under the FERC Order 693)‚ tools for project management‚ team and auditee management‚ workpaper documentation‚ interview techniques and other tools needed to conduct an effective and efficient audit and one that will stand up to the rigor of potential regulatory requirements and challenges. Regional Entity Management Group 2 Please Remember… • This is not technical training. There are “hard” and “soft” skills to auditing • This course
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Chapter 1 - Multiple Choice Questions 1. Why do auditors generally use a sampling approach to evidence gathering? A. Auditors are experts and do not need to look at much to know whether the financial statements are correct or not. B. Auditors must balance the cost of the audit with the need for precision. C. Auditors must limit their exposure to their client to maintain independence. D. The auditor’s relationship with the client is generally adversarial‚ so the auditor will not have access to all
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Question 1 Incentives: Financial pressures from changes in the market and industry intense competition (national‚ regional‚ local) under cut prices from municipalities that could offer lower prices by using tax revenue. Pressure to meet earnings expectations Stock ownership benefits Retirement benefits Performance based bonuses Maintain growing stock price Maintain industry leadership Maintain reputation Opportunities: Able to use a lot of estimates in depreciation of PPE (over 1/2 of assets)
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Group Assignment – HBC614B Company Auditing PART 1 THE INTERNATIONAL AUDITING STANDARDS BOARD AND ITS IMPORTANCE TO THE DEVELOPMENT OF AUDITING STANDARDS IN AUSTRALIA AND NEW ZEALAND The International Auditing and Assurance Standards Board (IAASB) is an independent standard setting body within the International Federation of Accountants (IFAC). Established in 1978‚ originally known as International Auditing Practices Committee (IAPC)‚ it changed its name to IAASB in early 2001 and was then
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(direct financial interest) in his possession when he was the audit engagement partner who oversaw the audit of Koger Properties‚ Inc. Under the Generally Accepted Auditing Standards (GAAS) there are three sections‚ General Standards‚ Standards of Fieldwork‚ and Standards of Reporting. Under the General Standards section of GAAS there is a specific standard for independence and it reads‚ “The auditor must maintain independence in mental attitude in all matters relating to the audit.” (Messier‚ 42)
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Auditing‚ Attestation‚ and Assurance Services Paper Jane Johnson Contemporary Auditing I ACC/491 Auditing‚ Attestation‚ and Assurance Services Paper Introduction Auditing is a subset of attestation‚ which is a subset of assurance. These services‚ which are governed by several organizations‚ are unique in their own way. Because of the constantly changing role of the auditor‚ particularly since the Sarbanes-Oxley Act of 2002‚ different types of services have become necessary. In this
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