Case Study – ZZZ Best‚ Inc. 1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for three months ended July 31‚ 1986. How does a review differ from an audit particularly in terms of the level of assurance implied by auditor’s report? A quarterly review report is issued by a CPA and reviewed by an auditor to provide assurance that the financial statements are fair and follow the GAAP standards. Quarterly
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1. There are numerous differences between performing a review and actual audit on the financial statements‚ but the major one is that the review does not contemplate obtaining an understanding of internal control structure. Also‚ a review does not assess control risk‚ tests of accounting records and responses to inquiries by obtaining corroborating evidence through inspection‚ observation or any other audit procedure. It can point out significant matters of the financial statements but does not provide
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1. An Audit differs from a review‚ particularly in terms of the level of assurance by an auditor. An Auditor’s report must obtain reasonable assurance about whether the financial statements as a whole‚ are free of material misstatement‚ whether it’s due to fraud or error. An Auditor expresses his opinion on whether the financial statements are prepared in accordance with an applicable financial reporting framework. As well as‚ to report on the financial statements and Auditors findings that relates
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ACC 599 Week 7 Assignment 2 – Accounting and Audit Enforcement – Strayer Buy Here http://www.homeworkfiles.com/product/acc-599-week-7-assignment-2-accounting-and-audit-enforcement-strayer-new/ Visit www.homeworkfiles.com For More Help Product Description ACC 599 Week 7 Assignment 2 – Accounting and Audit Enforcement – Strayer New Using the Internet‚ Strayer databases‚ or the Securities and Exchange Commission’s Website‚ located athttp://www.sec.gov/divisions/enforce/friactions/friactions2012
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lacked sufficient knowledge of the client’s business or industry is evident in several scenarios. First‚ Gray did not perform an analysis of the industry. Paragraph five of AS No.9 states that “planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan‚ which includes‚ in particular‚ planned risk assessment procedures and planned responses to the risks of material misstatement.” Planned risk assessment procedures include performing analytical procedures
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Introduction On November 8 2016‚ Donald Trump swept the race with 279 electoral votes. While Hillary won the popular vote‚ she gathered just 228 of the 270 electoral votes needed to win the election. It might sound strange; but that is how the American Electoral College system works. This makes Donald Trump the 45th president of the United States of America. Trump’s slogan is “Make America Great again” with all the people reacting to Trumps hard stances on important issues will Trump make America
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Audit Theory Written Essay Assignment Does Opinion Shopping Impair Auditor Independence and Audit Quality? by: Tong Lu Journal of Accounting Research‚ Vol. 44‚ No.3 (Jun.‚ 2006)‚ pp.561-583 Additional articles: Ghosh‚ A.‚ Moon‚ D.‚ (2005). Auditor Tenure and Perceptions of Audit Quality. The Accounting Review‚ Vol. 80(2)‚ pp.585-612. Myers‚ J. N.‚ Myers‚ L. A.‚ Omer‚ T. C.‚ (2003). Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings:
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With the proposed Canadian Keystone XL Pipeline in the midst of approval‚ Americans can look forward to the potential of job growth and less dependencies upon foreign imports. The project proposes a 1‚179 mile‚ 36 inch-diameter crude oil pipe. Crude oil a petroleum product is a liquid composed of hydrocarbons‚ organic compounds and small amounts of metal. It is created through the heating and compression of organic materials‚ over a long time period. The pipeline would start in the town of Hardisty
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Generally Accepted Auditing Standards ACC/491 June 1‚ 2015 Venetia Clark Nature and Function of Audit The nature and function of audit is multifaceted with a comprehensive broad objective; to provide users with complete‚ relevant and reliable information that assist them in making business decisions. More commonly the users of this information are focused on accurate financial statements and an evaluation of managements assertions regarding the oversight of reporting‚ internal
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Company‚ Inc. 1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for three months ended July 31‚ 1986. How does a review differ from an audit particularly in terms of the level of assurance implied by auditor’s report? Although a review is similar to an audit‚ it differs from an audit in its limited scope and assurances. The objective of an audit is to provide a reasonable basis for expressing an
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