|AUDITING THEORY | | | |Comprehensive Reviewer | |Preliminary Grading Period
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gathered from these tests? Business - General Business ACC 491 Week 1 Individual Generally Accepted Auditing Standards Paper ACC 491 Week 2 Individual Assignments From the Text ACC 491 Week 2 Learning Team Auditing‚ Attestation‚ and Assurance Services Paper ACC 491 Week 3 Individual Assignments From the Text ACC 491 Week 3 Learning Team Assessing Materiality and Risk Simulation ACC 491 Week 4 Bridge Working Paper‚ Purchasing System ACC 491 Week
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Solutions for Chapter 1 Auditing: Integral to the Economy Review Questions: 1-1. The special function performed by the public accounting profession is the attestation to the fairness of the financial statements of clients. The special function ensures the reliability and integrity of the financial reporting system. Judge Burger described the special function as "certifying the public reports that collectively depict a corporation’s financial status‚" which involves "a public responsibility
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Introduction Objectives of the Report: Every Study has some Objectives. On doing a course of “Audit & Inspection of Banks” we have to learn a lot of auditing and inspecting tools & techniques. This Study has been undertaken with the following Objectives: » To get an overall idea about the auditing procedure. » Gathering practical knowledge about auditing by solving Cases. » Finding out the appropriate opinion for each of the cases. »Finally generate an idea about the real scenario of how the audit
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the profession? Explain. Business - General Business ACC 491 Week 1 Individual Generally Accepted Auditing Standards Paper ACC 491 Week 2 Individual Assignments From the Text ACC 491 Week 2 Learning Team Auditing‚ Attestation‚ and Assurance Services Paper ACC 491 Week 3 Individual Assignments From the Text ACC 491 Week 3 Learning Team Assessing Materiality and Risk Simulation ACC 491 Week 4 Bridge Working Paper‚ Purchasing System ACC 491 Week
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Question 3 2 out of 2 points When auditors allocate the preliminary judgment about materiality to account balances‚ the materiality allocated to any given account balance is referred to as: Answer Selected Answer: performance materiality. Correct Answer:
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NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW 1 “AUDITING” In independent examination 2 NATURE AND DEVELOPMENT The word “audit” comes form the Latin word audire which means “to hear” because‚ in the middle Ages‚ accounts or revenue and expenditure were “heard” by the auditor. Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud‚ technical
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the standard used to determine an item’s materiality 5) Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are 6) Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the 7) Within generally accepted auditing standards‚ general standards relate primarily to 8) Statements on auditing standards (SAS) are interpretations of what
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12 369 379 385 391 395 12.1 EyeMax Corporation 12.2 Auto Parts‚ Inc. 12.3 K&K‚ Inc. . . . . . . . . . . . . . . . . . . . . . . . Evaluation of Audit Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . Considering Materiality When Evaluating Accounting Policies and Footnote Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leveraging Audit Findings to Provide Value-Added Insights . . . . . . . . . . . . . . . . . . . . . . 12.4 Surfer
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Ch. 2. Professional Standards 2-1. Generally Accepted Auditing standards (GAAS) -Audit procedure -Audit standard 2-2. Fundamental Principle: Responsibilities -Competence and Capabilities -Independence and Due care --Independence in fact --Independence in appearance -Professional Skepticism and Professional Judgment 2-3. Fundamental Principle: Performance -Reasonable Assurance -Planning and Supervision --Audit plan -Materiality -Risk Assessment --Internal Control --Risk of Material misstatement --Inherent
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