include a description of the nature‚ timing‚ and extent of the audit producers. These items will be affected by the size and complexity of the entity. The auditor must also consider how to conduct the audit effectively and efficiently while maintaining auditing standards. 3-10 What are the three general types of audit tests? Define each type of audit test and give two examples. The three general types of audit test include risk assessment procedures‚ a test of controls‚ and substantive procedures. The
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with ethical requirements Interdependence Due care – give your best everyday Professional skepticism/ judgment Performance: what we did or didn’t do To obtain reasonable assurance Plan and properly supervise audit. Apply appropriate materiality Assess risk of material misstatement Based on understanding of entity (client) Environment – inc. internal control Sufficient appropriate evidence to reach opinions Reporting – what we need to say Express opinion or indicate why we don’t
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Report to the Auditing Standards Board and the International Auditing and Assurance Standards Board New York‚ New York April 29‚ 2009 Theodore J. Mock‚ Ph.D. University of California‚ Riverside‚ and University of Maastricht Jerry L. Turner‚ Ph.D.‚ CPA (Inactive)‚ CIA The University of Memphis Glen L. Gray‚ Ph.D.‚ CPA California State University‚ Northridge Paul J. Coram‚ Ph.D.‚ FCA University of Melbourne‚ Australia Sponsored by the Auditing Standards Board
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quality and still no agreement on the method of measurement for audit quality. This is because audit quality depends on individual understandings‚ and those conceptions rely on whose perspectives are taken into consideration. The International Auditing and Assurance Standards Board’s (IAASB) lately established Framework for Audit Quality (the Framework) in the purpose to systemize the present thoughts and the main aspects that emphasize audit quality. It categorizes these into inputs‚ outputs
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Amy Hemphill Ch 3 & 4‚ week 2 Acct 403 3-25 (a-c) The following questions concern audit reports other than unqualified audit reports with standard wording. Chose the best reponse. A) The annual audit of Midwestern Manufacturing revealed that sales were accidentally being recorded as revenue when the goods were ordered‚ instead of when they were shipped. Assuming the amount in question is material and the client is unwilling to correct the error‚ the CPA should issue: 1. An unqualified opinion or
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This document of ACC 490 Final Exam shows the solutions to the following problems: 1. Within the generally accepted auditing standards‚ the general standards relate primarily to 2. The essence of the due care? standards is that the auditor should not be quilty of 3) Gross negligence can best be defined as 4) Section 18 liability is relatively narrow in scope because it relates only to a false or misleading statement in documents "filed" with the 5) For a particular assertion
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accounting firms ****Generally Accepted Auditing Standards (GAAS)**** AICPA’s Auditing Standards Board introduced Statements of Auditing Procedures (1939-1972)and Statement of Auditing Standards (1972-present): to provide guidance for the conduct of audits PCAOB issues auditing standards which are subject to approval by the SEC Taken together‚ the relevant pronouncements of the AICPA and PCAOB are collectively referred to as the generally accepted auditing standards (GAAS) 1. A pronouncement issued
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Neal Williams 4-7-2015 ACCT 555 You Decide Assignment Smackey Dog Foods‚ Inc. has approached Keller CPAs to conduct an audit of the financial statements. The purpose of this summary is to describe the expectations that Keller CPAs has regarding how the audit of Smackey Dog Foods‚ Inc.
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Siqi Zhao Date: 1/14/2015 To: A424 Case 1.2 Subject: Case Questions 1. Since E&Y performs its auditing duties merely as an external auditor for Lehman‚ the scope of auditing work should be based on the audit needs from Lehman. On the other hand‚ it is very important for external auditors to keep the independent and objective standpoint in order to ensure their auditing opinions are effective. E&Y did not have a responsibility to be involved in the development process of new accounting
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ASSIGNMENT AUDITING Semester 1‚ 2014 Overview Due date Thursday‚ 5th June 2014 Length 3000 words (maximum) Introduction This assignment requires you to develop an audit plan. You must refer to the relevant chapters of the textbook for information relating to audit planning. Your submission for this assignment must not exceed 3000 words in length. You must attach the assessment declaration sheet to the front of your assignment. You must sign and date the assessment declaration sheet. You must ensure
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