AU Section 315 Introduction .01 This section provides guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also provides communications guidance when possible misstatements are discovered in financial statements reported on by a predecessor auditor. This section applies whenever an independent auditor is considering accepting an engagement to audit or reaudit (see paragraph .14 of this section) financial statements
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regarding his predecessor besides the imperfections his predecessor has. Theodore Roethke shows the emotions of concern and appreciation through word choice‚ imagery and metaphors in the poem My Papa’s Waltz. Roethke’s word choices highlight the mixed emotions he feels regarding his predecessor. Through the combination of the words “death” and “waltzing” (l. 3-4) in the first quatrain‚ Theodore uses these words to describe a deliberate but diverting atmosphere around his predecessor and himself
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ZZZZ Best case case1.9 Q1 There are three different levels of services you could obtain from a certified public accountant. These are referred to as compilation‚ review‚ and audit. There are significant differences between the objectives of an audit of financial statements in accordance with generally accepted auditing standards and the objectives of a review in accordance with statements on standards for accounting and review services. The objective of an audit is to provide a reasonable basis
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ZZZZ Best Case Assignment #2 Question 1: 15 points AU Section 315 Communications Between Predecessor and Successor Auditors .01-.13Using the facts from the ZZZZ Best case and professional guidance from AU Section 315‚ explain the following: A. As the successor auditor‚ what was E&W supposed to do before they accepted ZZZZ Best as an audit client in regards to Greenspan? Summarize in enough detail AU 315.03-.06. In your answer give and support your opinion as to whether or not E&W violated
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ACG 4632 ZZZZ Best Case Questions (40 points) 1. Identify the primary audit objectives that auditors hope to accomplish by: * Confirming a client’s year-end accounts receivable‚ and (Balance related existence) * Performing year-end sales cutoff tests. (transaction-related objective timing) (5 points) 2. 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 the three
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immediate predecessor(s) for each activity in the project. 3. Estimate the completion time for each activity. For example: Activity Immediate Predecessor Time A - 3 B - 1 C - 2 D A‚ B‚ C 4 E C‚ D 5 F A 3 G D‚ F 6 H E 4 4. Draw a project network with nodes and arcs depicting the activities and immediate predecessors listed
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Billy’s Beat Inc When considering whether or not to accept a new audit client‚ the successor audit should make specific and reasonable inquiries of the predecessor auditor regarding matters that will assist the successor auditor in determining the acceptance of the engagement. Matters subject to inquiry include: information that might bear on the integrity of management‚ disagreements with management as to accounting procedures‚ or other similar significant matters‚ and communications to audit committees
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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. 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 the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? A review engagement is needed to obtain basis for providing what is known as limited assurance. This gives the client’s financial statements to be prepared properly with GAAP (Generally
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Auditing Concepts ZZZZ Best Company‚ Inc Case Solutions: 1. A review is performed to obtain a reasonable basis for providing limited assurance that the client’s financial statements have been prepared in conformity with generally accepted accounting principles. An independent audit is designed to provide a reasonable basis for expressing an opinion concerning whether or not a client’s financial statements have been prepared in accordance with generally accepted accounting principles.
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