questions. Some of the relevant questions that audit committee members should ask the external auditor include all of the following except: A) How do you assess the competence of company personnel engaged in financial reporting and related processes? B) What are the most significant risks to financial reporting at this company? C) What level of assurance do your procedures provide with respect to the annual financial statements? D) How do you calculate materiality and what is your materiality threshold
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1. a. To the Board of Directors and Shareholders of L Inc.: We have audited L Inc.’s internal control over financial reporting as of December 31‚ 2012‚ based on control criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of Treadway Commission (COSO). L Inc.’s management is responsible for maintaining effective internal control over financial reporting‚ and for its assessment of the effectiveness of internal control over financial
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International Accounting Standards Board Dawn Becker University of Phoenix- ACC440 Mike Raponi September 5‚ 2005 International Accounting Standards Board History "The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC)‚ which operated from 1973 until 2001." http://www.lasb.org/about/history.asp . The International Accounting Standards Board (IASB) was founded on April 1‚ 2001. Its role is to encourage companies
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Running head: ACCOUNTING STANDARDS BOARD PAPER Accounting Standards Board Paper ACC/541 August 21‚ 2012 Accounting Standards Board Paper As the globalization becomes more commonplace and the plant begins to “shrink”‚ there becomes a need for standardization. As companies increase is size‚ they begin to standardize to become more efficient and better serve their customers; this is also the case for the accounting world. The Financial Accounting Standards Board (FASB) and the International
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Unethical Practice and Behaiors in Accounting Byron Nelson February 11‚ 2013 ACC/290 U. Peter Wueger University of Phoenix Introduction Unethical practices and behaviors in accounting can be attributed to a variety of circumstances. Greed‚ opprotunity‚ disconnection‚ and ignorance can be said to be the primary root issues behind these practices. In an effort to prevent these practices former U. S. Senator Paul Sarbanes and former U. S. epresenative Michael Oxley drafter legislation that
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Chapter 1: Auditing: Integral to the Economy TRUE/FALSE 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. ANS: T PTS: 1 OBJ: Demand for Assurances NAT: AACSB-Analytical skills | AICPA BB-Critical thinking 2. An audit of financial statements is a form of attestation service. ANS: T PTS: 1 OBJ: Auditing Defined NAT: AACSB-Analytical skills | AICPA BB-Critical
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Name Chapter 1: Auditing: Integral to the Economy Description Instructions Modify Add Question Here Question 1 True/False 0 points Modify Remove Question The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. Answer True False Add Question Here Question 2 True/False 0 points Modify Remove Question An audit of financial statements is a form of attestation service
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substitute for legal or accounting advice. The IIA does not provide such advice and makes no warranty as to any legal or accounting results through its publication of this document. When legal or accounting issues arise‚ professional assistance should be sought and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors’ Guidance Task Force to appropriately organize the full range of existing and developing practice guidance for the profession
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989
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CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS‚ (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE‚ (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS‚ (D) DEGREE OF CORRESPONDENCE‚ (E) ESTABLISHED CRITERIA‚ (F) COMMUNICATING THE RESULTS‚ AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining
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