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auditing international approach

Questions and Answers of Auditing International Approach

What are the fundamental economic determinants of audit committee independence?Discuss the effect of each one.
To what extent can the composition of the audit committee, particularly with regard to the presence of outside directors, influence the reliability of financial reporting? Discuss the empirical
Discuss the main responsibilities of the audit committee towards independent auditors. What are the effects of audit committee on the external auditors’ performance and effectiveness?
What are the objectives of international standards on auditing?
To what extent do the globalization of financial markets and multiple listings reinforce the application of international standards on auditing?
Discuss the role and objectives of the International Federation of Accountants (IFAC) in harmonizing auditing standards.
What are the steps taken by the International Auditing and Assurance Standards Board(IAASB) in strengthening public confidence in the global auditing profession and serving the public interest?
What are the references used with regard to international standards on auditing and international practice statements?
Explain the fundamental differences between audits of financial statements and related services.
Discuss briefly the notions of review, agreed-upon procedures and compilation in the context of audit of related services.
Discuss the fundamental ethical principles governing the auditor’s professional responsibilities, using the IFAC Code of Ethics for Professional Accountants as a basis of your discussion.
Describe the features and objectives of International Standards on assurance engagements.
Explain briefly the concepts of ‘reasonable assurance’ and ‘inherent limitations’ in (a) an assurance engagement and (b) an audit of financial statements.
Discuss the role and importance of IAS and IFRS in developing international auditing standards.
Explain briefly the positions of EU and US regulators with regard to the auditing of financial statements of corporations subject to multiple listings.
Financial reporting, auditing and corporate governance.‘The effective functioning of capital markets is essential to our economic well-being. In my opinion, a sound financial reporting
Foreign listings. Despite onerous listing requirements and high costs, some large companies seek listing of their stocks in foreign financial markets. This signifies the management belief that the
Towards greater convergence in the EU. ‘There has been increasing support for a single set of global accounting standards in the European Union. The European Commission supports the drive for
Accounting standards and the interests of the users of financial statements. Three solutions have been proposed for resolving the problems associated with filing financial statements across national
What actions undertaken by the European Union apply to statutory auditing?
Discuss the points raised in the context of the European directives (particularly in the new Eighth Directive) concerning the statutory audit.
What is the European Commission’s strategy on statutory auditing?
Following recent corporate financial failures around the world, what are the EU policy priorities on the statutory audit?
Why are some measures directed at auditors of public interest entities (listed corporations, banks and insurance companies) in the EU? What are those measures?
What are the reasons for and benefits of the European Commission’s recommendation on auditor independence?
How does the EU Directive (2005) respond to corporate scandals (such as Parmalat and Ahold) in the EU?
What level of uniformity would be achieved by the European Commission’s directive on auditor independence?
What are the detailed provisions of the European Commission directive on auditor independence?
Would the European Commission directive on auditor independence prohibit the provision of any additional service to the audit client?
What is the position of the EU Commission with regard to public oversight of the audit profession?
Would small and medium-sized firms be able to comply with the European Commission directive on auditor independence?
What does the European Commission’s directive require in terms of international standards on auditing?
Why does the approved EU directive (2005) remove nationality restrictions on ownership and management of audit firms?DISCUSSION QUESTIONS
Discuss the European Commission’s directive (2005) on statutory audit with regard to the following topics:(a) Independence and ethics;(b) Public oversight of the audit profession.
Europe and the US have different financial, legal, historical and cultural traditions. They are not identical and their regulatory action may spill over into the other’s jurisdiction.Discuss the
Discuss the European Commission’s proposals with regard to the following topics:(a) Permission or prohibition of non-audit services undertaken by statutory auditor or audit firm for audit
The new EU directive requires the establishment of an audit committee within publicly listed companies. Discuss the objectives and benefits of such requirements. What would be the rules on the
According to the information published by the European Federation of Accountants (FEE, 2005), the membership of this professional body consists of forty-four professional institutes of accountants
There are several areas of conflict between the EU Commission and audit profession similar to those that may exist in the US. Discuss briefly the positions of the EU Commission and auditors of the
Some of the elements of the theoretical framework of auditing are shown in Figure 1.3. For each of these elements, describe the effect on an audit if the element were not true.1. The data to be
Answer the following questions.a. What is the purpose of the second and third general attestation standards shown in Figure 2.8?b. In Figure 2.9, why is there no attestation standard of fieldwork
Define auditing, attest, and assurance services. Provide two examples of each type of service.
Which of the following is not a condition that potentially increases the entity's business risk?a. The entity's information system is not adequate to handle its volume of sales transactions.b. The
Prior to beginning the fieldwork on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA shoulda. Reduce audit risk by lowering the
Which of the following, if material, would be fraud?a. Mistakes in the application of accounting principles.b. Clerical mistakes in the accounting data underlying the financial statements.c.
The auditing standards used to guide the conduct of the audit area. Implicitly referred to in the opening paragraph of the auditor's standard report.b. Explicitly referred to in the opening paragraph
How might the three categories of management assertions provide a powerful tool for the financial statement auditor?
What is negative assurance within the context of an auditor's report? How does it differ from positive assurance?
What body establishes standards fora. All audits and for reviews of interim financial information and preparation of unaudited financial statements of public companies?b. Reviews and compilations of
What is the general reporting format on financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles?
Define a financial forecast.
How does a financial projection differ from a financial forecast?
What is the CPA's purpose in examining a financial forecast or projection?
Describe the reporting format for reports on examinations of financial forecasts and projections. What type of assurance is given?
When reporting on an examination of prospective financial statements, what is the CPA's responsibility should he or she determine thata. The forecast departs from AICPA guidelines?b. One or more
Define a review of the financial statements of a nonpublic entity.
Describe the reporting format for a review of the financial statements of a nonpublic entity. What type of assurance is expressed?
When performing a review of the financial statements of a nonpublic entity, what is the CPA's reporting obligation if he or she determines that the statements are materially affected by (a) a
What procedures would a CPA perform in a review of interim financial information of a public company?
Describe the reporting format for a report on a review of interim financial information of a public company. What type of assurance is given?
List the five topics that may be covered in a letter for underwriters.
What are agreed-upon procedures?
When is a CPA associated with financial statements?
Define a compilation of financial statements.
Describe the reporting format for a report on a compilation. What type of assurance is given?
Under what conditions may a CPA compile financial statements that omit substantially all disclosures required by generally accepted accounting principles? How would this affect the form of his or her
How do the following matters affect a CPA's reporting responsibilities in performing a compilation?a. A departure from generally accepted accounting principles.b. Inconsistent application of
Describe the compilation of a financial forecast or projection and the form of report that may be issued.
What is a CPA's reporting responsibility when associated with unaudited financial statements of a public company?
Define accompanying information in an auditing context and give an example. What is a CPA's responsibility for this information?
What levels of service may a CPA provide on pro forma financial information?
Statements on Standards for Accounting and Review Services (SSARS) require an accountant to report when the accountant hasa. Typed client-prepared financial statements, without modification, as an
An auditor's report would be designated a special report when it is issued in connection witha. Interim financial information of a publicly held company that is subject to a limited review.b.
An auditor's report on financial statements prepared on the cash receipts and disbursements basis of accounting should include all of the following excepta. A reference to the note to the financial
When an auditor reports on financial statements prepared on an entity's income tax basis, the auditor's report shoulda. Disclaim an opinion on whether the statements were examined in accordance with
Helpful Company, a nonprofit entity, prepared its financial statements on an accounting basis prescribed by a regulatory agency solely for filing with that agency. Greer audited the financial
Which of the following statements concerning prospective financial statements is correct?a. Only a financial forecast would normally be appropriate for limited use.b. Only a financial projection
An examination of a financial forecast is a professional service that involvesa. Compiling or assembling a financial forecast that is based on management's assumptions.b. Limiting the distribution of
When an accountant examines a financial forecast that fails to disclose several significant assumptions used to prepare the forecast, the accountant should describe the assumptions in the
Accepting an engagement to examine an entity's financial projection most likely would be appropriate if the projection were to be distributed toa. All employees who work for the entity.b. Potential
An accountant's compilation report on a financial forecast should include a statement that thea. Compilation does not include evaluation of the support of the assumptions underlying the forecast.b.
The objective of a review of interim financial information of a public entity is to provide an accountant with a basis for reporting whethera. Material modifications should be made to conform with
An accountant's standard report on a review of the financial statements of a nonpublic entity should state that the accountanta. Does not express an opinion or any form of limited assurance on the
Baker, CPA, was engaged to review the financial statements of Hall Company, a nonpublic entity. Evidence came to Baker's attention that indicated substantial doubt as to Hall's ability to continue as
Which of the following statements is correct concerning letters for underwriters, commonly referred to as comfort letters?a. Letters for underwriters are required by the Securities Act of 1933 for
Which of the following statements is correct concerning both an engagement to compile and an engagement to review a nonpublic entity's financial statements?a. The accountant does not contemplate
Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonpublic entity?a. Reading the financial statements to consider whether they are free of
An accountant may compile a nonpublic entity's financial statements that omit all of the disclosures required by GAAP only if the omission is I. Clearly indicated in the accountant's report.II. Not
Which of the following statements should be included in an accountant's standard report based on the compilation of a nonpublic entity's financial statements?a. A compilation consists principally of
When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such
Jordan \& Stone, CPAs, audited the financial statements of Tech Co., a nonpublic entity, for the year ended December 31, 19X1, and expressed an unqualified opinion. For the year ended December 31,
You have been engaged by the trustees of Roger Trust to audit the trust as of December 31, 19XX. The audit is for the purpose of assuring the trustees and beneficiaries that trust assets,
Steam Clean, Inc., produces unique washing machines under a license agreement with Tom Nessinger, who invented the unique process. Nessinger has engaged you to audit the sales of Steam Clean, Inc.,
The auditors' report below was drafted by a staff accountant of Baker and Baker, CPAs, at the completion of the audit of the comparative financial statements of Ocean Shore Partnership for the years
Sam Sheppard, CPA, has been asked by the management of his client, Indian Togs, Inc., to examine the financial forecast of the company for the coming year.a. What is a financial forecast, and how
Your client, Byrd and Byrd, Inc., a regional trucking company, has prepared a financial forecast for the coming year and has asked you to examine it and issue a report to accompany it. Management's
John Wilguess, CPA, has been engaged to review the financial statements of Lucky Oil Company, a nonpublic company, for the year ended June 30, 19X4. The previous year's financial statements of Lucky
In connection with a review of the December 31, 19X5, financial statements of Quick Profits Real Estate, a nonpublic company, Hilton and Hilton, CPAs, noted that certain parcels of land were recorded
The following report was drafted by a staff assistant at the completion of the review engagement of GLM Company, a continuing client, for the year ended September 30, 19X8. The financial statements
John Alvis, CPA, has completed his review of the interim financial information of Wilson and Love, a public company, for the six months ended June 30, 19X5.a. Discuss the form of report that Alvis

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