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principles of auditing and other assurance services

Questions and Answers of Principles Of Auditing And Other Assurance Services

Distinguish among the following types of operational audits: functional, organizational, and special assignment. State m example of each for a hospital.
Explain the role of public accountants in operational auditing. How is this similar to and different from the role of internal auditors?
Under what circumstances are external auditors likely to be involved in operational auditing? Give one example of operational auditing by a public accounting firm.
Describe what the term "value-for-money audit" means.
What does the term "accountability" mean in the context of comprehensive auditing?
Explain the difference between the direct reporting by the Auditor General and the reporting on financial statements.The following questions are adapted from CPA, CIA, and CMA (U.S.) examinations.
The following questions deal with independence of auditors who do operational auditing. Choose the best response.a. The operational auditor's independence is most likely to be compromised when the
The following questions deal with operational auditing. Choose the best response.a. Which of the following best describes the operational audit?(1) It requires constant review by internal auditors of
The following questions deal with internal auditing departments and their responsibilities. Choose the best response.a. Which of the following is generally considered to be a major reason for
Lajod Ltd. has an internal audit department consisting of a manager and three staff auditors. The manager of internal audit reports to the corporate controller. Copies of audit reports are routinely
Van Staveren Corporation has an internal audit department operating out of the corporate headquarters.Various types of audit assignments are performed by the department for the eight divisions of the
Haskin Inc. was founded 40 years ago and now has several manufacturing plants in Central and Western Canada. The evaluation of proposed capital expenditures became increasingly difficult for
Lecimore Limited has a centralized purchasing department that is managed by Joan Jones. Jones has established policies and procedures to guide the clerical staff and purchasing agents in the
You noticed the following job advertisement that appeared in a recent edition of the Capital City Journal:PROVINCIAL MINISTRY OF HEALTH The Province funds 20 autonomously operated hospitals. The
How does materiality differ in special reports from that in reports prepared as part of any ordinary audit? Why?
Why is an engagement letter often considered more important in the case of special reports than in the case of a regular audit?
Why are reports expressing an opinion on financial information other than financial statements prepared by public accountants?
Why are reports on the results of applying specified auditing procedures to financial information other than financial statements prepared by public accountants?
Why are reports on compliance with contractual agreements prepared by public accountants?
What is an engagement to report on control procedures at a service organization? Describe the two types of engagement that the auditor might undertake when issuing such a report.
What are the three aspects of an auditor's involvement with a prospectus?
What is "negative assurance" in the context of a prospectus? What is a "comfort letter"?
What are the auditor's responsibilities with respect to financial information (other than financial statements) included in a prospectus?
What is "opinion shopping"? Describe what actions a public accountant should take if requested to give an opinion on specific circumstances or transactions of an entity.
What significant factors should an auditor consider in determining the nature, timing, and extent of audit procedures in the audit of pension costs and obligations?
What factors must an auditor consider when relying on an actuary in the audit of pension costs and obligations?
The following questions concern audits and reviews, assurance engagements, and compilations (related services).Choose the best response.a. A public accountant normally performs enquiry, analytical
The following questions relate to assurance services.a. Which of the following is not true of a direct reporting assurance engagement?(1) There are no management representations.(2) There are only
Prentice Manufacturing Limited is a Canadian- controlled public company that issued shares to the public for the first time in 1980. The shares are listed on both Canadian and U.S. stock exchanges.
Your firm has just accepted the audit appointment of Floss Ltd., a major confectionery retailer with more than 60 leased stores in shopping malls across Canada. Every lease calls for a base rent plus
In late May, 2002, Sheila Chan, a public accountant, received a Telephone call from Raimo, the treasurer of Kar- loan Limited, who disclosed that preliminary arrangements had been made Mth an
Sunshine Mines Ltd. (SML) is a small public company in the process of developing a gold mine in the Canadian North. It has already staked a claim on a highly promising find and has conducted all the
Your public accounting firm is the auditor of Taylor Fruit Farms, Inc., a company located in Penticton, B.C., and incorporated under the laws of British Columbia. You have been requested by the
It is now March 2002. Margaret Monson, the owner of Major Products Manufacturing Inc., a small successful long-time audit client of your firm, has requested you to work with them in preparing
Medical Partnership (MP), a limited partnership, \W was formed in July 2001 to permit the sale of 10 partnership units at \($400,000\) per unit. The proceeds of \($4\) million together with a new
What are the distinguishing characteristics of a direct reporting engagement?
Provide three examples of business advisory services.
What is the theoretical difference between an assurance engagement and a business advisory service?
List three reasons why consumers might not want to pay for goods electronically using the Internet. Explain how the Web Trust principles address these concerns.
Explain why international standards such as ISO- 14000 are important. Why would an entity voluntarily register for ISO-14000?
Identify the different categories of expertise required to conduct an ISO-14000 audit.
Provide four examples indicating where a forensic auditor could assist in quantifying losses.
List the services that a business valuator can provide to a client
Describe four types of business advisory services provided by accountants.
List five risks that could affect the ability of a business to continue operating.
List and explain the activities performed by a treasury function.
Describe categories of controls that could be evaluated by an auditor as part of a controls assessment service.
List the phases of the systems development life cycle (refer to an MIS textbook), and identify at least one activity that the accountant could undertake in each phase.
Describe the typical skills that an accountant would require to provide information systems selection and implementation assistance.
Provide an example of a continuous audit.
The following questions cover unusual reporting situations. Choose the best response.a. A WebTrust engagement requires an auditor to provide assurance with respect to(1) the accuracy and
The following questions concern assurance engagements or business advisory services. Choose the best answer.a. The theoretical distinction between an assurance engagement and a business advisory
Regional Airlines Limited (RAL) is a regional airline serving as a feeder for one of the national airlines. RAL's aggressive advertising campaign claims that RAL has "the most dependable service in
Farmco Limited (Farmco), a privately owned apple farm, is highly debt leveraged. Two loans from XYZ Bank are currently outstanding: a long-term loan that is secured by the farm's land, building
Acme Manufacturing Limited (AML) consists of two operating divisions: Acme Plastics, which produces various plastic consumer products, and Acme Chemicals, which uses a by-product of Acme Plastics to
The Pumpkin Patch is a franchise business operating retail stores for children's fashions. Tom and Wendy Koger had no previous business experience when they answered an advertisement for a Pumpkin
Describe how audit procedures change when EFTs are used to receive cash or make payments.
The following questions deal with auditing year-end cash. Choose the best response.a. A public accountant obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of
The following questions deal with discovering fraud in auditing year-end cash. Choose the best response.a. Which of the following is one of the better auditing techniques to detect kiting?(1) Prepare
Following are misstatements an auditor might find through tests of controls or tests of details of cash balances:1.The bookkeeper failed to record cheques in the cash disbursements journal that were
You are auditing general cash for Trail Supply Corp. for the fiscal year ended July 31. The client has not prepared the July 31 bank reconciliation. After a brief discussion with the owner, you agree
Van Weelden Transport Ltd.'s head office is located in Winnipeg. It has a large branch in Brandon that maintains its own bank account. Cash is periodically transferred to the central account in
Julian Gomes is the auditor of Jahafra Hotel, a small independent hotel, which has a November 30 year end. In order to give written instructions to his staff regarding the verification of year-end
In obtaining confirmations from law firms, Betty Chui's aim is to receive the confirmation letters as early as possible after the balance sheet date. This provides her with a signed letter from every
The following questions deal with contingent liabilities. Choose the best response.a. The audit step most likely to reveal the existence of contingent liabilities is(1) accounts payable
The following questions concern letters of representation. Choose the best response.a. A principal purpose of a letter of representation from management is to(1) serve as an introduction to company
The following questions deal with review of subsequent events. Choose the best response.a. Subsequent events for reporting purposes are defined as events that occur subsequent to the(1) balance sheet
Kathy Choi, a public accountant, has completed the audit of notes payable and other liabilities for Valley River Electrical Services Ltd. and now plans to audit contingent liabilities and
In an examination of Marco Corporation as of December 31, 2001, the following situations exist. No related entries have been made in the accounting records.1. Marco Corporation has guaranteed the
The field work for the June 30, 2001, audit of Tracy Brewing Ltd. was finished August 19, 2001, and the completed financial statements, accompanied by the signed auditor's reports, were mailed
Melanie Adams is a partner in a medium-sized public accounting firm and takes an active part in the conduct of every audit she supervises. She follows the practice of reviewing all working papers of
In connection with your examination of the financial statements of Olars Mfg. Corporation for the year ended December 31, 2001, your review of subsequent events dis¬ closed the following items:1.
The following unrelated events occurred after the balance sheet date but before the auditor's report was prepared:1. The granting of a retroactive pay increase.2. Determination by the Canada Customs
You are a partner in the public accounting firm of Lind and Hemming. One of your larger clients is Yukon Corp., a company incorporated under the Canada Business Corporations Act, which has a December
You are in charge of the audit field work of a multi¬ national public company with subsidiaries in Europe, Asia, and South America, which has expanded very rapidly over the last few years. Your firm
Brigitte Beckman is the senior in charge of the audit of Proctor Industries (PI), a public company in the business of wholesaling plumbing products. It is now November 3, 2001, five weeks after her
List the phases of the audit. For each phase, provide at least one example of matters an auditor needs to consider when auditing automated information systems.
Contrast the terms "hacker" and "ethical hacker." What types of skills might an ethical hacker require?
Explain why the use of customized software is more likely to increase the complexity of information systems than the use of packaged software.
What is the difference between a software package that uses data base file structures and one that uses a data base management system? Why is the latter more likely to increase system complexity?
Identify the types of controls that are affected by the implementation of data base management systems. For each type of control, provide an example of the effects.
List four risks that face entities using data communications. Provide at least one example of how the risk could be mitigated.
Describe the risks associated with entities that process information using multiple locations. For each risk, provide a potential control.
List the three common effects of paperless systems on the auditor.
Describe five important characteristics of EDI systems that are significant to the auditor.
Identify audit and control issues associated with EDI and EFTs.
List the five phases of disaster recovery planning, and explain the importance of each phase. How does the quality of the disaster recovery plan affect the audit risk model?
List and define four advanced computer-assisted audit techniques. For each technique, provide an example of how it could be used in a payroll application cycle.
Define computer fraud. List three possible frauds in the purchases, payments cycle, and explain how such frauds might be detected using generalized audit software.
The following questions concern the audit risk model or audit approach. Choose the best answer.a. Medium Financial Corporation has a complex hardware configuration. There is a central computer, as
The following questions concern controls for automated information systems. Choose the best answer.a. Small Manufacturing Company has only two staff members that get involved in accounting: the owner
The following questions concern computer-assisted audit tests. Choose the best answer.a. Which of the following is not a data communications risk? “ *(1) Viruses that are transmitted by e-mail(2)
Lifed & Verboten, Public Accountants, are the auditors of numerous credit unions in your city. The CFO of Ethnic Credit Union (ECU) recently called Sarah Lifed about his concerns with respect to one
Western Transport Limited (WTL) is a national trucking company. When goods are shipped, the shipment process is initiated using a waybill, recording weight, size, and number of goods moved. When the
Eastern Distributor Limited (EDL) is a rapidly growing distributor of health-care products operating in three regions — Ontario, Quebec, and the Maritimes. In the last three years, the company has
During the past six months, your company has consistently been losing competitive bids to a nearby company whose bids always seem to be slightly lower. Subsequent investigation reveals that an
Frank is the owner of Frank incents Machining Limited, a custom machining center with 10 full-time employees and a part-time bookkeeper, Norma, who comes in two days a week. Norma convinced Frank to
Miles Jones has been assigned as the audit senior responsible for a new client, Starfire Electric Limited (SEL). The engagement partner, Ms. Rogers, explained that SEL is a reputable private
Included in the December 31, 2001, inventory of Kupitz Supply Ltd. are 2,600 deluxe ring binders in the amount of \($5,902.\) An examination of the most recent pur¬ chases of binders showed the
Ruswell Manufacturing Ltd. applied manufacturing overhead to inventory at December 31, 2001, on the basis of $3.47 per direct labour hour. Explain how you would evaluate the reasonableness of total

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