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principles of auditing and other assurance services

Questions and Answers of Principles Of Auditing And Other Assurance Services

What are the provisions of the Companies Act regarding depreciation on low-value items?
Is depreciation on wasting assets a necessary charge for arriving at the true and fair picture of the financial statements of a company?
Is it absolutely necessary that depreciation should be provided for before profits are distributed as dividend? What are the provisions of the Companies Act, 2013, regarding the quantum of
A limited company wants to change its method of providing for depreciation from reducing balance method to fixed instalment method. Can the company do so? If so, explain as to how? In this context,
An enterprise purchases an item of machinery on 1 April 2012 for ` 1,00,000. It depreciates this item at the rate of 10 per cent per annum on straight-line basis. On 1 April 2015, the enterprise
Discuss the accounting treatment of the following:(a) Change in the method of depreciation.(b) Change in the value of the asset.
A limited company wishes to change over from the written down value method of providing depreciation which it has hitherto been following to the straight-line method. The company seeks your opinion
Distinguish between the following:(a) Principles of auditing and objectives of auditing(b) Errors of omission and errors of commission.
‘Personal qualities of an auditor are important for the successful conduct of audit.’—Explain with reference to the necessary qualities of an auditor.
‘Auditor does not guarantee that the books of accounts do correctly show the true position of the entity’s affairs’—Comment.
Comment on the validity of the following statements:(a) ‘Although Accounting and Auditing are related, they are distinct from each other’.(b) ‘Every business organization should have an annual
‘The main objective of an audit is to express an opinion on the truth and fairness of the accounts.’—Explain the importance of having the accounts audited by an independent professional auditor.
What do you mean by the term ‘Auditor’s Independence’? How can you differentiate between‘Independence in fact’ and ‘Independence in appearance’? How the independence of an auditor can
Enumerate the contributions of different other subjects in the development of auditing principles, techniques and procedures.
A trader is worried that in spite of substantial increase in sales compared to the earlier year, there is considerable fall in gross profit. After satisfying himself that sales and expenses are
‘The latest methodology adopted in auditing is the risk-based audit methodology’—In the light of the above statement, answer the following:(a) What is risk-based audit methodology?(b) Why audit
Write short notes on the following:(a) Professional Skepticism;(b) Related party transactions;(c) Final review;(d) Peer review.
Because of a very significant scope limitation, the auditors are uncertain about the propriety of the client’s accounting for deferred income taxes. The possible amounts involved are so significant
Describe the additional reporting requirements of Government Auditing Standards.
a. Calculate the gross margin percentage for each of State University’s product lines.b. Compare State University’s gross margins to industry averages. Indicate any margins that appear out of
What are loss contingencies? How are such items presented in the financial statements? Explain.
Describe a disclosure checklist. What is its purpose
Match the following terms to the appropriate definition (or partial definition). Each definition is used once. Term a. Commitment b. Contingent liability c. General risk contingency d. Iron
This simulation integrates concepts first presented in Chapter 5 (see Figure 5.1 for Assertions about Account Balances) and information from throughout the procedural chapters (Chapters 10 through
Rita King, your staff assistant on the April 30, 20X2, audit of Maxwell Company, was transferred to another assignment before she could prepare a proposed adjusting journal entry for Maxwell’s
What information is provided in a public company audit report relating to critical audit matters?
Comment on whether you agree with the following: In a nonpublic company audit report, the second section is always titled “Basis for Opinion.”
Public company audit reports generally include a section on critical audit matters. For each of the following statements indicate whether you believe the statement is correct or incorrect.For those
Assume that during the audit of the public Chandler Corporation the following critical audit matter was identified and summarized for purposes of inclusion in the audit report. Critique presentation
The CPA firm Hank and Henry LLP is performing its first integrated audit of their recently acquired public client Wigly Corporation. Wigly has been in existence for 10 years. Wigly Corporation has
Occasionally, public accounting firms are engaged to report on specified elements, accounts, and items of financial statements. Discuss types of reports that may be provided for a nonpublic company
A CPA’s report includes the following: “We are not aware of any material modifications that should be made in order for the information to be in conformity with accounting principles generally
Comment on the following statement: A financial projection presents an organization’s expected results, given a hypothetical assumption.
What two types of cybersecurity examinations are available?
An auditor’s client uses the services of a payroll service provider. Which type of service auditor’s report is most likely to be helpful to that auditor: SOC 1, SOC 2, or SOC 3? Explain why.
What types of elder care services do CPAs typically perform?
Trust services were developed by the AICPA and the CICA.a. Present and describe the criteria related to trust services.b. Must a trust services engagement include reporting on all the categories of
Assume that you are a CPA interested in expanding your services to provide System and Organization Controls (SOC) reports. Access the AICPA store website (aicpastore.com) and find guidance that will
Define internal auditing.
Describe the role of a broker-dealer.
CPAs may become involved in examinations of broker-dealers.a. Describe the information a broker-dealer who maintains custody of customer funds or securities is required to file in an annual
Distinguish between a subrecipient and a primary recipient. Provide an example of each.
Clark, CPA, is engaged in the audit of Tower Wholesaling for the year ended December 31. Clark obtained an understanding of internal control relating to the purchasing, receiving, trade accounts
“A well-prepared balance sheet usually includes a statement that the inventories are valued at cost.” Evaluate this quotation.
Assume that you are auditing the financial statements of Wagner Pharma Co. for the year ending June 30, 20X1. Wagner has very large warehouses where it stores its numerous prescription drug products.
Assume that you are auditing Hobart Wholesale Supply Co. and that you have decided to use data analytics to test the inventory. Specifically, you would like to identify (1) Excess and overvalued
Describe the ordinary role of paper stock certificates when a direct registration system (DRS) is utilized.
Assume you are testing the internal controls over sales transactions for the Tidwell Co. audit. You have tested the general controls and found them to be operating effectively. You are now testing
Hayden Corp. uses an enterprise resource planning (ERP) system. In their audit of receivables and revenues, the auditors have identified the following data elements in the corporation’s database
Assume you are auditing the financial statements of an information technology company that provides hardware and software to clients with complex sales contracts. Since the contracts are virtually
Criticize the following statement: “Because the sales department maintains relationships with customers, personnel from that department should grant credit and decide when accounts should be
Assume that you are performing the audit of Cameron Mfg. Co. Cameron has an IT system and you have evaluated and tested the general controls and found them to be effective. Also assume that the
Metropolitan Corporation has a significant investment in a closely-held corporation, Wake Forest Company. Metropolitan’s investment does not enable the company to exercise significant influence
Assume that you are auditing the financial statements of Young Manufacturing Co. Management of Young has designed a review control for cash disbursements using data analytics. The company's software
In a well-controlled IT computer system, the auditors wish to test the control of authorization of cash disbursements. What is the most efficient way that the auditors could test this control?
What is a dual-purpose test?
Assume the auditors of a company with an IT system have determined that general controls are effective. They are currently auditing the application controls over sales and wish to test the following
Explain briefly what is meant by a malware and ransomware.
What are the advantages of a virtualized client/server infrastructure?
What is the difference between an Internet-based and an intranet-based information system?
What is meant by “authentication of the user,” and how may authentication be achieved?
What is blockchain technology and how could it eventually change financial reporting and auditing?
Discuss the nature of end user computing.
Assume that you have been hired by Ming Lin, CPA, as a new staff assistant. He informs you that his approach to audits has always been to assess control risk at the maximum and perform all the
Assume that you are auditing the financial statements of Wexler Inc. Wexler’s financial statements include a number of significant estimates.a. Describe the desired internal controls over the
Robert Tailor, CPA, is planning the audit of The Neighborhood Store, a local grocery cooperative. Because The Neighborhood Store is a small business operated entirely by part-time volunteer
Many companies have implemented COSO’s enterprise risk management framework to assist them in managing risks.a. Are public companies required by the SEC to implement COSO’s enterprise risk
Comment on the following: The Committee of Sponsoring Organizations has issued frameworks on internal control and on enterprise risk management. A starting point for management of a company just
What consideration, if any, may external auditors give to the work of a client’s internal audit staff?
What is internal control?
Auditors identify “significant risks” when performing their audits.a. Explain what is meant by a significant risk.b. What factors do auditors consider in assessing whether a risk is a significant
Auditors assess the risks of material misstatement and then design further audit procedures.a. Describe the auditors’ approach to identifying and assessing the risks of material misstatement.b.
Provide an example in which a data analytics technique applied in financial statement auditing could serve as both a test of a control and a substantive procedure.
Define the term third-party beneficiary.
Use the Code of Professional Conduct (available at pub.aicpa.org/codeofconduct) to research each of the circumstances presented in Problem 3-40 and address whether Daleiden would violate the Code.
The Institute of Internal Auditors’ Code of Ethics has a number of “Principles.” What are the titles of those principles?
Bill Jones is a partner with Adelson & Co., a one office CPA firm located in Tucson, Arizona. He is the engagement partner on the audit team of NRG, LTD, a public company and he has just
Jim Willingham works as a manager in the Phoenix office of an international public accounting firm. His younger brother has just taken a position as a purchasing agent for one of the public
How does the AICPA Code of Professional Conduct relate, if at all, to Statements on Auditing Standards?
Casa Royale Inc., a public company, retains Ying and Company CPA to audit its financial statements and internal control. Howard Smythe, the partner in charge of the audit, drafted the following
Comment on the following: The SEC’s acceptance of the use of International Financial Reporting Standards in filings replaces use of PCAOB Auditing Standards for audits of international companies.
What does a nonpublic company audit report say concerning the risk of not detecting a material misstatement resulting from fraud versus one resulting from error?
State the principal assertions made by the auditors in the “Opinion on the Financial Statements” section of the PCAOB auditors’ report with an unqualified opinion. Assume that the auditors
What are the titles of the sections of the public and nonpublic company audit reports presented in the chapter?
Each auditing term (or organizational name) in Column 1 below bears a close relationship to a term in Column 2.Identify the most closely related terms in Columns 1 and 2. Organize your answer
Comment on whether you agree with the following: Today’s sophisticated information systems make auditing of samples necessary, and auditing of an entire population impossible.
In their audit of accounting estimates, auditors emphasize significant assumptions. Provide characteristics of such assumptions.
What are related party transactions?
At 12 o’clock, when the plant whistle sounded, George Jones, an assistant auditor, had been working on his laptop computer. Jones stopped work immediately, but not wanting to waste a lot of time,
Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning.

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