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business
principles of auditing

Questions and Answers of Principles of Auditing

Which of the following statements are correct regarding the SEC’s rules for the dismissal of an auditing firm?I. The client must file a statement with the SEC within five days specifying all the
A thorough understanding of the business and the risks facing the business will help the auditor assess all of the following except:a. Significant accounting estimates (e.g., warranty liabilities or
The auditor needs to consider each of the following items in determining materiality except:a. Potential impact of a misstatement of the item on important user groupsb. Dollar magnitude of the
Assume the auditor sets these values during an audit: materiality for net income = \($100,000;\) individual materiality for the allowance for doubtful accounts = \($35,000;\) warranty liability =
Considering only the information in question 3-41 , the auditor can conclude the following regarding net income, assuming there were no other misstatements in the years identified or in the
Identify four major classes of financial statement users. For each group identified, indicate (1) how differences between the groups might affect materiality, (2) how those differences might affect
The auditing standards board has proposed a framework with which to assess audit assertions for all items in a company’s financial statements.Required:Assume you are auditing a wholesale florist
The Southwestern Rent-All Company has a number of franchised operations throughout the southwestern United States. The parent company owns some stores, but 80 percent are franchised. The franchisees
Why are assurance services needed? What are the three primary drivers of the need for assurance services?
What are the primary attributes of providers of assurance services? Why are each of the attributes important?
What assurance is provided by the BetterWeb Seal introduced by Pricewaterhouse Coopers? Who benefits from the service? Who pays for the service?
Identify three potential assurance services that were not discussed in the text. Briefly describe why there may be a market for such a service, who would benefit from the service, and who would pay
How does a company provide assurances to its customers? What are the advantages to the company and the customer of having the company provide the assurances? What are the advantages of having the
How do regulatory agencies provide assurance services? Give an example.
What are the three critical components of any assurance service?
What is the primary value of assurance services?
What are the three levels of assurance that can be provided?
What is an audit? What are the essential elements of an audit?
It has been stated that established criteria are necessary for the conduct of an audit.What serves as the primary established criteria against which financial statements are judged? What serves as
Why is it important that a certified public accountant fully understand the client’s business and the business risks associated with specific clients?
Why might the typical pyramid structure of a public accounting firm be changing?What factors might be causing the change? What are the implications of such changes for the profession?
It was noted that many public accounting firms are organizing their client services along industry lines. What are the advantages of such an organizational approach?Why would industry experience,
What are the objectives of an operational audit? What are the objectives of a compliance audit?
Explain how the concept of “accountability” drives the governmental audit profession.
What factors might explain the major differences in the sizes of CPA firms?
What is the role of the AICPA in setting accounting and auditing standards and in policing the profession to ensure the performance of high-quality services by members of the public accounting
An operational audit performed by an internal auditor is best described asa. An audit of a company’s compliance with management’s policies and procedures.b. An evaluation of a company’s
The text talks about a wide variety of assurance services. Following is a brief list of potential assurance services that might be performed by CPAs or internal auditors. For each area, indicate (a)
User expectations of auditors may differ markedly from goals that the profession is capable of meeting. For example, the Commission on Auditors’Responsibilities stated that users expect “the
The public accounting profession has become increasingly diversified with an increasing amount of revenues now coming from other than accounting and auditing services. Some firms have gone so far as
You recently overheard the following conversation between two auditors:Auditor 1: “It’s impossible to know the needs of all the users of a company’s financial statements. For example, how—or
What is the purpose of an IT audit?
Discuss the concept of independence within the context of a financial audit. How is independence different for internal auditors?
How does the Sarbanes-Oxley Act of 2002 affect management’s responsibility for internal controls?
What is the objective of SAS No. 78?
Explain how the audit trail differs between a manual system and a computer system.
What risks do data consolidation in an IT environment pose?
Give an example of independent verification in an IT environment.
Discuss the differences between the attest function and advisory services.
Explain whether authorizations are necessary in a computer environment.
Explain how an IT environment affects the segregation of functions
Explain how an IT environment affects supervision.
Explain how an IT environment affects the firm’s obligation to maintain adequate accounting records.
Explain how an IT environment affects access control.
Explain how an IT environment affects independent verification.
How has the Sarbanes-Oxley Act affected internal controls?
An effective system of internal control includes the segregation of incompatible duties. Some of the examples presented represent incompatible duties. Comment on the specific risks (if any) that are
Visit a Web site for one of the audit professional organizations. Find the answers to the following questions:a. What relevant certification(s) is(are) supported by the organization? What is the cost
Financial frauds perpetrated by companies such as Enron, WorldCom, and Adelphia led to the passage of the Sarbanes-Oxley Act of 2002. Using the Internet, find answers to the following questions about
What are the objectives of IT governance?
How can data be centralized in a distributed data processing system?
List the problems inherent in the use, by others, of spreadsheet models developed by users who are not trained in the procedural controls of system design and development.
The National Commercial Bank has fifteen branches and maintains a mainframe computer system at its corporate headquarters. National has recently undergone an examination by the state banking
What is a legacy system?
What is the flat-file model?
What are the four primary elements of the database approach?
What types of problems does data redundancy cause?
What is the internal view of a database?
What is SQL?
What is DML?
What are the two fundamental components of data structures?
What is a data attribute (or field)?
Define a data record.
What is a record association?
What is a database?
What is a partitioned database, and what are its advantages? Specify any disadvantages.
What is a replicated database, and why is concurrency control difficult to manage in this setting?
What is data encryption?
What is a user-defined procedure?
What is the relationship between a schema and a subschema?
How are special database commands inserted into conventional application programs? Why is this necessary?
Why might it be advantageous for an organization to use DML commands written in COBOL versus a proprietary programming language?
Describe the characteristics of properly designed relational tables.
Describe the backup and recovery features of centralized DBMSs.
Design a relational database system for a large costume rental store. The store has approximately 3,200 customers each year. It is stocked with over 500 costumes in various sizes. The rental costumes
First State Bank provides full banking services to its customers througha. automatic teller machines.b. checking and saving accounts.c. certificates of deposit.d. loans.e. electronic payroll.f.
What are the three problems that account for most system failures?
Why is strategic systems planning not technically considered to be part of the SDLC?
What is the primary objective of the conceptual systems design phase?
What are two approaches to conceptual systems design?
Discuss three benefits associated with modular programming.
Explain the importance of source documents and associated control techniques.
What are the five major components of a GDIS?
The field calls for an “M” for married or an “S” for single. The entry is a “2.” What control will detect this error?
The firm allows no more than 10 hours of overtime a week. An employee entered “15” in the field. Which control will detect this error?
The password was “CANARY”; the employee entered “CAANARY.” Which control will detect this error?
The inventory item number was omitted on the purchase order. Which control will detect this error?
The order entry system will allow a 10 percent variation in list price. For example, an item with a list price of \($1\) could be sold for 90 cents or \($1.10\) without any system interference. The
How does privacy relate to output control?
What are some typical problems with passwords?
What are the three categories of processing control?
What are the advantages and disadvantages of using a sequential data structure? Give an example of each.
What are the advantages and disadvantages of using an indexed random file structure? An indexed sequential file structure?
Explain how a separate linking file works in a network model.
Discuss and give an example of the following types of associations: (1:0,1), (1:1), (1:M), and (M:M).
Explain how an embedded audit module works and why auditors may choose not to use it.
Describe a specific accounting application that could make use of an VSAM file.
How is a user view different from a database table?
Explain the purpose of the input file definition feature of ACL.
What are three input controls?

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