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principles of auditing

Questions and Answers of Principles of Auditing

What are the basic elements required to be included in the assurance report according to International Standards on Assurance Engagements 2000?
Discuss the three basic opinions an auditor can have on a review engagement.
Summarize in your own words Illustration 4.1. The Structure of IAASB’s Technical Pronouncements.
Discuss the differences between assurance conclusions expressed in the positive(reasonable assurance) form, versus the negative (limited assurance) form. Give examples of assurance engagements that
List the four special purpose engagements and give some examples of each.
Using Illustrations 4.7 through 4.10, compare Reports on Financial Statements Prepared in Accordance with a Comprehensive Basis of Accounting other than International Accounting Standards or National
Haruspex is a new consulting company. They specialize in analysis of the market and process of producing sellable products from industrial waste. They have asked Sophia Coronis, SOL, to prepare an
Diamond Jousts, a UK Limited Company, is traded on the American Stock Exchange as American Depository Receipts (ADRs). They hire Lancelot, Elaine, and Guinevere, Chartered Accountants, to prepare an
The following list describes seven situations certified accountants may encounter, or contentions they may have to deal with, in their association with and preparation of unaudited financial
British Airways, ENI, ING, Novartis, Norsk Hydro, Shell, Statoil, Volkswagen, Body Shop, and Novo Nordisk are companies that produce annual sustainability verification statements.Required:A. Chose
Which of the following factors would be most likely to cause a professional auditor in public practice to decline a new audit engagement?(A) The prospective client has already completed its physical
If Shin Nihon will not audit Resona in 2004, what concerns would a replacement auditor have?
What kind of industry risks would be encountered by audit firms wishing to audit a Japanese bank in 2004?
When Penn Square Bank replaced Arthur Young in late 1980, what concerns should have been apparent to any proposed new auditor?
What independence issues were at stake for the new auditor Peat Marwick?
SureBeam has approached your audit firm to do their current audit. What client acceptance procedures should be carried out? What risks are involved in taking on this client?
A group auditor decides not to refer to the audit of another auditor who audited a subsidiary of the group auditor’s client. After making inquires about the other auditor’s professional
Before accepting an audit engagement, a successor (proposed) auditor should make specific inquiries of the predecessor (existing) auditor regarding:(A) Disagreements the predecessor had with the
Which of the following matters is generally included in an auditor’s engagement letter?(A) Management’s liability for illegal acts.(B) The factors to be considered in setting judgments about
If money is owed by a client to the auditor and it is overdue, what can an auditor do to collect it and what risks are involved?
Client Evaluation. The audit firm of F.A. Bloch and Co. has been approached by the following companies who wish to retain Bloch for audit work:1 Interlewd, an internet company, whose website features
Audit Fees. Ursula Chona, Contador Publico (CP Titulado), an auditor from Medellin, Colombia, was referred a client by a local attorney and she has agreed to accept the client for a financial
Engagement Letter. Stephen Hu, CPA, from Taipei, Taiwan, has just accepted a new client, Kiwan Xou. The company will be audited under the ISA and IAS standards. The client will be given an audit
Description of the Business. Compu Group Corporation designs, develops, manufactures, and markets a wide range of personal computing products, including desktop personal computers, portable
After reading the group audit instructions, what documents will the audit team prepare?
What kind of differences are there between the accounting for the main company (HOT)and your local client (Local)?
What information are you required to provide about your client, Local, regarding their legal situation, related parties and industry?
What information does BIG provide regarding the timing of audit procedures? What does ‘roll forward’ mean?
What concerns are ‘critical and significant audit concerns’ for the Local audit? Why are they significant?
What are some significant audit areas and accounting issues for Local? Briefly discuss each.
What are two procedures an auditor can use when reviewing cash balance and related flows? Briefly discuss each.
What are the objectives for Local’s investments audit procedures? Discuss the procedures used to test one of these objectives.
What are the two capital account audit objectives? Discuss one procedure related to both objectives.
What is a confirmation letter? State the difference between a positive confirmation and a negative confirmation?
What should an auditor do if a positive confirmation is returned with an incorrect address?
When you as an auditor attend a physical count of inventory what things should you look for?
As an auditor what steps do you take if the inventory totals do not agree with the general ledger control totals?
What steps should you take when an inventory is obsolete?
What is the objective when auditing an asset?
In writing a completion memorandum, what should be one of the first things you would want to state? Why?
As an auditor you arrived at an opinion that revenues are correctly recorded. What steps did you take to come to this conclusion?
What items might an auditor discuss in regard to significant audit areas when writing a completion memorandum?
What four steps can you take in order to check revenue recognition policy?
Audit planning memorandum — strategy part. The following are three situations in which you are required to develop an audit strategy and prepare a partial strategy memorandum:1 You are on the first
Audit planning memorandum — plan part.Wigila Swaiaty, a for-profit cooperative, was organized in 1954 in Gdansk, Poland, to produce and distribute local crafts such as natural material Christmas
Audit programme. The following are 10 audit procedures taken from an audit programme:1 Review board of directors’ minutes to verify approval of equipment purchases.2 Discuss with the cash
Audit of Cash. The following clientprepared bank reconciliation is being examined by Aino Kalivepoeg, Auditor, during an examination of the financial statements of St Olai Company of Tallin, Estonia.
Audit of Investments. In connection with an examination of the financial statements of Moravia of Praha, the Czech Republic, Libusa Stadic, Auditor, is considering the necessity of inspecting
Audit of Investments. For several years you have made the annual audit for Sichou Jinhuangse Company of Nanjing, China. This company is not a dealer in securities. A list of presently held securities
Auditing the Capital Accounts. James Husvet, Chartered Accountant (CA) is engaged in the first audit of Sajbos of Budapest, Hungary.The company has both a stock transfer agent and an independent
Audit of Expenses and Payables. To improve the current financial position as stated in the yearend balance sheet, Preocupado Sociedad of Montevideo, Uruguay wrote a great many cheques to vendors and
Audit of Expenses and Payables. Elias Staresina is the auditor of the Perun Company of Ljubljana, Croatia. Staresina is considering the audit work to be performed in the accounts payable area for the
Audit of Expenses and Payables for Defalcations. On 11 January at the beginning of Elijah Domacin’s annual audit of the financial statements for the year ended 31 December of Zedruga Manufacturing
Confirmation of Accounts Receivables.Cesare Mastali, Dottore Commercialista(CONSOB), is examining the financial statements of a manufacturing company in Milano, Italy, with a significant amount of
Confirmation of Accounts Receivables. You have been assigned to the first audit of the accounts of the Super Blinchiki Company of St Petersburg, Russia, for the year ending 31 March 20X8. The
Audit of Inventory. During the month of April, Alexander Kuznetsov, Auditor, is engaged to audit the balance sheet of a new client, Kholst Katok Company of Yaroslavl, Russia, as of 31 March. Kholst
Audit of Inventory. A number of companies employ outside service companies that specialize in counting, pricing, extending, and footing inventories. These service companies usually furnish a
Audit of Inventory. Late in December, the Registeraccountant (RA) firm of Radbod & van Weg accepted an audit engagement at Brandewyn Jewelen, BV, a company that deals largely in diamonds. Brandewyn
Comparison of Accounts Receivable and Accounts Payable Confirmation. Compare the confirmation of accounts receivable with the confirmation of accounts payable under the following headings:1 Generally
Completion Memorandum. In the course of his initial examination of the financial statements of Yenitscheri Company, Omar Pishdadian, Sworn Financial Adviser (SFA), the auditor, obtained an
How has the globalization of the world’s capital markets and global expansion of corporations created opportunities for auditing professionals?
Why have assurance services received so much attention from accounting practitioners?Name three assurance services that are increasingly in demand?
Illustration 13-1 depicts how the framework for reporting on the credibility of information by professional accountants relate to the ISAs and potential future developments.Briefly describe these
According to the Special Committee on Assurance Services (SCAS) what are the four dimensions involved in assurance services?Which one of those dimensions is expansionary?
What types of assurance services might a client seek? Who are some of the clients seeking out assurance services?
The SCAS issued plans for six new assurance services. They are: (1) risk assessment(2) systems reliability (3) electronic commerce(4) entity performance measurement (5) health care provider
Discuss how an auditor can add credibility to financial data on the home page of many companies.
What is meant by derivative financial instruments? What makes them so complex? How can this impact on the auditing procedures in the twenty-first century?
Describe the risks that usually accompany derivatives.
Discuss some of the company or industry characteristics auditors should be mindful of when considering the risks of derivatives.
What is the importance of the historical cost model? How can fair market information in a financial statement be advantageous to investors in the future? Give an example.
What effect do environmental laws and regulations have on a company’s assets ? How can these be accounted for ?
Define non-financial controls and give an example.
Who must report on internal controls?
For audit purposes, what are environmental matters? Give some typical examples of the consequences of environmental matters affecting the financial statements.
List two questions an auditor can ask of a company regarding entity environmental risk for each of the following three categories:contamination of surface water, waste management and hazardous
List substantive procedures to detect any misstatements of financial statements as a result of failing to recognize, measure or disclose the effect of environmental matters.
Define environmental audit. List five risks and exposures that an auditor should consider to determine the extent of an environmental audit.
Services That Enhance The Credibility Of Information. An auditor currently and in the future will report on: (1) internal controls(2) environment (3) compliance with laws and regulations (4) entity
Customer Demands for Assurance Services.Assurance services involve four dimensions:(1) services that refine raw information into reliable information; (2) services that improve decision making by
Information Credibility Services.RequiredA. List information services for which auditors are uniquely qualified to provide to(1) commercial enterprises (2) government and (3) individuals.B. Explain
Complex Financial Instruments. The complex financial instruments which have received significant attention in recent years and which should continue in importance into the future are derivative
Asset Valuation. The auditor must consider how asset valuation models like historical cost, current or fair value accounting will be affected by the realities of the twenty-first century.Furthermore,
Non-financial Internal Control and Information Systems. In December 1996, America Online (AOL), then the world’s largest provider of computer on line services, noticed a surge in new access traffic
Auditing and the Environment. Auditors are interested in the impact that past and present environmental activities have on the organization's financial statements and are also interested in
Using The Work Of Others. Environmental audits are becoming increasingly common.RequiredA. How is an environmental audit different from a standard audit?B. Ifaclient uses toxic materials in its
Environmental Valuation and Auditing.Auditors are interested in (1) asset values related to environmental activities and (2) related liabilities: current, long term and contingent.RequiredA. What
IFAC Framework For Reporting On The Credibility Of Information By Professional Accountants. Get a copy of the framework for reporting on the credibility of information by professional accountants
Environmental Remediation Liability.Choose a company which has an environmental remediation liability (oil and gas, mining and waste disposal companies are good candidates).RequiredPhotocopy the
What is the most common type of audit report? In a standard unqualified report how many paragraphs are there? What are they called?
How is the standard audit report different if the opinion is other than unqualified? Discuss and contrast the qualified opinion and the unqualified opinion.
Discuss the introductory paragraph, the scope paragraph, the opinion paragraph and the explanatory paragraph. What is the difference between the four?
What are the four different opinions an auditor can issue? Briefly discuss each.
What requirements must an opinion meet in order to be unqualified?
In what circumstances must an auditor express an ‘other than unqualified’ opinion?
What kind of opinion is an auditor expressing when he states that ‘In our opinion, except for... , the financial statements give a true and fair view of (or “present fairly, in all material
When is an adverse opinion given? How is the wording of an adverse opinion different from that of an unqualified opinion?
When is a disclaimer opinion issued? How is the wording of a disclaimer of opinion different from that of an unqualified opinion?
What kind of description should an auditor make when he issues an opinion other than unqualified?
What circumstances might result in modifications to the wording of a standard unqualified opinion? What does an explanatory paragraph entail?

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