Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comment upon each of the following statements you heard in a conversation between two newly hired staff auditors. Of course, I'm qualified to be assigned

Comment upon each of the following statements you heard in a conversation between two newly hired staff auditors.

  1. "Of course, I'm qualified to be assigned to this engagement. I have an accounting degree from a top university and was an honors graduate. I know some of the accounting rules have changed since I graduated, but I'll be able to figure that out as we go through the audit."
  2. "It doesn't really matter what others think. . . . I'm completely independent of Acme Industries and should be a member of the audit team. While I own some stock, it's a small amount and I'm holding it for the long term, anyway."
  3. "You really have to question everything the client tells you. That's what professional skepticism is all about. It's a shame you can't believe a word they say."
  4. "The evidence is lower in quality, but we typically use internal evidence when we audit property, plant, and equipment. It just takes too much time and costs too much to get more reliable evidence."
  5. "On that last job, we really planned the audit well. We were able to finish everything by November 1 and didn't need to do ny work after year-end."
  6. "We're not too worried about internal control. We always do the same substantive procedures anyway, so why take the time to look at the client's controls?"
  7. "Because the client isn't accounting for its leases properly, we need to issue either a qualified opinion or a disclaimer of opinion. Just how large a dollar impact does this have on the financial statements?"
  8. "When we evaluate items for materiality, the only thing we need to worry about is the absolute dollar amount. There really isn't anything else we need to consider."

these are the answer's i found to give you an idea. please DONT copy it

https://prnt.sc/uroal6

https://prnt.sc/urrj0q

https://prnt.sc/urrjs0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

9th edition

1-119-49356-3, 1119493633, 1119493560, 978-1119493631

More Books

Students also viewed these Accounting questions