Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For the purposes of this problem, assume the existence of five types of auditors: CPA, GAO, IRS, bank examiner, and internal auditor. Also assume that
For the purposes of this problem, assume the existence of five types of auditors: CPA, GAO, IRS, bank examiner, and internal auditor. Also assume that the work of these various auditors can be grouped into five classifications: audits of financial statements, compliance audits, operational audits, accounting services, and consulting services. For each of the following topics, you are to state the type of auditor most probably involved. Also identify the topic with one of the above classes of work. 1. Review of the tax return of the corporate president to determine whether charitable contributions are adequately substantiated. 2. Financial statements of a large bank listed on the New York Stock Exchange to be distributed to stockholders. 3. Review of daily attendance during spring term at Blue Ridge Consolidated School District to ascertain whether payments received from the state were substantiated by pupil-day data and whether disbursements by the district were within authorized limits. 4. Review of the activities of the receiving department of a large manufacturing company%media:comma.jpg% with special attention to efficiency of materials inspection and promptness of reports issued. 5. Compilation of quarterly financial statements for a small business that does not have any accounting personnel capable of preparing financial statements. 6. Review of transactions of a government agency to determine whether disbursements under the Payment-In-Kind program of the U.S. Department of Agriculture followed the intent of Congress. Topic Type of Auditor Class of Work 1 2 3 4. 5 6
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started