Questions from Accounting for Government and Non-Profit

Q: International Standards on Auditing (ISAs) are issued by the International

International Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board (IAASB). Use the IAASB web site (http://www.ifac.org/IAASB/) to learn more about the I...

Q: This problem requires you to access authoritative standards to compare the objective

This problem requires you to access authoritative standards to compare the objective of an audit as defined by GAAS (www.aicpa.org) and International Standards on Auditing (ISA 200) (www.iaasb.org) an...

Q: Distinguish between management's and the auditor's responsibility for the financial statements being

Distinguish between management's and the auditor's responsibility for the financial statements being audited.

Q: Distinguish between the terms errors and fraud. What is the auditor's

Distinguish between the terms errors and fraud. What is the auditor's responsibility for finding each?

Q: Distinguish between fraudulent financial reporting and misappropriation of assets. Discuss the

Distinguish between fraudulent financial reporting and misappropriation of assets. Discuss the likely difference between these two types of fraud on the fair presentation of financial statements.

Q: Because management operates the business on a daily basis, they know

Because management operates the business on a daily basis, they know more about the company's transactions and related assets, liabilities, and equity than the auditor. For example, it is extremely di...

Q: List two major characteristics that are useful in predicting the likelihood of

List two major characteristics that are useful in predicting the likelihood of fraudulent financial reporting in an audit. For each of the characteristics, state two things that the auditor can do to...

Q: Describe what is meant by the cycle approach to auditing. What

Describe what is meant by the cycle approach to auditing. What are the advantages of dividing the audit into different cycles?

Q: Identify the cycle to which each of the following general ledger accounts

Identify the cycle to which each of the following general ledger accounts will ordinarily be assigned: sales, accounts payable, retained earnings, accounts receivable, inventory, and repairs and maint...

Q: Why are sales, sales returns and allowances, bad debts,

Why are sales, sales returns and allowances, bad debts, cash discounts, accounts receivable, and allowance for uncollectible accounts all included in the same cycle?