Questions from Accounting for Government and Non-Profit

Q: For the following independent situations, assume that you are the audit

For the following independent situations, assume that you are the audit partner on the engagement: 1. During your audit of Raceway.com, Inc., you conclude that there is a possibility that inventory is...

Q: For the following independent situations, assume that you are the audit

For the following independent situations, assume that you are the audit partner on the engagement: 1. In the last 3 months of the current year, Oil Refining Company decided to change direction and go...

Q: Several types of opinions are described in a. through i.

Several types of opinions are described in a. through i. below. For each opinion, select the appropriate description of that opinion from the list numbered 1 through 9 below that corresponds with the...

Q: Identify two types of information in the client's minutes of the board

Identify two types of information in the client's minutes of the board of directors meetings that are likely to be relevant to the auditor. Explain why it is important to read the minutes early in the...

Q: Various types of "accounting changes" can affect the second reporting

Various types of "accounting changes" can affect the second reporting standard of the generally accepted auditing standards. This standard reads, "The auditor must identify in the auditor's report tho...

Q: The following tentative auditor's report was drafted by a staff accountant and

The following tentative auditor's report was drafted by a staff accountant and submitted to a partner in the accounting firm of Better & Best, CPAs: AUDIT REPORT To the Audit Committee of American Bro...

Q: Describe an ethical dilemma. How does a person resolve an ethical

Describe an ethical dilemma. How does a person resolve an ethical dilemma?

Q: Explain how the rules concerning stock ownership apply to partners and professional

Explain how the rules concerning stock ownership apply to partners and professional staff. Give an example of when stock ownership would be prohibited for each.

Q: Many people believe that a CPA cannot be truly independent when payment

Many people believe that a CPA cannot be truly independent when payment of fees is dependent on the management of the client. Explain two approaches that could reduce this appearance of lack of indepe...

Q: After accepting an engagement, a CPA discovers that the client's industry

After accepting an engagement, a CPA discovers that the client's industry is more technical than he realized and that he is not competent in certain areas of the operation. What are the CPA's options?...