Questions from Auditing and Assurance

Q: Carl Monson, the owner of Major Products Manufacturing Company, a

Carl Monson, the owner of Major Products Manufacturing Company, a small, successful, longtime audit client of your firm, has requested you to work with his company in preparing 3-year forecasted infor...

Q: You have been requested by the management of J. L.

You have been requested by the management of J. L. Lockwood Co. to issue a debt compliance letter as a part of the audit of Taylor Fruit Farms, Inc. J. L. Lockwood Co. is a supplier of irrigation equi...

Q: Bengston, CPA, is conducting the audit of Pollution Control Devices

Bengston, CPA, is conducting the audit of Pollution Control Devices, Inc. In addition, a supplemental negative assurance report is required to a major mortgage holder. The supplemental report concerns...

Q: Jones, CPA, has completed the audit of Sarack Lumber Supply

Jones, CPA, has completed the audit of Sarack Lumber Supply Co. and has issued a standard unqualified report. In addition to a report on the overall financial statements, the company needs a special a...

Q: The following misstatements are included in the accounting records of Westgate Manufacturing

The following misstatements are included in the accounting records of Westgate Manufacturing Company. 1. The accounts payable clerk prepares a monthly check to Story Supply Company for the amount of a...

Q: The Institute of Internal Auditors (IIA) is an international professional

The Institute of Internal Auditors (IIA) is an international professional association of more than 170,000 members with global headquarters in Altamonte Springs, Florida. Throughout the world, The IIA...

Q: Superior Co. manufactures automobile parts for sale to the major U

Superior Co. manufactures automobile parts for sale to the major U.S. automakers. Superior's internal audit staff is to review the internal controls over machinery and equipment and make recommendatio...

Q: In connection with his audit of the financial statements of Knutson Products

In connection with his audit of the financial statements of Knutson Products Co., an assembler of home appliances, for the year ended May 31, 2011, Ray Abel, CPA, is reviewing with Knutson's controlle...

Q: Explain the role of internal auditors for financial auditing. How is

Explain the role of internal auditors for financial auditing. How is it similar to and different from the role of external auditors?

Q: What is the nature of the two categories of standards in the

What is the nature of the two categories of standards in the IIA International Standards for the Professional Practice of Auditing?