Questions from Auditing and Assurance

Q: What are the advantages and disadvantages of documenting internal control by using

What are the advantages and disadvantages of documenting internal control by using (1) an internal control questionnaire, (2) a narrative memorandum, and (3) a flowchart?

Q: Name some other types of auditors in addition to external, internal

Name some other types of auditors in addition to external, internal, and governmental auditors.

Q: The eight general audit procedures produce evidence about the principal management assertions

The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertio...

Q: Which of the following combinations would provide the auditor the most reliable

Which of the following combinations would provide the auditor the most reliable evidence?

Q: Auditors use different types of audit procedures to gather the evidence necessary

Auditors use different types of audit procedures to gather the evidence necessary to conclude that the risk of material misstatement for each relevant assertion has been reduced to an acceptably low l...

Q: A CPA accumulates various types of evidence on which to base the

A CPA accumulates various types of evidence on which to base the opinion on financial statements. Among this evidence are confirmations from third parties. Required: a. What is an audit confirmation?...

Q: For each of the following situations, describe how the auditors’ report

For each of the following situations, describe how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report. Do not write the actual re...

Q: What are some of the limitations to practicing public accounting across state

What are some of the limitations to practicing public accounting across state and national boundaries?

Q: The preparation of audit documentation is an integral part of an auditor’s

The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from...

Q: Assume that Smith & Smith, CPAs, audited Apollo Shoes Inc

Assume that Smith & Smith, CPAs, audited Apollo Shoes Inc., last year. Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (AOW) to audit its annual financial statements. Lanc...