Questions from Auditing and Assurance

Q: Your public accounting practice is located in a city of 15,

Your public accounting practice is located in a city of 15,000 people. The majority of your work, conducted by you and two assistants, consists of compiling clients’ monthly statements and preparing i...

Q: Generally accepted auditing standards (the performance principle) require auditors to

Generally accepted auditing standards (the performance principle) require auditors to gather sufficient appropriate evidence on which to base an opinion. Required: a. Briefly define the characteristi...

Q: You have accepted the engagement of auditing the financial statements of the

You have accepted the engagement of auditing the financial statements of the C. Reis Company, a small manufacturing firm that has been your client for several years. Because you were busy writing the...

Q: Identify how each of the following statements relates to the performance principle

Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more t...

Q: Respond to each of the following comments that you heard related to

Respond to each of the following comments that you heard related to the audit of Swan Company, a public entity. a. “We don’t need to consider the risk of material misstatement in our work because we r...

Q: The reporting principle requires auditors to express their opinion through the issuance

The reporting principle requires auditors to express their opinion through the issuance of a written report. Required: a. What is the purpose of the auditors’ opinion and report? b. What are the majo...

Q: Which of the following is true with respect to PCAOB inspections of

Which of the following is true with respect to PCAOB inspections of accounting firms? a. All firms performing audits of public companies are required to have annual inspections conducted by the PCAOB....

Q: In each of the following, identify which of the elements of

In each of the following, identify which of the elements of the fundamental principles is most applicable. In addition, discuss what action(s) (if any) you believe auditors should take with respect to...

Q: Sorrell, CPA, is auditing the financial statements of Van Dyke

Sorrell, CPA, is auditing the financial statements of Van Dyke as of December 31, 2017. Sorrell’s substantive procedures and other tests indicated that Van Dyke’s f...

Q: The particular and specialized actions that auditors take to obtain evidence during

The particular and specialized actions that auditors take to obtain evidence during a specific engagement are known as a. Audit procedures. b. Audit standards. c. Interpretive publications. d. Stateme...