Questions from Auditing and Assurance

Q: Discuss why the emergence of advanced audit technologies, such as audit

Discuss why the emergence of advanced audit technologies, such as audit data analytics, is placing an even greater premium on auditors’ knowledge of fundamental business, accounting, and auditing conc...

Q: Many companies post their financial statements and auditor’s report on their home

Many companies post their financial statements and auditor’s report on their home pages, generally under a heading labeled “investor relations.” Use one of the Internet search engines to do the follow...

Q: Using the audit report included in Chapter 1, identify and briefly

Using the audit report included in Chapter 1, identify and briefly explain the phrases or words that indicate to the users that the financial statements are not necessarily an “exact” representation o...

Q: Audits can be categorized into five types: (1) financial

Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) forensic audits. Required: For each o...

Q: Dale Boucher, the owner of a small electronics firm, asked

Dale Boucher, the owner of a small electronics firm, asked Sally Jones, CPA, to conduct an audit of the company’s records. Boucher told Jones that the audit was to be completed in time to submit audit...

Q: For each of the following scenarios, perform the three steps in

For each of the following scenarios, perform the three steps in the materiality process: (1) determine overall materiality, (2) determine tolerable misstatement, and (3) evaluate the audit findings. S...

Q: You are the audit manager for Ken-Ron Enterprises. Your

You are the audit manager for Ken-Ron Enterprises. Your firm has been the entity’s auditor for 15 years. Your firm normally uses a range of 3% to 5% of income before taxes to calcula...

Q: The audit committee of the board of directors of Rebel Corporation asked

The audit committee of the board of directors of Rebel Corporation asked Tish & Field, CPAs, to audit Rebel’s financial statements for the year ended December 31, 2018. Tish & Field explained the nee...

Q: Parker is the in-charge auditor for the upcoming annual audit

Parker is the in-charge auditor for the upcoming annual audit of FGH Company, a continuing audit client. Parker will supervise two assistants on the engagement and will visit the entity before the fie...

Q: A CPA has been asked to audit the financial statements of a

A CPA has been asked to audit the financial statements of a publicly held company for the first time. All preliminary verbal discussions and inquiries among the CPA, the company, the predecessor audit...