Questions from Auditing and Assurance

Q: Arenas, an assistant accountant with the firm of Gonzales & Ramirez

Arenas, an assistant accountant with the firm of Gonzales & Ramirez, CPAs, is auditing the financial statements of Tech Consolidated Industries, Inc. The firm’s audit program calls for the preparation...

Q: During the examination of the annual financial statements of Amis Manufacturing,

During the examination of the annual financial statements of Amis Manufacturing, Inc., a nonpublic company, the company’s president, R. Heinrich, and Luddy, the auditor, reviewed the matters that were...

Q: For each of the following independent situations, indicate the type of

For each of the following independent situations, indicate the type of financial statement audit report that you would issue and briefly explain your reasoning. Assume that each item is at least mater...

Q: For each of the following independent situations, indicate the reason for

For each of the following independent situations, indicate the reason for and the type of financial statement audit report that you would issue. Assume that each item is at least material. a. Thibodea...

Q: The CPA firm of May & Marty has audited the consolidated financial

The CPA firm of May & Marty has audited the consolidated financial statements of BGI Corporation. May & Marty examined the parent company and all subsidiaries except for BGI-Western Corporation, which...

Q: Devon, Inc., engaged Rao to examine its financial statements for

Devon, Inc., engaged Rao to examine its financial statements for the year ended December 31, 2018. The financial statements of Devon, Inc., for the year ended December 31, 2017, were examined by Jones...

Q: What is a typical control over authorization of capital asset transactions?

What is a typical control over authorization of capital asset transactions?

Q: On March 12, 2019, Kristen & Valentine, CPAs,

On March 12, 2019, Kristen & Valentine, CPAs, completed the audit of the financial statements of Modern Museum, Inc., for the year ended December 31, 2018. Modern is a privately held company. Modern M...

Q: For the year ended December 31, 2017, Friday & Co

For the year ended December 31, 2017, Friday & Co., CPAs (“Friday”), audited the financial statements of Kim Company and expressed an unqualified opinion on the balance sheet only. Friday did not obse...

Q: The following auditor’s report was drafted by a staff accountant of Nathan

The following auditor’s report was drafted by a staff accountant of Nathan and Matthew, CPAs, at the completion of the audit of the comparative financial statements of Monterey for the years ended Dec...