Questions from Auditing and Assurance

Q: Steve Ankenbrandt, president of Beeb Corp., has been discussing the

Steve Ankenbrandt, president of Beeb Corp., has been discussing the company’s internal operations with the presidents of several other multidivision companies. Ankenbrandt discovered that most of them...

Q: For each of the following brief scenarios, assume that you are

For each of the following brief scenarios, assume that you are reporting on a client’s financial statements. Reply as to the type(s) of opinion possible for the scenario. In addition...

Q: Throughout this book, emphasis has been placed on the concept of

Throughout this book, emphasis has been placed on the concept of independence as the most significant single element underlying the development of the public accounting profession. The term “independe...

Q: You are conducting the first audit of the marketing activities of your

You are conducting the first audit of the marketing activities of your organization. Your preliminary survey has disclosed indications of deficient conditions of a serious nature. You expect your audi...

Q: CPAs may become involved in examinations of broker-dealers.

CPAs may become involved in examinations of broker-dealers. a. Describe the information a broker-dealer who maintains custody of customer funds or securities is required to file in an annual complianc...

Q: Matt Gunlock, CPA, is performing an audit of the City

Matt Gunlock, CPA, is performing an audit of the City of Ryan in accordance with generally accepted auditing standards. Required: a. Must Matt be concerned with the city’s compliance with laws and re...

Q: Wixon & Co., CPAs, is performing an audit of the

Wixon & Co., CPAs, is performing an audit of the City of Brummet for the year ended June 30, 200X, in accordance with Generally Accepted Government Auditing Standards. During the course of the audit,...

Q: North County School District expended $1,450,000 in

North County School District expended $1,450,000 in federal financial assistance this year. Required: a. Is North County School District required to have an audit in accordance with the Single Audit...

Q: The City of Westmore is confused about the type of audit that

The City of Westmore is confused about the type of audit that it should obtain: an audit in accordance with generally accepted auditing standards, an audit in accordance with Generally Accepted Govern...

Q: One of the problems faced by the auditors in their verification of

One of the problems faced by the auditors in their verification of inventory is the risk that slow-moving and obsolete items may be included in the goods on hand at the balance sheet date. In the even...