1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard-setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?

1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard-setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following is the objective of ISA 700? O a. To form a decision on management report O b. To form overall audit strategy O c. To form audit planning O d. To form an opinion on the financial statements
Explain how PCAOB inspections can lead to improvements in audit engagement quality.
Q3. Auditing involves the following except___ a. Systematic process b. Objectively obtaining evidence c. Assertions and established criteria d. Investment decisions
Please Solve in 20mins
23. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing has evolved to more of an operational orientation from a financial orientation
Q. Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’s
37. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing has evolved to more of an operational orientation from a financial orientation
20. An assurance engagement of risk management processes by the internal audit activity should start by doing all of the following, except a. Identifying inherent risks and residual risks b. Gaining knowledge of the risk appetite, risk capacity, and risk tolerance c. Understanding the internal and external environment d. Proposing revision of the entity's mission, strategy, and objectives 21. Which of the following is not one of the formal components of COSO ERM Framework? a. Consider how objectives can be achieved by assessing the likelihood and probability of events that may affect the achievement of objectives b. An entity's tone at the top, ethical values, and operating style will help management establish a risk management philosophy and risk appetite c. Management must consider internal and external events that create threats and opportunities d. Risk appetite is defined and communicated as part of the entity's mission statement 24. Review or audit of…
Can you share anything that you have learned about the application of CAATs in auditing the CIS environment.
Q2. Consult Paragraphs 3-6 of Quality Control Standard No. 20 (QC 20). Considering the example in the Waste Management case, please explain why a review by the practice director and audit division head is important in the operations of a CPA firm. In your opinion, was this review effective at Waste Management? Why or why not? Q3. Consult Paragraph 7 of PCAOB Auditing Standard No. 13. Do you believe that Andersen’s final decision regarding the PAJE’s was appropriate, under the circumstances? Would your opinion change if you knew that all of the adjustments were based on subjective differences (such as a difference in the estimate of the allowance for doubtful accounts), as compared to objective differences (such as a difference in the account receivable balance of their biggest customer)? Q4. Refer to Sections 203 and 206 of SARBOX. How would these sections of the law have impacted the Waste Management audit? Do you believe that these sections were needed? Why or why not?
distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible to set these standards in the U.S.?
A document created by the organization and requested from the organization by an internal auditor would provide what level of reliability? A) High B Medium C Low D) Absolute