Answered: he IFRS Advisory Council has…

he IFRS Advisory Council has approximately 40 members who advises IASB 2. both IASB and IFRS Interpretations committee have 14 members and appointed by the Moni

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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29. What is the role of the audit committee as per the Sarbanes-Oxley Act? a) To prepare financial statements b) To oversee the audit process c) To manage internal controls d) To hire and fire executives
7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except _______________ Question 7 options: a) Audit committee b) The customers c) Management d) The engaging part
21-36 AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures to assist users in evaluating management's written asser- tions about (1) the entity's compliance with specified requirements. (2) the effective- ness of the entity's internal control over compliance, or (3) both. Required: a. Read AT-C Section 315 and then discuss how a practitioner would conduct an agreed-upon procedures engagement to evaluate an entity's written assertion that it was in compliance
None
For each situation (1-5), identify the most applicable AICPA rule of conduct and whether there is a violation or no violation of the rule (A-F). One or more letters may not be used. A. Independence Rule; no violation B. Independence Rule violation C. Integrity and Objectivity Rule; no violation D. Integrity and Objectivity Rule; violation E. Accounting Principles Rule; no violation F. Accounting Principles Rule; violation 1. Sterling Stevens, CPA, was auditing Global Services Company. Global Services used an accounting principle that was not in conformity with GAAP. Nevertheless, Stevens rendered a standard unqualified audit report. 2. Christina Hall, CPA, provided expert testimony for a plaintiff. The defendant in the case was a client of Hall's. 3. Sam Miller, CPA, owned 100 shares of Johnson Drilling, Incorporated, his audit client. 4. Dewey Wise, CPA, obtained a loan from an insurance company using the cash value of the insurance policy as collateral. The loan is for less money…
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it
s1: The component auditor is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and regulatory and legal requirements, and whether the auditor's report that is issued is appropriate in the circumstances. S2: The auditor's report on the group financial statements shall may refer to a component auditor. S3: A group have have one or more components. a. All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is true
s1: The auditor's report on the group financial statements shall not refer to a component auditor, unless required by law or regulation to include such reference S2. The auditor shall not refer to the work of an auditor's expert in an auditors report containing an unmodified opinion unless required by law or regulation to do so. O S1 is True, S2 is False O S1 is False, S2 is True O Both statements are True O Both statements are False
A8
S1: Most of the audit procedures in examining the financial statement components are performed by the junior or associate auditors. S2: At the completion stage, the reviewer of working papers should check if the approved adjusting journal entries have been properly posted and the amounts in the working trial balance agree with the amounts shown in the lead schedules. a. BOTH STATEMENTS ARE TRUE b. BOTH STATEMENTS ARE FALSE c. ONLY S1 IS TRUE d. ONLY S2 IS TRUE
3. Does a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Please explain within 150 words. (To answer this question, please make sure you understand the terms “unqualified opinion” and “qualified opinion” in auditing.
Problem 9: Describe the 8 parts of the standard unmodified opinion audit report (standards set by the AICPA ASB <Accounting Standards Board> for nonpublic entities) and describe the substance of the content related to each part (define each part).