In the normal course of performing their responsibilities, auditors often conduct audits or reviewsof the following:1. The computer operations of a large corporation to evaluate whether the internal controlsare likely to prevent misstatements in accounting and operating data.2. Financial statements for use by stockholders when there is an internal audit staff.3. A bond indenture agreement to make sure a company is following all requirements of thecontract.4. Internal controls at a casino to ensure the casino is in compliance with federal and stateregulations.5. Computer operations of a corporation to evaluate whether the computer center is beingoperated as efficiently as possible.6. Annual statements for the use of management.7. Operations of the IRS to determine whether the internal revenue agents are using theirtime efficiently in conducting audits.8. Statements for bankers and other creditors when the client is too small to have an auditstaff.9. Financial statements of a branch of the federal government to make sure that thestatements present fairly the actual disbursements made during a period of time.10. Disbursements of a branch of the federal government for a special research project todetermine whether the expenditures were consistent with the legislative bill thatauthorized the project. 2 | P a g e11. Federal income tax returns of an officer of a private corporation to determine whether heor she has included all taxable income in his or her return.12. Federal income tax returns of a corporation to determine whether the tax laws have beenfollowed.Requireda. For these 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal)to perform each.b. In each example, state the type of audit (financial statement audit, operational audit, orcompliance audit)II. Chapter 2 Question # 2-19For each engagement described below, indicate whether the engagement is likely to beconducted under international auditing standards, AICPA auditing standards, or PCAOB auditingstandards.a. An audit of a public company headquartered in the U.S. listed only on U.S.exchanges.b. An audit of a not-for-profit organization with operations in Pennsylvania.c. An audit of a private company in the U.S. with public debt traded on a U.S. exchange.d. An audit of a U.S. private company to be used for a loan from a publicly traded bank.e. An audit of a German private company with public debt in Germany.f. An audit of an international nonprofit relief agency headquartered in Switzerland.g. An audit of a U.S. broker-dealer registered with the SEC.h. An audit of a Mexico-based company whose stock is listed on stock exchanges in theU.S. and whose financial statements will be filed with the SEC.i. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.

In the normal course of performing their responsibilities, auditors often conduct audits or reviewsof the following:1. The computer operations of a large corporation to evaluate whether the internal controlsare likely to prevent misstatements in accounting and operating data.2. Financial statements for use by stockholders when there is an internal audit staff.3. A bond indenture agreement to make sure a company is following all requirements of thecontract.4. Internal controls at a casino to ensure the casino is in compliance with federal and stateregulations.5. Computer operations of a corporation to evaluate whether the computer center is beingoperated as efficiently as possible.6. Annual statements for the use of management.7. Operations of the IRS to determine whether the internal revenue agents are using theirtime efficiently in conducting audits.8. Statements for bankers and other creditors when the client is too small to have an auditstaff.9. Financial statements of a branch of the federal government to make sure that thestatements present fairly the actual disbursements made during a period of time.10. Disbursements of a branch of the federal government for a special research project todetermine whether the expenditures were consistent with the legislative bill thatauthorized the project. 2 | P a g e11. Federal income tax returns of an officer of a private corporation to determine whether heor she has included all taxable income in his or her return.12. Federal income tax returns of a corporation to determine whether the tax laws have beenfollowed.Requireda. For these 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal)to perform each.b. In each example, state the type of audit (financial statement audit, operational audit, orcompliance audit)II. Chapter 2 Question # 2-19For each engagement described below, indicate whether the engagement is likely to beconducted under international auditing standards, AICPA auditing standards, or PCAOB auditingstandards.a. An audit of a public company headquartered in the U.S. listed only on U.S.exchanges.b. An audit of a not-for-profit organization with operations in Pennsylvania.c. An audit of a private company in the U.S. with public debt traded on a U.S. exchange.d. An audit of a U.S. private company to be used for a loan from a publicly traded bank.e. An audit of a German private company with public debt in Germany.f. An audit of an international nonprofit relief agency headquartered in Switzerland.g. An audit of a U.S. broker-dealer registered with the SEC.h. An audit of a Mexico-based company whose stock is listed on stock exchanges in theU.S. and whose financial statements will be filed with the SEC.i. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.

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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Question

2 | P a g e
11. Federal income tax returns of an officer of a private corporation to determine whether he
or she has included all taxable income in his or her return.
12. Federal income tax returns of a corporation to determine whether the tax laws have been
followed.
Required
a. For these 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal)
to perform each.
b. In each example, state the type of audit (financial statement audit, operational audit, or
compliance audit)
II. Chapter 2 Question # 2-19
For each engagement described below, indicate whether the engagement is likely to be
conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing
standards.
a. An audit of a public company headquartered in the U.S. listed only on U.S.
exchanges.
b. An audit of a not-for-profit organization with operations in Pennsylvania.
c. An audit of a private company in the U.S. with public debt traded on a U.S. exchange.
d. An audit of a U.S. private company to be used for a loan from a publicly traded bank.
e. An audit of a German private company with public debt in Germany.
f. An audit of an international nonprofit relief agency headquartered in Switzerland.
g. An audit of a U.S. broker-dealer registered with the SEC.
h. An audit of a Mexico-based company whose stock is listed on stock exchanges in the
U.S. and whose financial statements will be filed with the SEC.
i. An audit of a U.S. public company that is a subsidiary of a Japanese company that
will be used for reporting by the parent company in Japan.

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