Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 1, Problem 29BOQ
To determine
Identify the appropriate person who has primary responsibility for the fairness of the representations made in financial statements.
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Students have asked these similar questions
Which of the following parties is
responsible for the fairness of the
representations made in financial
statements? *
O AICPA.
Independent auditor.
O Audit committee.
O Client's management.
Which of the following parties is responsible for the fairness of the
representations made in financial statements? *
O Audit committee.
Client's management.
AICPA.
OIndependent auditor.
TOSHIBA
Which of the following is the primary responsibility of auditor?
a.
To ensure compliance with laws and regulations applicable on the entity
b.
To design, implement and maintain system of internal control.
c.
To ensure that financial statement comply with applicable financial reporting framework
d.
To express an opinion on true and fair view of the financial statements.
Chapter 1 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Describe briefly the function of the GAO.Ch. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - What characteristics make an accounting...Ch. 1 - Prob. 24RQCh. 1 - Prob. 25QRACh. 1 - A corporation is contemplating issuing debenture...Ch. 1 - Prob. 27QRACh. 1 - Prob. 28QRACh. 1 - Prob. 29AOQCh. 1 - Prob. 29BOQCh. 1 - Prob. 29COQCh. 1 - Prob. 29DOQCh. 1 - Prob. 29EOQCh. 1 - Prob. 29FOQCh. 1 - Prob. 29GOQCh. 1 - Which of the following did not precipitate the...Ch. 1 - Prob. 29IOQCh. 1 - Prob. 29JOQCh. 1 - Prob. 29KOQCh. 1 - Prob. 29LOQCh. 1 - Prob. 30OQCh. 1 - Prob. 31OQCh. 1 - Prob. 32OQCh. 1 - Prob. 33OQCh. 1 - Prob. 34OQCh. 1 - Prob. 35OQCh. 1 - Prob. 36OQCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Will Williams, a college senior, has begun the...Ch. 1 - Smith Co., a local Dallas public accounting firm,...
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Similar questions
- Which of the following is the most important responsibility of the external auditor? a. To ensure that financial statements comply with applicable financial reporting framework b. To ensure compliance with laws and regulations applicable to the entity c. To design, implement and maintain a system of internal control d. To express an opinion on a true and fair view of the financial statementsarrow_forwardWhich section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?arrow_forwardWhich of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Managementarrow_forward
- Which of the following is most closely related to the responsibilities principle?a. The auditors’ responsibility to issue a report as a result of their examination.b. The requirement that auditors gather sufficient, appropriate evidence upon which to base an opinion on the financial statements.c. The auditors’ compliance with relevant ethical requirements of independence and due care.d. The auditors’ responsibility to plan the audit and properly supervise assistants.arrow_forwardWho develops and implement policy on the engagement of the external auditor to supply non-audit services ? Audit Committee Chief Executive Officer Management Board of Directorsarrow_forwardAre the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?arrow_forward
- Which of the following internal audit assessments belong to specific governance processes? a. Whistleblower process. b. Risk management audit process c. Internal control over financial reporting. d. Fraud risks.arrow_forwardWhich is NOT the function of an auditor? a. To give a true and fair view b. To ensure compliance to statutory acts applicable c. To do independent examination of books of accounts d. To prepare financial statementsarrow_forwardWhich of the following principles is most closely associated with the auditors’ conclusion as to the fair presentation of the entity’s financial statements?a. Communication principle.b. Performance principle.c. Reporting principle.d. Responsibilities principle.arrow_forward
- TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is concerned with those objectives or features of internal control that primarily relate to the entity's ability to record, process, summarize, and report financial data.arrow_forwardWhich of the following is not a purpose of the Center for Audit Quality which is affiliated with the AICPA? a. to serve investors b. to serve the International Accounting Standards Board (IASB) c. to serve the capital markets d. to serve public company auditorsarrow_forwardb. The Responsibilities principle underlying AICPA auditing standards includes a requirement that (1) field work be adequately planned and supervised. (2) the auditor's report state whether or not the financial statements conform to generally accepted accounting principles. (3) professional judgment be exercised by the auditor. (4) informative disclosures in the financial statements be reasonably adequate. c. What is the general character of the responsibilities characterized by the Performance principles? (1) The competence, independence, and professional care of persons performing the audit. (2) Criteria for the content of the auditor's report on financial statements and related footnote disclosures. (3) The criteria of audit planning and evidence gathering. (4) The need to maintain an independence in mental attitude in all matters per- taining to the audit. 2-17 (Objective 2-7) The following questions concern quality control standards. Choose the best response. a. The nature and…arrow_forward
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