External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature. To describe: The role of Congress and in which way it affects external auditing profession.

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Answer 1

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other…

Answer 2

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 3

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 4

Question

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

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Answer 5

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 6

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

Answer 7

Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

Answer 8

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

Answer 9

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

Answer 10

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

Answer 11

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

Answer 12

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

Answer 13

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

Answer 14

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

Answer 15

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

Answer 16

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

Answer 17

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

Answer 18

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 19

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.

Answer 20

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Answer 21

Expert Solution & Answer

Answer 22

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Answer 23

Ch. 1 - Prob. 1TFQ Ch. 1 - Prob. 2TFQ Ch. 1 - Prob. 3TFQ Ch. 1 - Prob. 4TFQ Ch. 1 - Prob. 5TFQ Ch. 1 - Prob. 6TFQ Ch. 1 - Prob. 7TFQ Ch. 1 - Prob. 8TFQ Ch. 1 - Prob. 9TFQ Ch. 1 - Prob. 10TFQ

Solution Summary: The author explains the role of the Sarbanes and Oxley Act 2002 and how it affects external auditing profession.

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Chapter 1 Solutions