Loose-leaf For Auditing & Assurance Services: A Systematic Approach
11th Edition
ISBN: 9781260687637
Author: William F Messier Jr, Steven M Glover Associate Professor, Douglas F Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 19, Problem 19.12RQ
To determine
Concept Introduction:
Public company accounted for oversight board is a non-profit corporation that protects to the investors by observing the audit of the public companies. PCAOB monitor and control the CPA firms’ procedures it also enhance the quality of accounting and audit service. .
To describe:The six element of quality control with examples and purpose of a CPA firm’s establishing a system of quality control
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Which of the following elements of a system of quality control is related to firms receiving independence confirmations from its professionals with respect to clients?a. Acceptance and continuance of client relationships and specific engagements.b. Engagement performance.c. Monitoring.d. Relevant ethical requirements.
What is Strategic System Auditing? and How it apply to the company?
The following questions concern quality control standards. Choosethe best response.a. The nature and extent of a CPA firm’s quality control policies and procedures dependon The CPA The Nature of the Cost-benefitFirm’s Size CPA Firm’s Practice Considerations(1) Yes Yes Yes(2) Yes Yes No(3) Yes No Yes(4) No Yes Yesb. Which of the following are elements of a CPA firm’s quality control that should beconsidered in establishing its quality control policies and procedures?Human Resources Monitoring Engagement Performance(1) Yes Yes No(2) Yes Yes Yes(3) No Yes Yes(4) Yes No Yesc . One purpose of establishing quality control policies and procedures for decidingwhether to accept a new client is to(1) enable the CPA firm to attest to the reliability of the client.(2) satisfy the CPA firm’s duty to the public concerning the acceptance of new clients.(3) provide reasonable assurance that the integrity of the client is considered.(4) anticipate before performing any field work whether an unqualified…
Chapter 19 Solutions
Loose-leaf For Auditing & Assurance Services: A Systematic Approach
Ch. 19 - Prob. 19.1RQCh. 19 - Prob. 19.2RQCh. 19 - Prob. 19.3RQCh. 19 - Prob. 19.4RQCh. 19 - Prob. 19.5RQCh. 19 - Prob. 19.6RQCh. 19 - Prob. 19.7RQCh. 19 - Prob. 19.8RQCh. 19 - Prob. 19.9RQCh. 19 - Prob. 19.10RQ
Ch. 19 - Prob. 19.11RQCh. 19 - Prob. 19.12RQCh. 19 - Prob. 19.13RQCh. 19 - Prob. 19.14MCQCh. 19 - Prob. 19.15MCQCh. 19 - Prob. 19.16MCQCh. 19 - Prob. 19.17MCQCh. 19 - Prob. 19.18MCQCh. 19 - Prob. 19.19MCQCh. 19 - Prob. 19.20MCQCh. 19 - Prob. 19.21MCQCh. 19 - Prob. 19.22MCQCh. 19 - Prob. 19.23MCQCh. 19 - Prob. 19.24MCQCh. 19 - Prob. 19.25MCQCh. 19 - Prob. 19.26MCQCh. 19 - Prob. 19.27PCh. 19 - Prob. 19.28PCh. 19 - Prob. 19.29PCh. 19 - Prob. 19.30PCh. 19 - Prob. 19.31P
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- Describe the key components of a quality control system within an accounting firm or department.arrow_forwardwhat is Strategic Systems Auditing and how it apply to the company?arrow_forwardDescribe the key elemnts of IT audit engagement level planning and explain how these elements help create value from the IT audit process. What are the key IT audit planning standards that you must consider in planning this audit?arrow_forward
- Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…arrow_forward1. Standards requires auditors obtain an understanding of an organization’s control environment. Discuss two techniques that may be used to obtain such understanding. PLease answer this thank you:)arrow_forwardDescribe how internal control systems help organizations achieve objectives and respond to risks.arrow_forward
- Which of the following is NOT an objective of all information systems?a. support for the stewardship function ofmanagementb. support for management decision makingc. support for the day-to-day operations of the firmd. all of the above are objectivesarrow_forwardone of the components of internal control is the control activities;which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity objectives. what are the most important control activities (explain each of these control activities)?arrow_forward1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…arrow_forward
- Which of the following represents two management functions? Regulating and directing O Controlling and directing Controlling and auditing Auditing and planningarrow_forwardThe standards are divided into attribute, performance and implementation guidance. Classify the following standards according to attribute and performance standards:A) Chief Audit Executive Roles Beyond Internal Auditing.B) Engagement Planning.C) Continuing Professional Development.D) Requirements of the Quality Assurance and Improvement Program.E) External Service Provider and Organizational Responsibility for Internal Auditing.F) Due Professional Carearrow_forward1. 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?arrow_forward
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