The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform. To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

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Answer 1

Question

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

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You are considering an option to purchase or rent a single residential property. You can rent it for $5,000 per month and the owner would be responsible for maintenance, property insurance, and property taxes. Alternatively, you can purchase this property for $204,500 and finance it with an 80 percent mortgage loan at 4 percent interest that will fully amortize over a 30-year period. The loan can be prepaid at any time with no penalty. You have done research in the market area and found that (1) properties have historically appreciated at an annual rate of 2 percent per year, and rents on similar properties have also increased at 2 percent annually; (2) maintenance and insurance are currently $1,545.00 each per year and they have been increasing at a rate of 3 percent per year; (3) you are in a 24 percent marginal tax rate and plan to occupy the property as your principal residence for at least four years; (4) the capital gains exclusion would apply when you sell the property; (5)…

Answer 2

Question

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Expert Solution & Answer

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Answer 3

Question

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Expert Solution & Answer

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Answer 4

Question

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Expert Solution & Answer

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Answer 5

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Answer 6

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

Answer 7

Chapter 19, Problem 19.27P

1

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The summary of non-audit services that the auditor can include in the proposal that would not violate the SEC’s independence rules.

Answer 8

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Answer 9

2

To determine

Introduction: The non-audit services are provided by an auditor which are unrelated to the primary audit services and include consultancy, tax planning, internal audit management and all the services other than auditing or reviewing of the financial statements of the company. The Securities and Exchange Commission has listed some of the non-audit services that an auditor cannot perform.

To prepare: The additional non-audit services that the auditor can include in the proposal for a non-public client.

Answer 10

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Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 19 - Prob. 19.1RQ Ch. 19 - Prob. 19.2RQ Ch. 19 - Prob. 19.3RQ Ch. 19 - Prob. 19.4RQ Ch. 19 - Prob. 19.5RQ Ch. 19 - Prob. 19.6RQ Ch. 19 - Prob. 19.7RQ Ch. 19 - Prob. 19.8RQ Ch. 19 - Prob. 19.9RQ Ch. 19 - Prob. 19.10RQ

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Chapter 19 Solutions