Identify the primary objective of the audit of an entity’s financial statements.

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Answer 1

Question

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

d.

To determine

State the importance of knowing the about the clients business.

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

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Jones Manufacturing Co. Ltd. makes a product by way of three consecutive processes. Inspection takes place during the processing operation, at which point bad units are separated from good units and sold as scrap at $20 each. Normal losses are estimated to be 5% of input during the period. The following data relates to process 2 for the month of October. During October, 20,000 units valued at $400,000 were transferred from process 1 to process 2. Other costs incurred during the month were: Direct material added Direct labour Production overheads $272,000 $254,000 $ 120,400 At inspection, 3000 units were rejected as scrap. These units had reached the following degree of completion: Transfer from process 1 Direct material added Conversion costs 100% 80% 50% Work-in-progress at the end of October was 4,000 units and had reached the following degree of completion: Transfer from process 1 Direct material added 100% 60% 40% Conversion costs There were no unfinished goods in process 2 at the…

Answer 2

Question

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

d.

To determine

State the importance of knowing the about the clients business.

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

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Answer 3

Question

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

d.

To determine

State the importance of knowing the about the clients business.

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

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Answer 4

Question

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

d.

To determine

State the importance of knowing the about the clients business.

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

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Answer 5

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

d.

To determine

State the importance of knowing the about the clients business.

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

Answer 6

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

Answer 7

Chapter 2, Problem 16DQP

a.

To determine

Identify the primary objective of the audit of an entity’s financial statements.

Answer 8

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

Answer 9

b.

To determine

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

Answer 10

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

Answer 11

c.

To determine

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

Answer 12

d.

To determine

State the importance of knowing the about the clients business.

Answer 13

d.

To determine

State the importance of knowing the about the clients business.

Answer 14

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

Answer 15

e.

To determine

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

Answer 16

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Answer 17

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Answer 18

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Answer 19

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

Identify the primary objective of the audit of an entity’s financial statements.

Solution Summary: The author explains the primary objective of the audit of an entity's financial statements. They state whether the auditor is vested with any responsibility for identifying all kinds of fraud.

Identify the primary objective of the audit of an entity’s financial statements.

State whether the audit represents the CPA firm’s guarantee about the accuracy of the financial statements.

State whether the auditor’s primary responsibility to detect all kinds of fraud at the client

State the importance of knowing the about the clients business.

Explain the responsibility of the auditor in an audit other than verifying the mathematical accuracy of the numbers in the financial statements.

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Chapter 2 Solutions