EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Chapter 2, Problem 2.11RQ
To determine
Introduction:Securities Exchange Act refers to governing law-making secondary trading body of securities in United States of America.
To identify: Documents required by Security Exchange Act and purpose of these documents.
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The underwriter of a securities offering may request that an auditor perform specified procedures and supply certain assurances concerning unaudited information contained in a registration statement. The auditor's response to such a request is commonly called a:
Describe the due diligence and causation defenses available to auditors under the Securities Act.
Describe the purpose of a financial statement disclosure checklistand explain how it helps the auditor determine if there is sufficient appropriate evidencefor each of the presentation and disclosure objectives.
Chapter 2 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 2 - Prob. 2.1RQCh. 2 - Prob. 2.2RQCh. 2 - Prob. 2.3RQCh. 2 - Prob. 2.4RQCh. 2 - Prob. 2.5RQCh. 2 - Prob. 2.6RQCh. 2 - Prob. 2.7RQCh. 2 - Prob. 2.8RQCh. 2 - Prob. 2.9RQCh. 2 - Prob. 2.10RQ
Ch. 2 - Prob. 2.11RQCh. 2 - Prob. 2.12RQCh. 2 - Prob. 2.13RQCh. 2 - Prob. 2.14RQCh. 2 - Prob. 2.15MCQCh. 2 - Prob. 2.16MCQCh. 2 - Prob. 2.17MCQCh. 2 - Prob. 2.18MCQCh. 2 - Prob. 2.19MCQCh. 2 - Prob. 2.20MCQCh. 2 - Prob. 2.21MCQCh. 2 - Prob. 2.22MCQCh. 2 - Prob. 2.23MCQCh. 2 - Prob. 2.24PCh. 2 - Prob. 2.25PCh. 2 - Prob. 2.26P
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- Select the necessary words from the list of possibilities to complete the following statements. Statements Answer The 1. auditors' review for subsequent events. case, a landmark case of liability under the Securities Act of 1933, involved criticism of the A document including audited financial statements that must be filed with the SEC by any company intending to 2. sell its securities to the public through the mails or interstate commerce is called a 3. An is the written contract summarizing the relationship between the auditors and the client. The 4. case was a landmark case regarding the accountant's liability for unaudited financial statements. 5. Gross negligence is also referred to asarrow_forwardDescribe the purpose of a financial statement disclosure checklist and how it assists the auditor in determining if enough acceptable evidence exists to support each of the presentation and disclosure goals.arrow_forwardIdentify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the information in these filings?arrow_forward
- The following are types of audits, except: Group of answer choices: Tax Compliance Audit Pro Forma Financial Statement Audit Management Audit Operational Auditarrow_forwardExplain the objectives and purpose of each financial statement and elaborate that how the auditor shall verify these by his audit plan for the said financial Statements(You can assume necessary details).arrow_forwardExplain how a financial statement disclosure checklist aids the auditor in determining whether there is adequate relevant evidence for each of the presentation and disclosure goals.arrow_forward
- Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the abovearrow_forwardDescribe the financial statement's aims and purposes, and explain how the auditor intends to verify them via his audit plan for the financial statements (You can assume necessary details).arrow_forwardWhy do GAGAS require a review for compliance with laws and regulations in conjunction with financial audits?arrow_forward
- Audits may be characterized as (a) financial statement audits, (b) compliance audits, (c) economy and efficiency audits, and (d) program results audits. The work can be done by independent (external) auditors, internal auditors, or governmental auditors (including IRS auditors and federal bank examiners). Following is a list of the purposes or products of various audit engagements: Check the below image for list of purposes- Required:For each of the engagements listed, indicate (1) the type of audit (financial statement, compliance, economy and efficiency, or program results) and (2) the type of auditors you would expect to be involved.arrow_forwardWhich of the following best describes the general contents of the introductory paragraph of the auditors’ report?a. A description of an audit examination, including the fact that the audit was conducted under standards established by the PCAOB.b. The auditors’ conclusion with respect to the fairness of the entity’s financial statements.c. Statements identifying the responsibility of auditors and management in the financial reporting process.d. The auditors’ conclusion with respect to the effectiveness of the entity’s internal control over financial reporting.arrow_forwardTo do an audit of a company's financial statements, there must be several key elements and procedures including all of the following except: O A. Quantitative information in a verifiable form that can be checked by the auditor. O B. Some standards or criteria by which the auditor can evaluate the information, which are generally accepted accounting principles or International Financial Reporting Standards. C. Determining the degree of correspondence between information and established criteria using some kind and amount of evidence. O D. None of the above.arrow_forward
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