AUDITING+ASSURANCE SERVICES (LL)
11th Edition
ISBN: 9781266448119
Author: MESSIER
Publisher: MCG
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Question
Chapter 3, Problem 3.29P
a.
To determine
Concept Introduction:
Audit committee is a committee that includes all boards of directors to supervise all financial reporting in firms. This committee is responsible for any type of error occur in reporting or in internal and external audit. This committee is also helping to maintain the communication between the company and its management.
To Describe: the audit committee
b.
To determine
Concept Introduction:
Audit committee is a committee that includes all boards of directors to supervise all financial reporting in firms. This committee is responsible for any type of error occur in reporting or in internal and external audit. This committee is also helping to maintain the communication between the company and its management.
To Describe: the reasons of formation of audit committee
c.
To determine
Concept Introduction:
Audit committee is a committee that includes all boards of directors to supervise all financial reporting in firms. This committee is responsible for any type of error occur in reporting or in internal and external audit. This committee is also helping to maintain the communication between the company and its management.
To Describe: the functions of audit committee:
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Students have asked these similar questions
Section 301 of the Sarbanes-Oaxley requires that public companies have an audit committee. Independent auditors are increasingly involved with audit committees.
Required:
a. Describe what an audit committee is.
b. Identify the reasons why audit committees have been formed and are currently in operation.
c. Describe the functions of an audit committee.
Audit committees have an essential role to play in ensuring the integrity and transparency of corporate reporting. The external auditor will normally report to the audit committee on all the following matters except:
Select one:
a.Detected frauds.
b.Future staff requirements of the audit firm.
c.Potential breach of Corporation Act 2001.
d.The management responsibility in presenting annual financial reports.
True or False
Independent Auditor is responsible for preparing the financial statements, establishing and maintaining adequate internal control over financial reporting (ICFR), and evaluating the effectiveness of ICFR. *
Under Sarbanes–Oxley Section 301 public company audit committees are directly responsible for the appointment, compensation, and oversight of the work of any registered public accounting firm employed by their company. *
Auditors are required by the Security and Exchange Commission to report to the audit committee of the publicly-traded company all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management officials. *
CFO and the audit committee depend heavily on one another *
Included in the Environment disclosures are the risks and opportunities due to climate change, procurement practices with respect to local suppliers, and anti-corruption *
Chapter 3 Solutions
AUDITING+ASSURANCE SERVICES (LL)
Ch. 3 - Prob. 3.1RQCh. 3 - Prob. 3.2RQCh. 3 - Prob. 3.3RQCh. 3 - Prob. 3.4RQCh. 3 - Prob. 3.5RQCh. 3 - Prob. 3.6RQCh. 3 - Prob. 3.7RQCh. 3 - Prob. 3.8RQCh. 3 - Prob. 3.9RQCh. 3 - Prob. 3.10RQ
Ch. 3 - Prob. 3.11RQCh. 3 - Prob. 3.12RQCh. 3 - Prob. 3.13RQCh. 3 - Prob. 3.14RQCh. 3 - Prob. 3.15RQCh. 3 - Prob. 3.16MCQCh. 3 - Prob. 3.17MCQCh. 3 - Prob. 3.18MCQCh. 3 - Prob. 3.19MCQCh. 3 - Prob. 3.20MCQCh. 3 - Prob. 3.21MCQCh. 3 - Prob. 3.22MCQCh. 3 - Prob. 3.23MCQCh. 3 - Prob. 3.24MCQCh. 3 - Prob. 3.25MCQCh. 3 - Prob. 3.26PCh. 3 - Prob. 3.27PCh. 3 - Prob. 3.28PCh. 3 - Prob. 3.29PCh. 3 - Prob. 3.30PCh. 3 - Prob. 3.31PCh. 3 - Prob. 3.32P
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Similar questions
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- Which regulatory body sets auditing standards for private companies, and also established the Principles Underlying an Audit Conducted in Accordance with Generally Accepted Auditing Standards? FASB O PCAOB AICPA SEC ASBarrow_forwardWhich of the following are rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the shareholders (such as the annual general meeting) and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the audit or the auditor. d) The right to visit the branches of the audit firm and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only e) and f) Only d) , e) and f) Only a) , b) and c) Only a) , b) ,c) and d)arrow_forwardWhich of the following combinations of standards and types of audits are most closelyrelated to the activities of the Public Company Accounting Oversight Board?a. Develop Auditing Standards for the audits of nonpublic entities.b. Develop Auditing Standards for the audits of public entities.c. Develop Statements on Auditing Standards for the audits of nonpublic entities.d. Develop Statements on Auditing Standards for the audits of public entities.arrow_forward
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