Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process. To state: Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

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Answer 1

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 2

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 3

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 4

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 5

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 6

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

Answer 7

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

Answer 8

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

Answer 9

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

Answer 10

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 11

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

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Chapter 5 Solutions