What is the purpose of a financial statement audit? c. To provide assurance that the financial statements are reliable. 24. Who is responsible for the design and operation of ICFR? b. The company’s management.
2. Recognize and apply legal principles in the areas covered by the course when evaluating a proposal, writing a contract and/or making a recommendation to a client. 3. Understand product liability issues and recotnize contractual and non-contractual liability in business transactions. 4.
True (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result. True E2-4 Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparability (b) Quality of information that confirms users’ earlier expectations. Confirmatory value (c) Imperative for providing comparisons of a company from period to period.
1) 2) 3) 4) Communicate the engagement results Exercise due professional care in performing their audit Manage the internal audit activity to ensure it adds value to the organization Conform to International Standards for the Professional Practice of Internal Auditing b. “Engagement planning” is part of which of the following standards? 1) 2) 3) 4) c. Performance standard Engagement standard Implementation standard Attribute standard Which of the following is part of the long-term planning phase? 1) 2) 3) 4) Obtain specific knowledge of unit to be audited Determine frequency of audits Determine and allocate audit resources Obtain senior management approval d. Which factor should be considered when assessing external inherent
The GAAS consist of three categories that include the ten standards which are called general standards, standards of field work, and standards of reporting. * The general standards convey the characteristics of acceptable training, mental attitude, and the due professional care that an auditor must exhibit (Boynton & Johnson, 2006). The standards of field work provide details of the requirements that need to be met before the audit can begin. The work needs to be sufficiently planned and have a knowledgeable understanding of the organization including its internal controls. This is necessary in order to assess the risk of misstatement of the financial statements, whether due to a mistake or fraud.
(TCO B) Cite two ways that the accounting function can contribute to the achievement of quality. 6. (TCO C) Compare and contrast the quality philosophies of Deming and Juran. • Page 2 1. (TCO G) Discuss the concept of best practices and their effect on quality management success.
| | | | | * Question 3 2 out of 2 points | | | An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?Answer | | | | | Selected Answer: | Operational audit. | Correct Answer: | Operational audit. | | | | | * Question 4 0 out of 2 points | | | Which of the following is considered audit evidence?Answer | | | | | Selected Answer: | Oral statementsmade by management | WrittenCommunications | AuditorObservation | N | Y | Y | | Correct Answer: | Oral statementsmade by management | WrittenCommunications | AuditorObservation | Y | Y | Y | | | | | | * Question 5 0 out of 2 points | | | One objective of an operational audit is to:Answer | | | | | Selected Answer: | evaluate the feasibility of attaining the entity's operational objectives. | Correct Answer: | make recommendations for improving performance. | | | | | * Question 6 2 out of 2 points | | | Three common types of attestation services are:Answer | | | | | Selected Answer: | audits,
Question B Compare and Contrast Managerial Accounting and Financial Accounting. Be sure to discuss how managerial accounting is useful for providing information for at least one of the following management functions:
Must use APA style as outlined in the approved APA style guide to document all sources ACC 380 Week 5 Final Project Purchase here http://chosecourses.com/ACC%20380/acc-380-week-5-final-project Description Final Project The purpose of the Final Project is for you to demonstrate understanding of the reading as well as culminate the learning achieved in the course by describing your understanding and application of knowledge. Focus of the Final Project Review the financial information pertaining to Lee College in problem 11-8 on pages 357 and 358 of your text. Prepare the following: 1. A Statement of Activities using the format presented in Illustration 10-1. 2.
The audit was conducted in accordance with the standards of the Public Company Accounting Oversight Board. The audit process included obtaining an understanding of several aspects of the Company. These aspects included an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures; as considered necessary in the circumstances. Deloitte concluded that, in all material respects of effective internal control over financial reporting, the Company was successful in preparing an effective