with recorded disbursements in the cash disbursements journal. 4. Distinguish between “positive” and “negative” confirmations. Under what conditions would you expect each type of confirmation to be appropriate? Positive confirmation is an auditing inquiry that requires the customer to respond to the auditor whether the customer’s records do or do not
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CHAPTER 1 INTRODUCTION TO ASSURANCE ENGAGEMENTS I. Review Questions 1. Refer to page 2‚ paragraph 3 of the textbook. 2. Refer to page 3‚ paragraph 2 of the textbook. 3. Refer to page 4‚ paragraph 2 of the textbook. 4. In an assurance engagement‚ a practitioner aims to provide a high or moderate level of assurance that an assertion being made by one party for use by another party can be relied upon while in a consulting engagement‚ the practitioner aims to provide
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The Authority Attaching to Philippine Standards Issued by the AASC Engagement Standards | Application | 1. Philippine Standards on Auditing (PSAs) | * Audit of historical financial statements | 2. Philippine Standards on Review Engagements (PSREs) | * Review of historical financial information | 3.Philippine Standards on Assurance Engagements (PSAEs) | * Assurance engagements dealing with subject matters other than historical financial information | 4. Philippine Standards on Related
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Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY Professional Accounting Practice Related PSA : Preface to PSA and Related Services 1. The following statements relate to the accounting profession: I. To merit public trust and confidence‚ the professional person must convince the public that he will place public service ahead of personal reward. II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the certificate
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the foundation of audit theory and techniques and its practical application to their compliance and enforcement audits. This course consists of a general auditor training program to meet this goal. The training curriculum was developed in conjunction with Regional Entity staff personnel . Virchow and Krause was contracted to help develop the training leveraging its experiences in audits. The class participants will be introduced to audit theory‚ governmental auditing requirements (required
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
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Auditing Theory College 1: Het waarom van de accountantscontrole Agency theorie: De agency theorie legt de relatie tussen de 3 perspectieven uit. De drie partijen zijn‚ namelijk de principaal (investeerder)‚ agent (management)en monitor (accountant). De agency costs nemen relatief meer toe dan dat het aandelen bezit van de manager afneemt. Daarnaast kunnen de agency costs die groei begrenzen door dat eventuele investering niet gedaan kunnen worden. Je kan er van uit gaan dat de agency costs een negatieve
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that
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actually quite simple. First‚ privity of contract. Privity of contract means that the contract only applys to the people involved with contract‚ thus making the bank an innocent third party. The second defense is that Yost followed the proper auditing standards when conducting an audit. This means that if Yost were to find nothing‚ they would not be responsible. c. She will most likely win due to negligence. The company is responsible for implementing internal controls‚ and the president’s
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BF3394 – AUDITING AND PROFESSIONAL ETHICS Module Number: Module Title: BF3394 AUDITING & PROFESSIONAL ETHICS 10 credits Number of Aston Credits: Total Number of ECTS Credits: 5 credits (European Credit Transfer) Staff Member Responsible for the Module: Dr Melina Manochin Finance and Accounting Group ABS Building‚ Room 410‚ Extension 3732 m.m.manochin@aston.ac.uk Availability: Please see office hours on door or group administrator‚ Ms Rosaleen Shirley‚ ABS 404‚ Extension 3238 Other Staff
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