Describe what is meant by the cycle approach to auditing. What are the advantages of dividing the audit into different cycles? Define what is meant by a management assertion about financial statements. Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.
Category Archives: Accounting
Explain the objective of conducting an audit of financial statements and an audit of internal controls.
AUDIT RESPONSIBILITIES AND OBJECTIVES Explain the objective of conducting an audit of financial statements and an audit of internal controls. Distinguish management’s responsibility for the financial statements from the auditor’s responsibility for verifying those statements. Explain the auditor’s responsibility for discovering material misstatements due to fraud or error. Describe the need to maintain professional skepticism […]
What are the auditor’s possible defenses against lawsuits filed under the Securities Exchange Act of 1934?
CIVIL LIABILITY UNDER THE FEDERAL SECURITIES LAWS What are the four major sources of auditors’ legal liability? Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law. How has that law changed in recent years? What are the auditor’s possible defenses against lawsuits filed under the Securities Exchange Act of […]
Identify the circumstances under which a CPA can disclose confidential information without client permission.
Identify the circumstances under which a CPA can disclose confidential information without client permission. Explain the rule on contingent fees. Why is this rule necessary?
What is the average probability of an applicant being admitted to a graduate program in this dataset?
Boating trips.csv contains a dataset describing the number of boating trips of leisure boat owners. It contains the following variables: Trips: number of boating trips in the survey year Quality: respondent’s rating of the facility’s quality Ski: whether the respondent engages in water-ski activities Income: household income in $1000. Userfee: has the respondent paid annual […]
Explain how three of the following elements can affect estimate of loss reserve.
Assignment Question(s): Q1. Structures of insurance companies’ financial statements (income statement, balance sheet, cash flow statements) vary than structures the non insurance organization due to the unique features of the insurance companies. Give a sample of the structures for any selected Saudi insurance company’ financial statements and explain the rational for classifying balance […]
Create two distinct scenarios, one using Net-Present Value (NPV) calculations and in other using the Economic Value Added (EVA) measures.
Assume that you work at a healthcare organization and are one of the decision-makers on capital assets acquisition of costly medical equipment. In two separate worksheets in Excel, create two distinct scenarios, one using Net-Present Value (NPV) calculations and in other using the Economic Value Added (EVA) measures. One must yield results that will reject […]
.Why do companies use the allowance method to account for bad debts?
Q1.Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company’s internal controls to see if they are sufficient?(5Marks) Q2.Why do companies use the allowance method to account for bad debts? Describe the diverse methods used to estimate bad debts in an […]
Explain how the manufacturing supply chain will be changed by 3D printing.
Enterprise Systems Compare and contrast the predictions made by Goldman Sachs, Gartner, MHI/Deloitte, and McKinsey on the impact of 3D printing. Discuss the differences between the traditional linear supply chain and the always-on supply chain. Explain how the manufacturing supply chain will be changed by 3D printing. In what situations is 3D printing most valuable? […]
How can companies reduce the cost of recruiting qualified employees?
Ethical Challenges and Considerations What are the key HR functions? What are the benefits of moving HRISs to intranets or the cloud? What concerns have deterred companies from implementing SaaS HR? How can companies reduce the cost of recruiting qualified employees? Describe IT support for HR planning and control. What are ethical issues related to […]
