ens of certain foreign countries believe that the payment of bribes is an acceptable business practice, is it ap to challenge that belief when doing business in those countries? Defend your answer.
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- Respond to each of the following comments that you heard related to the audit of Swan Company, a public entity.a. “We don’t need to consider the risk of material misstatement in our work because we really can’t do anything to reduce that risk.”b. “Because the client has not implemented effective internal controls, we need to gather more reliable evidence. This means we need to test a greater number of transactions and obtain more reliable forms of evidence.”c. “We will really need to spend a lot of time and effort on this audit. Because this client has just filed for a bond offering, we can’t allow for any misstatements in the financial statements. We need to guarantee the accuracy of the client’s financial statements.”d. “Because this company has $140 million in revenues, we really shouldn’t be concerned about smaller accounts because they are not likely to have a major impact on the financial statements.”e. “I know it will be more time consuming and expensive, but we are required to…As an auditor, you run across some abnormalities in a company’s books. What you find, makes you a bit suspicious, by you do not see any reason that this would be fraud or embezzlement, they are just not following GAAS. You decide to issue an opinion letter – what should you do when issuing the opinion letter? Group of answer choices A. Issue a qualified opinion, which states that you see a specific error B.Issue an adverse opinion, where you point out that their financials are not created according to GAAS C. Report them immediately to the SEC D. Nothing, the letter should stand on it’s ownQ11 Which of the following best describes the reason why independent auditors report on financial statements? a. management fraud may exist and it is more likely to be detected by independent auditors. b. Different interests may exist between the company preparing the statements and the persons using the statements. c. A misstatement of account balances may exist and is generally corrected as the result of the independent auditors' work. d. Poorly designed internal control may be in existence.
- 35. S1. Internal audit does not have responsibility for the prevention or detection of fraud and corruption. S2. Internal audit may be requested by management to assist with fraud examination work. Which of the following statements is/are true? Group of answer choices Statements I and II Statement II only Statement I only None of the statementsYour answer is incorrect. During the audit of Millennium Corporation, the audit firm, Tyson CPAs has advised firm management that they plan to confirm a sample of accounts receivable balances with a randomly selected pool of the client's customers. The client has refused permission for the auditors to undertake this procedure, citing customer privacy over balances owed to the firm. At this juncture, what might the auditors decide to do? Ⓒ The auditors are most likely to consider withdrawing from the engagement. If management is uncooperative, it is probably because they are hiding fraud or other material errors. O The auditors are likely to proceed with contacting a sample of accounts receivable customers anyway. As these customers represent third parties, the auditor does not need the client's expressed permission to contact them. O The auditors may attempt perform alternative audit procedures. If they are able to do this, they may be able to offer the same level of assurance in this…{Auditing} 20. The audit is done to assure the users of the financial statements that all the financial information is properly and completely presented in the financial reports that depicts true and fair view of the entity supported by sufficient and reliable evidence.What kind of report must an auditor submit if he is not able to obtain audit evidence of possible material misstatement that is pervasive? a. He can form qualified opinion b. Disclaimer of opinion c. None of the options d. He can form unmodified opinion
- Why do you think companies were not able to detect the fraud in their previous audit?Which of the following is not an implication of PCAOB Auditing Standard No. 5 and Section 404 of the Sarbanes-Oxley Act? a. None of the above are implications of Section 404. b. Disclosure of material changes in an organization's financial condition is required on a "rapid and current basis". c. Management must identify, document, and evaluate significant internal controls. d. Auditors must report on the effectiveness of the internal control systems of an organization.Employee Embezzlement via Cash Receipts and Payment of Personal Expenses.Assume you have received a message from an informant regarding the following case. Your assignment is to write the “audit approach” portion of the case.a. Write a brief explanation of desirable controls, missing controls, and especially the kinds of “deviations” that might arise from the situation described in the case.b. Develop some procedures for obtaining evidence about existing controls, especially procedures that could discover deviations from controls. If there are no controls to test, then there are no procedures to perform. Then just move on to part (c). An audit “procedure” should instruct someone about the source(s) of evidence to obtain and the work to perform.c. Write some procedures for gathering evidence in this case.d. Write a short statement about the discovery you expect to accomplish with your procedures.The Extra Bank AccountThe Ourtown Independent School District, like all others, had formal,…
- Which of the following statements is not true with respect to written representations?a. The failure of management to furnish them is a significant scope limitation, resulting in either an adverse opinion or a disclaimer of opinion.b. They should address management’s responsibility for designing internal control to prevent and detect fraud.c. Auditors use them to corroborate information received during the audit from the client and its employees.d. They are dated the same date as the auditor’s reports.Recomendations for fraud detection are included in SAS 99 (AU 316, and now PCAOB AS 2401). Which of the following recomendations does the AICPA consider to mainly within the purview of the CPA? 1) Brainstroming risks of fraud. O2) Increased professional skepticism. 3) Discussions with management. 4) Responding to managment override of controls. 5) Use of unpredictable audit tests-surprise procedures.Which of the provisions of Sarbanes Oxley Act of 2002 (SOX) increased the chances that the financial statement auditor would push back against management's aggression in financial reporting? Require audit committees to hire, supervise and terminate auditors. Severe criminal penalties for perpetrators of fraudulent reporting. Requirement that c-level management certify the financial statements. O Require auditors to audit internal controls over financial reporting.
