Audit Essays

Robert J. Kueppers is deputy CEO of Deloitte LLP and has 35 years of professional experience. As deputy CEO, he works closely with the CEO of Deloitte LLP and is responsible for regulatory and public policy matters. Mr Kueppers also provides direction for quality, risk and legal affairs. He is …

1. Inventories are properly stated at the lower of cost or market. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. 3. Inventory quantities include all products, materials, and supplies on hand. 4. Liens on the inventories are properly disclosed in notes …

Note: This is an article particularly for the students of Accountancy i.e. those who are taking up CA, ICMA, ACCA or any other relevant exam. However, the techniques explained here can be used by candidates for exams other than accountancy as well. 7 tips to pass exams Being a qualified …

1) Report about different careers: A. GOVERNMENT ACCOUNTANT A government accountant helps the federal government, as well as state and local agencies – record and prepares financial reports in accordance with government accounting principles and professional standards. An accounting specialist also aids federal authorities in evaluating budget data, estimating revenue …

Q1:Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC assists in providing investors with reliable information upon which to make investment decision. The Securities Act of 1933 requires most companies planning to issue new securities to the public to submit …

1. If a CPA recklessly departs from the standards of due care when conducting an audit, she or he will be liable to unknown third parties based on a. strict liabilityc. negligence b. gross negligenced. breach of contract 2. Under the common law, which of the following statements most accurately …

1. CAS 540 listed the following requirements related to auditing accounting estimates: When performing risk assessment procedures and related activities to obtain an understanding of the client and its environment, the auditor shall obtain an understanding of the following: The requirements of the applicable financial reporting framework relevant to accounting …

We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2008, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended, and related notes to the financial statements. We have also audited management’s assessment, included in the accompanying …

I decided to interview my Team Lead Josh Markham. His job title is Senior Auditor. 1. What are the duties and job responsibilities associated with the position held by the individual you interviewed? Josh told me that his responsibility is to ensure that all of the company’s assigned audits are …

1. Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgement about materiality, and performance materiality should be made early in the audit during the planning phase. The purpose of assessing risks early is to help auditor plan the audit by deciding which parts of the audit to …