Solution to Auditing and Assurance Service: 1,12,B, 3

Knowledge about risks related to the company evaluated as part of the auditor 's client acceptance and retention evaluation; and the relative complexity of the company 's operations. ( Auditing Standard No. 9 //. (n.d.).

Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.

Certified Public Accountants handle a variety of jobs and task. They can offer tax income tax preparation and advise to range of clients including individuals, small businesses, and corporations. Some might choose to work as a forensic accountant to investigate accounting fraud that requires reviewing accounting reports, records and systems to expose any evidence of criminal activities. Other might choose a different path like consultation service, because they rather assist in financial matters with a private clients, not-for-profit organizations, government institutions and financial firms.

Our firm Assurance service is performed by our professional CPAs, possessing the goal of improving Apollo Shoes financial information or the contest of the financial information so that management decision-making can make more informed and making better decisions. Our CPAs provide professions and independent opinions that reduce the information risk that will come from incorrect information. Our professional CPAs performing the audits are

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

The purpose of Part 1 is to perform preliminary analytical procedures. You have been asked to focus your attention on two purposes of analytical procedures:

In the field of accountancy, it is not unusual the request of a service a client that will ultimately be used by a third party. One of the most common example occurs when a client requests an audit because it was required by major loan provider. Similarly, a CPA firm that provides audits to a public company knows that the audited financial statements will be mostly used by the investors of the company, among other end users. As a results, third-party users have the ability to sure professionals for negligence, fraud, and securities

Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services. Double-entry bookkeeping records the economic activities of a business. Accounting includes bookkeeping but duties are far greater than it.

First, here is what Accountants do and what they are.Accountants analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities,

Accounting is analyzing financial information and creating reports to decide or sustain record of assets, liabilities, profit and loss, tax liability, or other activities related to finance in an organization. Accountants make sure financial records are correct and taxes paid are paid and on time. Accountants need to have a bachelor’s degree in accounting or a related filed. Certification in a specific field helps the possibility of a finding a job. Most accountants decide to become Certified Public Accountants also known as CPAs. Employment for accountants is predicted to grow 13% between the years of 2012 and 2022. As the economy grows, companies will need accountants to prepare and analyze financial records. There is a projection for 54420

Throughout the process, from initial consideration about accepting or continuing a client to issuance of an audit report, auditors are faced with risk. This risk can be thought of as having three components:

Students may encounter some difficulty with this matching question because the Special Committee on Assurance Services (SCAS) listed many things that heretofore have been considered “attestation services” (long before assurance services were invented). As a result, we believe that this question is a good vehicle for discussing the considerable overlap between attestation and assurance services.

All in all, it is very true that risk are an inherent part of business. Thereby looking at the various types of risk, many entities are impacted by all types of risk.

A specialized accountant’s main duty is to “analyze, interpret, summarize, and present complex financial and business related issues in a manner that is both understandable and properly supported.” (Business Courier) They are commonly engaged in public practices, or in insurance companies, banks, police departments and other government agencies.