a) After an excitingly attractive swearing-in ceremony, you are elected the chair of the audit committee of Electricity Company of Ghana (ECG), a state-owned organization. Required: Discuss how you would execute your stewardship in the first year of your tenure as the chair of the audit committee of the Electricity Company of Ghana (ECG)
Q: a. You are the auditor partner for the AAA audit firm, tendering for the audit of Howard Ltd for the…
A: There are five major risks in the auditing profession that can undermine the integrity of an…
Q: In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable…
A: Which of the following is not one of the International code of Corporate Governance? Answer)Levels…
Q: What are the legal, financial and accounting implication of a Lord Mayor who entered into an…
A: The legal, financial and accounting implication of a Lord Mayor who entered into an emergency…
Q: For each requirement, state how it is intended to help to address the risk of fraud in publicly…
A: Answer: With the increase of fraud cases and scams in public companies, different acts were…
Q: statement, a 10k or an annual report. Review the footnote disclosures related to intercompany…
A: Dealing with intercompany activity is a part of financial consolidation! One of the most prevalent…
Q: Key notes from review of director meeting minutes 3. 12/03/19 The…
A: As per the review of the director, the auditors will consider it as a going concern problem as if…
Q: The board of trustees of a local church is concerned abount the internal accounting controls…
A: Introduction: Critical Evaluation of Internal control over handling of collections in Church…
Q: You are a recently appointed audit partner in a large independent firm of CPAs. You are delighted…
A: Ethical dilemmas arise whenever a particular decision, circumstance, or conduct contradicts a…
Q: Max has received the agenda for the annual general meeting of Bottles Ltd, a company he has shares…
A: Written general meetings are one which are passed outside the general meetings of the company. It…
Q: shareholders at the annual general meeting. A registered company auditor must be: Select one: a.…
A: a registered company Auditor in Australia it is important to hold a prescribed accounting territory…
Q: You recently attended your five year college reunion. At the main reception, you encountered an old…
A: Demand for auditing services MEMO To : Mr. L From : Mr. Friend, CPA Subject : Demand and importance…
Q: The annual financial statements of all large, publicly owned corporations are audited.a. What is an…
A: a. Audit is the process of verification of the compliance of the financial statements. It process of…
Q: Which part of an annual report is audited by external auditors or independent auditors? Select one:…
A: The auditor is a personal who analyses the documents and inspect them for any error and provide any…
Q: council, ready for audit. You are the head of social services finance, and you have become aware…
A: When a decision must be made between two possibilities, neither of which is wholly acceptable, an…
Q: CPA Jay wife owns 20% of the common shares of Botany Corporation who wants Jay to perform assurance…
A: CPA Jay wife owns common shares = 20% of Botany corporation She wants Jay to perform the engagement…
Q: Ito Ltd. receives a local government grant to help defray the cost of its plant facilities. The…
A: Government Grant for Plant: a financial assistance award made by the federal government to a…
Q: ted in your firm's completion documentation: (i) You have heard rumours that Birham Ltd…
A: A management representation letter is a standard letter produced by an organization's external…
Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December…
A: The following agendas would least likely affect the total liabilities of the entity
Q: The Sarbanes-Oxley Act requires that the CEO (chief executive officer) and CFO (chief financial…
A: Definition:
Q: Which required SEC filing would a company use to share the following information? "Our board of…
A: Answer: Correct answer is option a) proxy A proxy statement is filed by a publicly traded company .…
Q: What are the legal, financial and accounting implication of a Lord Mayor who entered into an…
A: Solution- Legal Implications: The same would amount to a breach of Constitutional Laws and…
Q: A press release announcing the appointment of the trustees of the new Financial Accounting…
A: Requirement a: The organization that sponsors FASB is the Financial Accounting Foundation. They…
Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December…
A: Since, we only answer one question, we will answer the first question. Please resubmit the question…
Q: Express Courier Ltd is a limited liability company which operates as a prestigious, executive…
A: Internal Controls are the procedures adopted by a corporation to maintain the operational…
Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December…
A: The assets, liabilities, and stockholders' equity are reported in the balance sheet of the company…
Q: The year end accounts for a local government authority have been prepared, and they will soon be…
A: An ethical decision is one that creates trust and is based on accountability, fairness, and being a…
Q: Situations The PA audits financial statements and the PA's name is in the corporate annual report…
A: Auditing: It is the check of the financial statements, related documents and operations on the basis…
Q: ABC Corporation has 15 Board of Directors. The bylaws of ABC requires 10 directors for there to be a…
A: The meeting of the board of directors is effective if the quorum is maintained in the meeting,…
Q: n. The audit engagement letter is sometimes initiated by the auditor. o. Predecessor auditors can…
A: Audit Engagement Letter Audit engagement letter documents the scope and objective of the audit and…
Q: Assume that the club treasurer of one such organization is in charge of all financial matters,…
A: Internal control structure in an organization is referred to as the policies and procedures…
Q: You are the partner responsible for the audit of ABC Co, for the year ended 30th April, 2014. The…
A: Emphasis of Matter passage – A section remembered for the reviewer's report that alludes to an issue…
Q: AJ Kumar is completing the December 31, 2020, audit of Kiwi Company. As part of the final…
A: Auditor - An auditor is a person or firm appointed by the company to carry out audit of financial…
Q: Which of the following is true about the Auditor General? A.
A: Auditor General is appointed to carry out an audit and form an opinion on the audit results on…
Q: 3. On August 29, 2020, Mar Bonafe, CPA, was offered and accepted the engagement to audit the annual…
A: Auditor should have no bonafide interest in the organization under audit.
Q: An annual report Must be audited by the IRS. Is delivered to stockholders and the public…
A: An annual report contains various aspects- Corporate information, balance sheet, income statement…
Q: You are an audit manager in Gogoe & Co, an audit firm which operates as part of an international…
A: Audit is the process of examination or inspection or verifying of various books of accounts by an…
Q: A company had excess funds at the beginning of 2021. The investment committee decided to purchase…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Mr. Obaid being the board member of Sony company, Muscat, is responsible for safeguarding the…
A: Internal control system and procedures in business means procedures that are implemented for…
Q: Accounting for a Contingency: Attorney Letter Information. Central City was involved in litigation…
A:
Q: Which of the following must be done If a resolution has been passed to remove the auditor ? i.…
A: the role of an auditor is to review the annual or the current financial statements of the company…
Q: Whitehead, CPA, is planning the audit of a newly obtainedclient, Henderson Energy Corporation, for…
A: Definition: The audit is the examination of the financial statements which ensures that the…
Q: Which of the following agendas would least likely affect the total liabilities of the entity?
A: On review of the agenda of the minutes of the meeting, and the choices given in the question, there…
Q: Crowe Mak Ghazail LLC are the auditors for Oman Chromite SAOG and were re-appointed at the annual…
A: Audit is the verification and examination of books of account and financial information in order to…
Q: An independent CPA is engaged to audit the financial statements of Holland City . The city has a…
A: The correct option is Option “D”.
Q: is ready to merge with a competitor. If correct, this may have disclosure implications. Management…
A: 1 Purpose of a management representation letter A management representation letter was issued by…
Q: PPE disclosure
A: Disclosures for PPE Measurement basis Depreciation method Estimated useful lives or equivalent…
Q: The year end accounts for a local government authority have been prepared, and they will soon be…
A: An ethical decision is one that fosters trust, and it entails responsibility, fairness, and being a…
Q: nd weaknesses in relation to member and make a recommendation as to whether member should remain on…
A: A Committee or a task force is the most important form of a formal group appointed by the management…
Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…
A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…
a) After an excitingly attractive swearing-in ceremony, you are elected the chair of the audit committee of Electricity Company of Ghana (ECG), a state-owned organization.
Required: Discuss how you would execute your stewardship in the first year of your tenure as the chair of the audit committee of the Electricity Company of Ghana (ECG)
Step by step
Solved in 2 steps
- Crowe Mak Ghazail LLC are the auditors for Oman Chromite SAOG and were re-appointed at the annual general body meeting by passing a resolution. Who makes recommendations in relation to appointment, reappointment and removal of external auditor? Board of Directors Audit Committee Management ShareholdersJonathan Ewing is auditing the financial statements of California Company for the year ended December 31, 2020. In concluding the process of gathering sufficient appropriate evidence, Ewing has asked to meet with his supervisor on the audit (Daniel Ross) to discuss responsibility for events occurring after the date of the financial statements. Assume that on January 8, 2021, California Company agreed to acquire San Jose Inc. in a significant transaction. The date of Ewing's report was February 7, 2021, and California issued its financial statements (and Ewing's reports on its financial statements and internal control over financial reporting) on February 14, 2021. Required: How would Ewing proceed if he became aware of this subsequent event on the following dates? 1. January 10, 2021 2. February 10, 2021 3. February 20, 2021You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? A. The payment of real property taxes for the year 2021 at the beginning of 2021. B. The approval of the board of directors of the issuance of a S-year term bond last September 2021. C. Property dividends declared on December 27, 2021 D. The settlement of a pending litigation with another entity on January 5, 2022.
- Ginnian and Fitch, a regional accounting firm, performs yearly audits on a number of different for-profit and not-for-profit entities. Two years ago, Luisa Mellina, Ginnians partner in charge of operations, became concerned about the amount of audit time required by not-for-profit entities. As a result, she instituted a series of training programs focusing on the auditing of not-forprofit entities. Now, she would like to see if the training seemed to work. So, she ran a multiple regression on 22 months of data for Ginnian for three variables: the total monthly cost of audit professional time, the number of not-for-profit audits, and the hours of training in the audit of not-for-profit entities. The following printout was obtained: Required: 1. Write out the cost equation for Ginnians audit professional time. 2. If Ginnian expects to have 9 audits of not-for-profits next month and expects that audit professionals will have a total of 130 hours of not-for-profit training, what is the anticipated cost of professional time? 3. Are the hours spent auditing not-for-profit entities positively or negatively correlated with audit professional costs? Is percentage of experienced team members positively or negatively correlated with audit professional cost? 4. What does R2 mean in this equation? Overall, what is your evaluation of the cost equation that was developed for the cost of audit professionals?Chloe P. Araneta, CPA is an auditor for Delight, a large auditing firm in the country. She is assigned to audit the financial statements of Eala Corporation for the year ended December 31, 2022. Chloe plans to complete the field work and sign the auditor's report on April 12, 2023. Chloe is concerned about events and transactions occurring after December 31, 2022 that may affect the 2022 financial statements of Eala Corporation. 1. Describe the types of subsequent events that require Chloe's consideration and evaluation.2. What audit procedures should be performed by Chloe to gather evidence regarding subsequent events?Directions: Read the case below and answer the questions that follow.Whitehead, CPA, is planning the audit of a newly obtained client, Henderson Energy Corporation, for the year ended December 31, 2016. Henderson Energy is regulated by the state utility commission, and because it is a publicly traded company the audited financial statements must be filed with the Securities and Exchange Commission (SEC).Henderson Energy is considerably more profitable than many of its competitors, largely due to its extensive investment in information technologies used in its energy distribution and other key business processes. Recent growth into rural markets, however, has placed some strain on 2016 operations. Additionally, Henderson Energy expanded its investments into speculative markets and is also making greater use of derivative and hedging transactions to mitigate some of its investment risks. Because of the complexities of the underlying accounting associated with these activities, Henderson…
- You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the year ended 31 December 2019. During your initial planning meeting held with the financial controller, he told you of the following changes in the company’s operations. Due to the financial controller’s workload, the company has employed a treasurer. The financial controller is excited about the appointment because in the two months that the treasurer has been with the company, he has realized a small profit for the company through foreign-exchange transactions in dollars. explain how the components of audit risk (inherent, control or detection risk) are affected.Which of the following documents will contain information about the compensation for Directors of a public company: The 10Q The Proxy Statement The Annual Report The outside Auditors Reportidentifying the strengths and weaknesses in relation to member and make a recommendation as to whether member should remain on the committee or be replaced. The constitution and membership of a Sapphire’s audit committee is as follows: Member A – Chair of the Committee who, before retirement two years ago was the Finance Director of the company
- Choose the correct.Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing firms registered with the Public Company Accounting Over-sight Board.c. A monetary fee assessed on organizations issuing securities.d. Overall assessment of the work of the SEC each year.For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards must have an audit committee with a minimum of three independent directors. b. The audit committee must have a written charter that addresses the committee's purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.Which statement is correct with respect to filing an S election? a. Form 2553 must be filed. b. All shareholders must consent. c. The election may be filed in the previous year. d. An extension of time is available for filing Form 2553. e. All of the above statements are correct.