According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s management, particularly Head of the Entity Head of Finance/Accounting COA All of these

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: 9. The primary responsible for properly applying GAAP lies with a. External auditor b. Management c.…

A: GAAP stands for Generally Accepted Accounting Principles. These are the principals which a company…

Q: US generally accepted accounting principles are currently developed by which entity? B . Th e…

A: The accounting principles are the guidelines and rules which companies should follow while reporting…

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: In 1984 the FASB released Statement of Financial Accounting concepts No. 5 "Recognition and…

A: All the concepts and principles are framed by the FASB to give consistency in the financial…

Q: Each of these parties plays a role in the quality of financial reporting. Match each group with its…

A: Groups and functions:

Q: 67. Who has the primary responsibility in the Application of the General Accepted Accounting…

A: Solution Concept As per the relevant auditing standards , the primary responsibility of application…

Q: why Chief Financial Officer must have a background on the following subjects: Financial Accounting…

A: why Chief Financial Officer must have a background on the following subjects:  Financial…

Q: Management's expert refers to an individual or organization, whose work is used by the entity to…

A: Management experts are the individuals who possess expertise other than accounting or auditing and…

Q: 9. Which of the following least describes the relatedness of Accounting and Financial Management?…

A: The question is related multiple choice question. Accounting and Financial Management because only…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: 14. Financial statements are a structured representation of the financial position and financial…

A: Introduction:- Financial statements include as follows under:- Statement of financial position -…

Q: The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial…

A: (a) FASB’s Conceptual Framework should provide benefits to the accounting community such as: (1)…

Q: S1: Control is the power to govern the financial and operating policies of an entity so as to obtain…

A: Solution-D- Both Statement Are True   Statement 1- IAS 27 Consolidated and Separate Financial…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: 12. Which of the following is correct regarding the use of terminology under IAS 1 Presentation of…

A: The IAS 1 Presentation of Financial Statements objective is to give the basis for the presentation…

Q: As per ISA 570, Who of the following is responsible for assessing the entity going concern…

A: Auditor is the person who is responsible for performing audit work. Going concern assumption says…

Q: The body of rules and procedures that guide the measurement and communication of financial…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Which of the following is the federal, independent agency that provides oversight of public…

A:

Q: basis on which the management of an entity must select its accounting policie

A: Accounting policies are the set of guidelines to be followed in recognition of financial items in…

Q: The reporting standard for external financial reports isa. industry-specific.b. company-specific.c.…

A: Reporting standards: These are defined as the set of common guidelines and rules that are followed…

Q: According to the FASB conceptual framework, the objectiveof financial reporting for business…

A: FASB is an independent 7 member board, of accounting professionals overseeing the creation of…

Q: According to PFRS9 Financial Instruments, a financial instrument is recognized     when the entity…

A: As per PFRS 9 Financial Instruments, a financial instrument is recognized when the entity becomes a…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: Detail the roles of non executive director , chief finance officer (CFO), Audit Committee and…

A: Roles of Non-executive director: The non-executive director is responsible for reviewing and…

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: In order to make effective and timely decisions in an organization, there should be a system of…

A: Solution: In organization, day to day operations are monitored and managed by Board of directors…

Q: 16) Briefly outline how the presentation of assets and liabilities on the statement of financial…

A: Government enterprise are set as a social entity, which is a not for profit organization, while…

Q: 63. The full discdosure principle in the financial statement preparation is best described by which…

A: The correct answer is:

Q: General-purpose financial statements are prepared primarily for: a.    internal users. b.…

A: General - purpose financial statements are prepared primarily for External users.

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: 1-What are the Responsibilities of managment and Those charged with Governance (TCWG)? 2- what the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: true or false According to PAS 19, an entity shall recognize the PV of DBO in its accounts and in…

A: PAS 19 - The main objective is to prescribe the accounting and disclosure for employee benefits. PV…

Q: cording to Dalls (2004) among the framework for understanding corporate governance mechanisms in…

A: Answer: According to (Dallas),2004 framework of corporate governance , International accounting…

Q: Which of the following statements are True? a) The financial statements are management's…

A: Financial statements are the reports that are prepared to indicate the financial position of any…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.