estion 9Identify the audit engagement that is unlikeły to be conducted under the international auditing standards among the followingaudit engagements.An audit of a German multinational company with businesses in 50 countries around the world.An audit of a Singaporean public company that is a subsidiary of a Chinese company, to be used for reporting by theparent company in China.An audit of Sony Electronics, a Japanese company that is also listed in several worldwide Stock Exchanges of othercountries.D An audit of a French private company for acquiring a loan from a publicly traded bank in France.Question 10Interpretations of the independence rule of the AICPA Code prohibit covered members from owning any stock or other directinvestment in audit clients. Covered members would include all of the following except:A) All partners in the engagement office even if they have no engagement responsibility.BIndividuals on the attest engagement team as well as the firm and its employee benefit plans.C) Partners or managers who provide more than 10 hours of attest services to a client in a fiscal year.An entity that can be controlled by any of the covered members or by two or more the covered individuals or entitiesDoperating together.

Identify the audit engagement that is unlikeły to be conducted under the international auditing standards among the following audit engagements. An audit of a German multinational company with businesses in 50 countries around the world. An audit of a Singaporean public company that is a subsidiary of a Chinese company, to be used for reporting by the parent company in China. An audit of Sony Electronics, a Japanese company that is also listed in several worldwide Stock Exchanges of other countries. An audit of a French private company for acquiring a loan from a publicly traded bank in France.

Identify the audit engagement that is unlikeły to be conducted under the international auditing standards among the following audit engagements. An audit of a German multinational company with businesses in 50 countries around the world. An audit of a Singaporean public company that is a subsidiary of a Chinese company, to be used for reporting by the parent company in China. An audit of Sony Electronics, a Japanese company that is also listed in several worldwide Stock Exchanges of other countries. An audit of a French private company for acquiring a loan from a publicly traded bank in France.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 4CYBK

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For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, U.S. generallyaccepted auditing standards, or PCAOB auditing standards.a. An audit of a U.S. private company with no public equity or debt.b. An audit of a German private company with public debt in Germany.c. An audit of a U.S. public company.d. An audit of a United Kingdom public company that is listed in the United States andwhose financial statements will be filed with the SEC.e. An audit of a U.S. not-for-profit organization.f. An audit of a U.S. private company to be used for a loan from a publicly traded bank.g. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.h. An audit of a U.S. private company that has publicly traded debt.
1. The London, Tokyo and New York Stock Exchanges, Ghana, among others, require an annual audit of the financial statements of companies whose securities are listed on it. What are the possible reasons for this? 2. Distinguish between absolute and reasonable assurance. Identify the type of assurance that is expected in an audit of the financial statements, clearly outlining the reasons to justify your point of view.
Australian Auditing Standards establish requirements and provide application and other explanatory material on the responsibilities of an auditor. The Australian auditing standards (ASAs) issued by the Australian Auditing and Assurance Standards Board (AUASB) are intended to be applied to: Select one: a. all audits of companies incorporated under the Corporations Act 2001. b. only audits of entities listed on the Australian Securities Exchange. c.all audit, review, other assurance and related engagements conducted by external firms. d. all audit, review, other assurance and related engagements where the entity has more than five shareholders.
Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the…
Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…
Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…
Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…
Distinguish between absolute and reasonable assurance. Identify the type of assurance that is expected in an audit of the financial statements, clearly outlining the reasons to justify your point of view. The London, Tokyo and New York Stock Exchanges, Ghana, among others, require an annual audit of the financial statements of companies whose securities are listed on it. What are the possible reasons for this?
In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to companies whose securities are listed on the Muscat Securities Market.The Code, drawn from codes of best practices from around the world but adapted to the local market, seeks to promote a "culture of compliance, transparency and accountability without limiting business initiative. Answer the following three questions . 29. Comparing the Internal Auditors and External Auditors , which of the following is not true about Internal Audit a. The auditor is appointed by the Management b. It is conducted by the employees of the company c. The scope of the internal audit is decided by the Board of Directors d. It is performed by a separate internal auditing department
In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to companies whose securities are listed on the Muscat Securities Market. The Code, drawn from codes of best practices from around the world but adapted to the local market, seeks to promote a "culture of compliance, transparency and accountability without limiting business initiative. Answer the following three questions . Comparing the Internal Auditors and External Auditors , which of the following is not true about Internal Audit The scope of the internal audit is decided by the Board of Directors The auditor is appointed by the Management It is conducted by the employees of the company It is performed by a separate internal auditing department
assume that you have recently been invited by a large firm quoted on the kuwait stock exchange to review the performance of that firm audit committee. using the works with which you are familiar explain (with appropeirate justifcation) the three most important issues around which you would focus your review
b) You are the manager in charge of the audit of Nananom Company, a public limitedliability company which manufactures specialist equipment and costumes for usein Kumahwood and Nafftti films in Ghana. Audited revenue is Ghc 100 million with profit before tax of Ghc 6.25 million.Audit work up to but not including, the obtaining of written representations hasbeen completed. A review of the audit file has disclosed the following outstandingpoint:KumahwoodNananom Company is facing a potential legal claim from the Kumahwood company in respect of a defective equipment that was supplied for one of their films. Kumahwood sustains that the equipment built was not robust enough, whilethe directors of Nananom argue that the specification was not sufficiently detailed.Nananom were of the view that using such sophisticated equipment under conditions that require heavy falls, may render them not in the best of working conditions after a couple of films produced. However, this is what…