ow should the notice of resignation of the auditors to be sent?
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- On resignation of the Auditor , the statement of circumstances should be sent by i) Company to Regulatory Authority ii) Auditors to Regulatory Authority iii) Company to everyone entitled to receive a copy of accounts iv) Company to Audit Committee Only ii i and iii only ii and iii only i, ii and iii onlyWho fixes the remuneration of the External Auditor? Ministry of Finance Whoever made the appointment of the Auditor Management The previous AuditorWhich of the following procedures would a CPA most likely perform in planning a financial statement audit?a. Make inquiries of the client’s lawyer concerning pending litigation.b. Perform cutoff tests of cash receipts and disbursements.c. Compare financial information with nonfinancial operating data.d. Recalculate the prior-years’ accruals and deferrals.
- Consider the annual report of commonwealth bank or any company (most companies make their annual reports available on the company's website) and find the disclosures explaining the amounts paid to auditors. How much was the auditor paid for the audit, non-assurance, or other services?Which of the following is true?a. Members of an audit engagement team cannot speak with audit client officers about matters outside the scope of the audit while the audit engagement is in progress.b. Audit team members who leave the public accounting firm for employment with auditclients can provide audit efficiencies (next year) because they are very familiar with thefirm’s audit plans.c. Audit team partners who leave the public accounting firm for employment with auditclients can retain variable annuity retirement accounts established in the person’s formerfirm retirement plan.d. The public accounting firm must discuss with the audit client’s board or its audit committee the independence implications of the client’s having hired the audit engagement teammanager as its financial vice president.The remuneration of the External Auditor will be fixed by Management Ministry of Finance The previous Auditor Whoever made the appointment of the Auditor
- Which of the following must be done If a resolution has been passed to remove the auditor ? i. Notify the Regulatory Authorities ii. Auditors must deposit statement of circumstances at company's registered office within 21 days of ceasing to hold the office iii. Auditors must deposit statement of circumstances at company's registered office within 14 days of ceasing to hold the office iv. Statement of circumstances must be sent to regulatory authority. Only i, ii and iv Only i and ii Only i and iii Only i , iii and ivWhen accountants agree to perform a compilation or review of unaudited financial statements, the best way to avoid clients’ misunderstanding the nature of the work is to describeit completely ina. An engagement letter.b. The auditors’ opinion.c. A report to the clients’ board of directors at the close of the engagement.d. A management letter to the board of directors’ audit committee.Which of the following are rights of auditors? I. To access all accounting books and records at all times II. To insist that financial statements are corrected if they do not give a true and fair view III. To receive notice of all board meetings on matters of concern to the auditor IV. To attend and be heard at all board meetings on matters of concern to the auditor V. To receive all information and explanations from management necessary for the proper conduct of the audit
- In the preparation of the final accounts of Ringway Chemists Ltd, the Audit Manager realized from a discussion with the Business Owner, that her salary for the year has not been taken and hence not recorded.i. What accounting treatment would you recommend as the Schedule Officer on reconciling the above in relation to the final accounts preparation?ii. What would be the impact of this information on the Income on the Income Statement and the Statement of Financial Position?Explain the steps that should be taken by an internal accountant/CMA when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.According to the AICPA Code of Professional Conduct, which of the following actions will impair independence? A. Preparing client financial statements based on information in a trial balance. B. Processing payroll for a client's signature based on client record keeping. C. Participating in the hiring or termination of a client's employees. D. Assisting a client in drafting a stock-offering document or memorandom.
