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Albania, Inc. is an SEC-registered corporation whose securities are listed in the Philippine Stock Exchange. The audit committee of Albania’s Board of Directors engages a CPA to perform an independent audit of Albania’s financial statements. The primary objective of this audit is to provide assurance to
a. the stockholders of Albania
Step by step
Solved in 2 steps
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.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.
- ABC Philippines Co. is required to file audited financial statements with the Philippine Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR). What is the presentation currency for the financial statements to be filed with the said government agencies? Either Philippine Peso or U.S dollar U.S. dollar none of the choices given Philippine pesoChoose the correct. Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.
- RSM , Oman is one of the few audit firms in the Sultanate of Oman accredited with the Capital Market Authority of Oman which entitles the firm to act as statutory auditors (external auditors) of public joint stock companies, investment funds, licensed companies operating in the securities market and insurance companies registered in the Sultanate of Oman. Which of the following is the right of an External Auditor? Review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures. Inspect account books and accounting systems for efficiency, effectiveness and use of accepted accounting procedures. Visit the branches of the client and to access all accounting books and records Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.The London, Tokyo and New York stock exchange, 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 . Baker Tilly MKM (Oman) LLC is the auditor of United Power Company SAOG (Company) and has stated that the financial statements has fairly presented the financial performance and the cash flow for the year. The preparation of financial statements is the primary responsibility of Baker Tilly MKM (Oman) LLC Management at United Power Company SAOG Board of Directors Internal auditors of United Power Company SAOG
- 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 . 31. Baker Tilly MKM (Oman) LLC is the auditor of United Power Company SAOG (Company) and has stated that the financial statements has fairly presented the financial performance and the cash flow for the year. The preparation of financial statements is the primary responsibility of a. Internal auditors of United Power Company SAOG b. Baker Tilly MKM (Oman) LLC c. Board of Directors d. Management at United Power Company SAOGIn 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 departmentEach of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
