What is the “special function” that auditors perform? Whom does the public accounting profession serve in performing this special function?

Q: What is the role of the Public Company Accounting Oversight Board?

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Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: What do the ASX Corporate Governance Principles say about having an internal audit function?

A: Internal audit is the auditing process of the internal processes of a company such as accounting,…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: It has been said that independence is the cornerstone of the accounting profession. Explain what…

A: Given: The auditors are called as gatekeepers of accounting professionals. Considering the…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: What are the major differences in the scope of the audit responsibilities for CPAs, GAO auditors,…

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: What auditing services do governmental auditors provide?

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Q: or in the implementation of cor

A: Auditing plays a key role in Corporate Social Responsibility (CSR) and corporate governance.…

Q: Describe the audit documentation review process in a public accounting firm.

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Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

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Q: How have the Sarbanes–Oxley Act's requirements impacted a public company's ability to choose its…

A: This question explains about the Sarbanes–Oxley Act's requirements impacted a public company's…

Q: What additional constraints and obligations do auditors face when doing nonaudit services for public…

A: Audit: The auditing process is the examination of financial statements for conformity.

Q: What is the meaning of Chief accountant of the SEC?

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

Q: In what ways does the practice of internal auditing differ from the practice of public accounting?…

A: Internal audit is assessing the risk & fraud and compliance of Accounting standard, Law…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: Are accountants and auditors moral agents of corporations and society? Explain.

A: Moral responsibility means a liability of an individual to perform tasks in a moral or ethical…

Q: Auditors' opinions and reports serve what function

A: Definition \auditing: An auditor undertakes a comprehensive review of all pertinent data,…

Q: Which of the following type of auditors provides an opinion on the truthfulness and fairness of the…

A: Introduction: Auditing: Auditing means examining the financial reports, internal process scrutiny ,…

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: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: A public accounting firm's audit documentation review has what advantages?

A: Introduction: Audit documentation encompasses all forms of documents or records created by auditors,…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: How should an accounting professional go about determining whether a proposed action is in the…

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Q: Explain how governmental financial auditing is similar to anddifferent from audits of commercial…

A: Auditing: Auditing is an independent examination of financial statements. The set of financial…

Q: Why is the public’s image of the accounting profession important and how does Ethics for Accountants…

A: Accounting is the presentation of the financial results to show the true and fair view of accounts.…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: What other restrictions and requirements apply to auditors whenproviding nonaudit services to public…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What is the special function that auditors perform? Whom doesthe external auditing profession serve…

A: Auditing: It is an independent assessment of an organization's financial information to determine…

Q: From the Auditor's point of view, what is your recommendations and solution about Enron's Accounting…

A: Auditor is the person who checks the financial statements of the company to determine and give…

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: How does criminology differ from the study of accounting or auditing?

A: Criminology is a detailed scientific study of various tools that analyzes the root cause i.e. the…

Q: What role does the auditor play in gaining a knowledge of internal control? What is the difference…

A: Before completing audit processes, the auditor is responsible for knowing the organization's…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing:  The process by which effectiveness and efficiency of business operations are…

Q: xplain the auditor's role in ensuring that rules and regulations are followed. How does this…

A: Non-compliance with applicable rules and regulations may hurt financial statements, as violators…

Q: How does the role of a traditional accountant differ from internal and external auditor?

A: External auditor is appointed for the examination of financial records of the entity and for…

Q: Using the concept of justice, evaluate how an auditor would assess the equality of interests in the…

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Q: the role of the Chief Audit Executive?

A: A chief audit executive or the head of the internal audit function in a company is a staff from the…

Q: Explain the auditor’s responsibility to consider compliance with laws and regulations. How does this…

A: As per IAS 250, Consideration of laws and regulations in an audit of financial statement. Auditor is…

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: What is meant by internal control based on the professional standards of a public accountant is: a.…

A: Internal control means a process of doing the work effectively so that objective can be achieved and…