Which standards apply to consulting engagements?

Q: What is meant by the term quality control as it relates to CPA firm?

A: Quality Control:   It is a process by which a business can ensure improved product quality. This…

Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: Discuss the responsibilities of and auditor’s expert.

A: The auditor’s expert refers to the organization or an individual that possesses expertise in a…

Q: What considerations should an auditor take into account before taking a job? Explain.

A: Auditing involves an independent examination of financial records of the entity with a view to…

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor  report…

Q: What are the roles of internal and external auditors?

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

Q: Which method you would advise the management to use and why?

A: Inventory refers to finished goods ready for sale or the goods which are used in production process.…

Q: How to be an ips officer

A: The answer is stated below:

Q: The understanding with the client

A: A good auditor is one who maintains a good understanding of his clients. An auditor should keep his…

Q: key parties who can influence, or will be affected by, your decision?

A: All items that may be material to affect the true state of affairs of the financial statements…

Q: How should recommendations and suggestions by a covered member to a client be handled?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Why is communication an important skill of an auditor?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Should organisations operate in the interest of shareholders or the stakeholders?

A: Stakeholder means those person who use and study the financial statement and make the appropriate…

Q: Which clients can have compilation engagements?

A: The main purpose of a compilation engagement is to compile the unaudited financial information of a…

Q: List some common consulting engagements.

A: Consulting engagements: Consulting engagements refer to the agreement between the audit client and…

Q: Who are the parties involved in consulting services? Explain.

A: Consulting business is the type of business which falls within the category of the services business…

Q: Describe disclosures related to management’s discussion and analysis, responsibilities, and…

A:

Q: How do Input controls affect management's assertions with respect to the financial statements?

A: Management assertions seem to be statements made by management personnel about certain features of a…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What should be included for the Auditor's address?

A: Auditor's address should be mentioned in the Auditor's report. The city and state where the auditor…

Q: How might an auditor's individual characteristics affect his or her professional judgments about…

A:

Q: Define technical analysts

A: Technical analysis refers to analysis that is conducted for analyzing the various types of…

Q: what arw the objectives of engagement letter

A: SOLUTION ENGAGEMENT LETTER IS A WRITTEN AGREEMENT THAY DESCRIBES THE BUSINESS RELATIONSHIP TO BE…

Q: Which of the following is the first step within hierarchy of guidance to which management refers,…

A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…

Q: Explain professional association (PA)?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: What type of assurance is given in a Review engagement?

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Subsequent events – meaning, types, and auditors responsibility on treating each type?

A: An independent auditor's report is generally issued which is connected to historical financial…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: What are the auditor’s responsibilities for ‘going concern’?

A: Going-concern: It can be defined as the principle of accounting that is based on an assumption that…

Q: Distinguish between responsibility, authority, and accountability. Which flow upward and which flow…

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: _____________Is concerned with providing information for the use of those who are inside the…

A: Accounting: Accounting is recording, classifying , summarizing, analyzing and interpreting of…

Q: Distinguish the role of internal and external auditor

A:

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Audit is conducted by auditor in which auditor assures (or denies) that the financial statements of…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What are the advantages of a CPA over members of other professions in rendering management advisory…

A: 1) What is accounting and why is it important?Accounting is often called the "language of business"…

Q: What procedures are required for Review engagements?

A: Review engagement: It is a type of engagement that is only meant to provide whether the financial…

Q: What is the relevance of notions of competence, professionalism and responsibility to academics and…

A: It is delightful to accompany with the quality of notion of competence, professionalism and…

Q: What type of professional certification is most relevant for the management accountant and why?

A: