Who is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.

Q: Who is responsible for preparing financial statements of Huawei? What is the external audit report…

A: Management is in charge of preparing and fairly presenting these consolidated financial statements…

Q: Draft a qualified and unqualified audit report for the shareholders of the company

A: When independent auditors find that financial statements contain serious misstatements, but the…

Q: An audit of business's financial reports, preformed by a third party to validate that it is an…

A: External audit reports that whether the Financial statements of an organisation shows true and fair…

Q: Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description.…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: Purnama Sdn Bhd involve in event management business and provide services to private and government…

A: Ans. In case of companies the books are required to be audited by a 3rd party who is not directly or…

Q: Explain the steps that should be taken by an internal accountant/CMA when there is a difference of…

A: When the CMA has difference in opinion between with one's supervisor regarding an accounting or…

Q: Which of the following is the most important responsibility of the external auditor? a. To ensure…

A: An external auditor is a person outside the organization, who performs the audit, review of…

Q: The annual financial statements of all large, publicly owned corporations are audited.a. What is an…

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

Q: Which of the following tasks is a function of an audit committee? Select one: a. Making decisions…

A: Audit committee: It can be defined as a committee that consists of company's board of directors…

Q: Using your selected objective, create an audit plan of the organization's financial statements that…

A: Audit planning is one of the basic principles for governing an audit.Auditor should plan his work to…

Q: Most companies are required to have an audit and appoint an auditor. (a) Explain how an auditor can…

A: Introduction: An auditor verifies the accuracy of recorded business transactions. Auditors are…

Q: Who develops and implement policy on the engagement of the external auditor to supply non-audit…

A: External auditor is the person outside the organization, who performs the audit services for the…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: Pre-engagement activities of an audit include: Client acceptance or continuance procedures…

Q: Identify from the following the department who are responsible to appoint internal auditors and…

A: Internal audit is one of the pivotal pillars of the internal control mechanism of the organisation

Q: Which of the following are rights of auditors?      I.        To access all accounting books and…

A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: Characteristics of internal accounting information includeall of the following except:a. It is…

A:

Q: The date of the CPA’s opinion on the financial statements of the client should be thedate of the(1)…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: During an audit engagement, pertinent data are compiled and included in the auditfiles. The audit…

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

Q: An auditor’s permanent file audit documentation most likely will containa. Internal control analysis…

A: Definition: Auditor: An auditor is an accounting professional hired by a company to review the…

Q: The substance of annual report are a) the management analysis b ) the charts and tables C ) the…

A: Annual reports represent the financial statement of the company that has been audited by the auditor…

Q: Auditing standards are: a. Ways to obtain / collect proof of transaction b. A collection of rules…

A: Audit is defined as the examination of the books of accounts or financial statement of the entity…

Q: Following the date of the financial statements, auditors complete the substantive processes.…

A: Introduction: Following the date of financial statements, auditors are obliged to complete various…

Q: Which of the following engagements is most likely to be considered an operational audit? The…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: The audit team of Swift Logistics Company presents the scope of audit and also determines the time…

A: Introduction: Opening meeting: Opening meeting is the meeting conducted to introduce audit team to…

Q: What organizations and agencies have rules of conduct that you must observe when you practice(a)…

A: A rule of conduct is a set of norms and regulations practiced by an individual, or organizations. It…

Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

Q: Operational audits generally have been conducted by internal auditors and governmental audit…

A: Operation audit is a systematic review of effectiveness, efficiency, economy of the operation.…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: Identify the major disclosures in the auditor's report and understand management's responsibilities…

A: An audit is an independent examination of the books of the accounts and financial statements whether…

Q: Under which section in the auditor's report is stated that, "we have audited the financial…

A: An audit report is issued by the independent auditor of the company that contains the opinion on…

Q: Independent Auditor is responsible for preparing the financial statements, establishing and…

A: Auditor refers to an individual whose main frame of work is to conduct a physical examination of all…

Q: Select the necessary words from the list of possibilities to complete the following statements:…

A: Please refer to the answers given in next step. As each one is of different concepts no explanations…

Q: One of the duties of an audit committee is to provide financial information at first to the board of…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: Outline the reasons why auditor independence is considered of fundamental importance for confidence…

A: Auditors are public accountants that audit the financial statements of a company and assure that…

Q: rights of the auditor

A: The statement a is correct because the auditor has the right to get all the information and…

Q: Which of the following should an auditor obtain from the predecessor auditor prior to accepting an…

A: An Auditor is a person responsible for verifying the financial statements or we can say financial…

Q: Which of the following statements about the auditor's responsibilities in public company audits is…

A: PCAOB is public companies accounting oversight board.  The board oversees the auditing of public…