EBK AUDITING AND ASSURANCE SERVICES
16th Edition
ISBN: 9780134067124
Author: Hogan
Publisher: PEARSON CUSTOM PUB.(CONSIGNMENT)
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Chapter 1, Problem 12.2MCQ
To determine
Identify the professional services which are considered as an attestation engagement.
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Which of the following professional services is an attestation engagement?(1) A consulting service engagement to provide computer-processing advice to a client.(2) An engagement to report on compliance with statutory requirements.(3) An income tax engagement to prepare federal and state tax returns.(4) The preparation of financial statements from a client’s financial records.
What is the primary objective of assurance services? To provide expert advice and recommendations for improving business processes. To assist in the preparation and filing of tax returns. O To evaluate and provide an opinion on the reliability of information. O To ensure compliance with legal and regulatory requirements.
Which of the following professional services would be considered an attestationengagement?(1) Advocating on behalf of a client about trust tax matters under review by theInternal Revenue Service.(2) Providing financial analysis, planning, and capital acquisition services as apart-time, in-house controller.(3) Advising management in the selection of a computer system to meet business needs.(4) Preparing the income statement and balance sheet for one year in the future basedon client expectations and predictions.
Chapter 1 Solutions
EBK AUDITING AND ASSURANCE SERVICES
Ch. 1 - What are the information and established criteria...Ch. 1 - Prob. 2RQCh. 1 - Discuss changes in accounting and business...Ch. 1 - Prob. 4RQCh. 1 - Identify the three main ways information risk can...Ch. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12.1MCQCh. 1 - Prob. 12.2MCQCh. 1 - Prob. 12.3MCQCh. 1 - Prob. 13.1MCQCh. 1 - Prob. 13.2MCQCh. 1 - Prob. 13.3MCQCh. 1 - Prob. 14.1MCQCh. 1 - Prob. 14.2MCQCh. 1 - Prob. 14.3MCQCh. 1 - Prob. 15DQPCh. 1 - Busch Corporation has an existing loan in the...Ch. 1 - Prob. 17DQPCh. 1 - James Burrow is the loan officer for the National...Ch. 1 - Prob. 19DQPCh. 1 - Prob. 20DQPCh. 1 - Prob. 21DQPCh. 1 - Prob. 22DQPCh. 1 - As discussed in the chapter opening vignette and...Ch. 1 - Prob. 24DQP
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- Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authoritiesarrow_forwardWhich of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principlearrow_forwardTypical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materialsarrow_forward
- PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed. Owners (present and future) Managers Creditors (present and future) Government agenciesarrow_forwardExternal users of financial accounting information include all of the following except ________. A. lenders such as bankers B. governmental agencies such as the IRS C. employees of a business D. potential investorsarrow_forwardWhich area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?arrow_forward
- Which of the following would be considered a preparation of financial statements engagement?a. Drafting financial statement notes.b. Preparing financial statements in conjunction with business valuation services.c. Preparation of personal financial statements for presentation alongside a financial plan.d. Preparation of financial statements with a tax return solely for submission to taxing authorities.arrow_forwardThis branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. Truearrow_forwardWhich among the following is an external user of accounting information? a. Government authorities b. Operations Manager c. Finance Manager d. Accountantarrow_forward
- Explain what is meant by determining the degree of correspondencebetween information and established criteria. What are the information and establishedcriteria for the audit of Jones Company’s tax return by an internal revenue agent? Whatare they for the audit of Jones Company’s financial statements by a CPA firm?arrow_forwardWhich of the following users of accounting verifies accounting information to check the Tax compliance by the companies? a. Tax authority b. Regulatory agencies c. Management d. Creditorsarrow_forwardUnder which of the following circumstances may member May charge a client a contingent fee? Group of answer choices a. May audits ABC Co. and wishes to charge it a contingent fee for the audit work. b. May audits ABC Co. and wishes to charge it a contingent fee for separate consulting work. c. May is examining prospective financial information for XYZ Co. and wishes to charge it a contingent fee for unrelated consulting services. d. May prepares TUV Co.’s tax returns and wishes to charge it a contingent fee for nontax consulting services.arrow_forward
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