Connect Access Card for Principles of Auditing & Other Assurance Services
21st Edition
ISBN: 9781260299366
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 20, Problem 31OQ
To determine
Indicate whether CPA may provide each of the following services and whether independence is required, by placing a check in the appropriate box.
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Providing copies of the auditor's earlier paperwork to the customer is permitted under the circumstances. If so, are there any particular circumstances that the auditors should look for before delivering the client's documentation? List at least three things that come to mind.
Is it allowed to send copies of the auditor's earlier paperwork to the client? If yes, are there any special criteria that auditors should review prior to delivering the client's documentation? At least three things should be mentioned.
What task can the AR department engage in to verify that all customers’ checks have been appropriately deposited and recorded?
Chapter 20 Solutions
Connect Access Card for Principles of Auditing & Other Assurance Services
Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - Prob. 6RQCh. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - Prob. 9RQCh. 20 - Prob. 10RQ
Ch. 20 - Prob. 11RQCh. 20 - Prob. 12RQCh. 20 - Prob. 13RQCh. 20 - Prob. 14RQCh. 20 - Prob. 15RQCh. 20 - Prob. 16RQCh. 20 - Prob. 17RQCh. 20 - Prob. 18RQCh. 20 - Prob. 19RQCh. 20 - Prob. 20RQCh. 20 - Prob. 21RQCh. 20 - Prob. 22RQCh. 20 - Prob. 23RQCh. 20 - Prob. 24QRACh. 20 - Prob. 25QRACh. 20 - Prob. 26QRACh. 20 - Prob. 27QRACh. 20 - Prob. 28QRACh. 20 - Prob. 29AOQCh. 20 - Prob. 29BOQCh. 20 - Prob. 29COQCh. 20 - Prob. 29DOQCh. 20 - Prob. 29EOQCh. 20 - Prob. 29FOQCh. 20 - Prob. 29GOQCh. 20 - Prob. 29HOQCh. 20 - Prob. 29IOQCh. 20 - Prob. 29JOQCh. 20 - Prob. 29KOQCh. 20 - The assurance services that address user and...Ch. 20 - Prob. 30OQCh. 20 - Prob. 31OQCh. 20 - Prob. 32OQCh. 20 - Prob. 33OQCh. 20 - Prob. 34PCh. 20 - Prob. 35PCh. 20 - Prob. 36ITCCh. 20 - Prob. 37RDC
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- Is it OK to give the client copies of the auditor's previous documents? If so, what should the auditors look for before giving the documentation to the client? At least three things.arrow_forwardAnswer the below: What do you understand by attestation services? Discuss the responsibility and functions of CPA. Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?arrow_forwardIs it permissible to provide the customer copies of the auditor's previous paperwork? If so, are there any other factors that auditors should consider before presenting client documentation? At the very least, three points should be made.arrow_forward
- A CPA audits the financial statements of a client. The CPA has been asked to perform bookkeepingfunctions for the client. Under the AICPA Code of Professional Conduct, which of the followingactivities would impair the CPA's independence? a. The CPA records transactions in accordance with classifications determined by management. b. The CPA prepares financial statements from a trial balance provided by management. c. The CPA posts adjusting journal entries prepared by managementto the trial balance. d.The CPA authorizes client transactions and reports them to management.arrow_forwardAuditors are required on every engagement to obtain a representation letter from the client. a. What are the objectives of the client’s representation letter? b. Who should prepare and sign the client’s representation letter? c. When should the client’s representation letter be obtained?arrow_forwardExplain why the decision to accept a client is important and describe the primary features of client acceptance and continuance, including the purpose and content of an audit engagement letter.arrow_forward
- Concerning litigation, claims, and assessments, which of the following is an audit procedure that an auditor Concerning litigation, claims, most likely would perform ? Select one: a. Confirm directly with the client’s lawyer that all litigation, claims, and assessments have been recorded or disclosed in the financial statements. b. Discuss with management its policies and procedures adopted for evaluating and accounting for litigation, claims, and assessments. c. Request the client’s lawyer to evaluate whether the client’s pending litigation, claims, and assessments indicate a going concern problem. d. Examine the legal documents in the client’s lawyer’s possession concerning litigation, claims, and assessments to which the lawyer has devoted substantive attention.arrow_forwardIn making client acceptance and continuance decisions, the auditor will perform various procedures in assessing the client. Which of these would most likely not be one of those procedures? a. obtain background checks on management to assess management integrity b. review regulatory filings and examination reports c. analyze client financial statements and compare to industry metrics d. submit management to a lie detector testarrow_forwardIn addition to obtaining responses to attorney letters, what other procedures can be used to gather audit evidence regarding litigation, claims, and assessments?arrow_forward
- an account should be referred to a professional collection agency ifarrow_forwardWhat is an auditor’s primary method to corroborate information on litigation, claims, andassessments?a. Examining legal invoices sent by the client’s attorney.b. Verifying attorney–client privilege through interviews.c. Reviewing the response from the client’s lawyer to a letter of audit inquiry.d. Reviewing the written representation letter obtained from management.arrow_forwardThe date of the CPA’s opinion on the financial statements of the client should be the date of the: Select one: a. submission of the report to the client. b. closing of the client’s books. c. finalization of the terms of the audit engagement d. completion of all important audit proceduresarrow_forward
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