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During 2013, WRS changed its method of preparing its financial statements from the cash basis to generally accepted accounting principles.
A CPA firm should decrease acceptable audit risk for audit clients when external users rely heavily on the statements.
Explain how audit risk and materiality are related and why they need to be considered together in planning an audit.
Explain what is meant by the term acceptable audit risk. What is its relevance to evidence accumulation?
What is meant by the term quality control as it relates to a CPA firm?
What is the main objective of the audit of an entity's financial statements?
What is the process the AICPA Auditing Standards Board (ASB) uses to develop AICPA auditing standards?
Briefly describe each of the principles underlying AICPA auditing standards and indicate how the action(s) of Holmes resulted in a failure to comply .
List the eight parts of a standard unqualified audit report for a nonpublic entity and explain the meaning of each part.
What are the purposes of the opinion paragraph in the auditor's report? Identify the most important information included in the opinion paragraph.
On February 17, 2014, a CPA completed all the evidence gathering procedures on the audit of the financial statements for the Buckheizer Technology Corporation.
What four circumstances are required for a standard unqualified report to be issued?
Describe what is meant by reports involving the use of other auditors. What are the three options available to the primary auditor responsible for the opinion.
List the three conditions that require a departure from an unqualified opinion and give one specific example of each of those conditions.
Define materiality as it is used in audit reporting. What conditions will affect the auditor's determination of materiality?
Explain how materiality differs for failure to follow GAAP and for lack of independence.
Distinguish between a report qualified as to opinion only and one qualified due to a scope limitation.
Discuss why the adoption of international accounting and auditing standards might be beneficial to investors and auditors.
In our opinion, the financial statements present fairly" rather than "The financial statements present fairly
We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2013.
Identify which of the conditions requiring a modification of or a deviation from an unqualified standard report is applicable.
What type of audit opinion did Yahoo's auditor provide for the financial statements and for internal controls over financial reporting?
Describe an ethical dilemma. How does a person resolve an ethical dilemma?
What organization is responsible for developing ethics standards at the international level?
Explain how the rules concerning stock ownership apply to partners and professional staff