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Solutions for 1 - Auditing and Assurance Services 15th Canadian Edition Arens
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Solutions for 1 - Auditing andAssurance Services 15th Canadian
Edition Arens
In an attestation engagement, a CPA practitioner is engaged to - ANSPrepare a written report
containing a conclusion about the reliability of a management assertion.
Bankers who are processing loan applications from companies seeking large loans will probably
ask for financial statements audited by an independent CPA because - ANSThey generally see
a potential conflict of interest between company managers who want to get loans and the bank's
needs for
reliable financial statements.
The objective in an auditor's review of credit ratings of a client's customers is to obtain evidence
related to management's assertion about - ANSValuation and allocation
Jones, CPA, is planning the audit of Rhonda's Company. Rhonda verbally asserts to Jones that
all expenses for the year have been recorded in the accounts. Rhonda's representation in this
regard - ANSIs not considered a sufficient basis for Jones to conclude that all expenses have
been recorded.
The Sarbanes-Oxley Act of 2002 generally prohibits public accounting firms from - ANSActing in
a managerial decision-making role for an audit client, auditing the firm's own work on an audit
client, and providing tax consulting to an audit client without audit committee approval.
Substantial equivalency refers to - ANSPermitting a CPA to practice in another state without
having to obtain a license in that state.
When auditing an investment in another company, an auditor most likely would seek to conduct
which audit procedure to help satisfy the valuation assertion? - ANSObtain market quotations
from The Wall Street Journal or another independent source.
Following is a list of various professional services. Identify each by its apparent characteristics
as audit engagement, attestation engagement, or assurance engagement. Because audits are a
subset of attestation engagements, which are a subset of assurance engagements, choose the
most specific description. - ANS
Real estate demand studies - ANSAssurance
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