Test Bank for Auditing and Assurance Services 16th Edition by Alvin Arens, Randal Elder, Mark Beasley, Chris Hogan, All Chapters |Complete Guide A+
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Auditing and Assurance Services 16th Edition
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, AUDITING AND ASSURANCE SERVICES 14E BY
ARENS – COMPLETE SOLUTION MANUAL
SOLUTION MANUAL FOR AUDITING AND ASSURANCE SERVICES 14E BY ARENS
SOLUTION MANUAL FOR AUDITING AND ASSURANCE SERVICES 14E BY ARENS
AUDITING AND ASSURANCE SERVICES 14TH EDITION
CHAPTER 1
,1-1 (OBJECTIVE 1-5) EXPLAIN THE RELATIONSHIPS AMONG AUDIT SERVICES, ATTESTATION
SERVICES, AND ASSURANCE SERVICES, AND GIVE EXAMPLES OF EACH.
1-2 (OBJECTIVE 1-3) DISCUSS THE MAJOR FACTORS IN TODAY’S SOCIETY THAT HAVE MADE
THE NEED FOR INDEPENDENT AUDITS MUCH GREATER THAN IT WAS 50 YEARS AGO.
1-3 (OBJECTIVE 1-3) DISTINGUISH AMONG THE FOLLOWING THREE RISKS: RISK-FREE INTEREST
RATE, BUSINESS RISK, AND INFORMATION RISK. WHICH ONE OR ONES DOES THE AUDITOR
REDUCE BY PER- FORMING AN AUDIT?
1-4 (OBJECTIVE 1-4) IDENTIFY THE MAJOR CAUSES OF INFORMATION RISK AND IDENTIFY
THE THREE MAIN WAYS INFORMATION RISK CAN BE REDUCED. WHAT ARE THE
ADVANTAGES AND DISADVANTAGES OF
EACH?
1-5 (OBJECTIVE 1-1) EXPLAIN WHAT IS MEANT BY DETERMINING THE DEGREE OF
CORRESPONDENCE BETWEEN INFORMATION AND ESTABLISHED CRITERIA. WHAT ARE THE
INFORMATION AND ESTABLISHED CRITERIA FOR THE AUDIT OF JONES COMPANY’S TAX RETURN
BY AN INTERNAL REVENUE AGENT? WHAT ARE THEY FOR THE AUDIT OF JONES COMPANY’S
FINANCIAL STATEMENTS BY A CPA FIRM?
1-6 (OBJECTIVES 1-1, 1-7) DESCRIBE THE NATURE OF THE EVIDENCE THE INTERNAL REVENUE
AGENT WILL USE IN THE AUDIT OF JONES COMPANY’S TAX RETURN.
1-7 (OBJECTIVE 1-2) IN THE CONDUCT OF AUDITS OF FINANCIAL STATEMENTS, IT WOULD BE A
SERIOUS BREACH OF RESPONSIBILITY IF THE AUDITOR DID NOT THOROUGHLY UNDERSTAND
ACCOUNTING. HOWEVER, MANY COMPETENT ACCOUNTANTS DO NOT HAVE AN
UNDERSTANDING OF THE AUDITING PROCESS. WHAT CAUSES THIS DIFFERENCE?
1-8 (OBJECTIVE 1-6) WHAT ARE THE DIFFERENCES AND SIMILARITIES IN AUDITS OF FINANCIAL
STATE- MENTS, COMPLIANCE AUDITS, AND OPERATIONAL AUDITS?
1-9 (OBJECTIVES 1-6, 1-7) LIST FIVE EXAMPLES OF SPECIFIC OPERATIONAL AUDITS THAT CAN
BE CONDUCTED BY AN INTERNAL AUDITOR IN A MANUFACTURING COMPANY.
, 1-10 (OBJECTIVES 1-5, 1-6) WHAT KNOWLEDGE DOES THE AUDITOR NEED ABOUT THE CLIENT’S
BUSINESS IN AN AUDIT OF HISTORICAL FINANCIAL STATEMENTS? EXPLAIN HOW THIS
KNOWLEDGE MAY BE USEFUL IN PERFORMING OTHER ASSURANCE OR CONSULTING SERVICES
FOR THE CLIENT.
1-11 (OBJECTIVE 1-7) WHAT ARE THE MAJOR DIFFERENCES IN THE SCOPE OF THE AUDIT
RESPON- SIBILITIES FOR CPAS, GAO AUDITORS, IRS AGENTS, AND INTERNAL AUDITORS?
1-12 (OBJECTIVE 1-8) IDENTIFY THE FOUR PARTS OF THE UNIFORM CPA EXAMINATION.
1-13 (OBJECTIVE 1-5) EXPLAIN WHY CPAS NEED TO BE KNOWLEDGEABLE ABOUT INFORMATION
TECHNOLOGY, INCLUDING E-COMMERCE TECHNOLOGIES.
3. A REPORT STATING WHETHER THE COMPANY HAS COMPLIED WITH RESTRICTIVE
COVENANTS RELATED TO OFFICER COMPENSATION AND PAYMENT OF DIVIDENDS
CONTAINED IN A BANK LOAN
AGREEMENT.
AN ELECTRONIC SEAL INDICATING THAT AN ELECTRONIC SELLER OBSERVES
CERTAIN PRACTICES. A REPORT INDICATING WHETHER A GOVERNMENTAL
ENTITY HAS COMPLIED WITH CERTAIN GOVERNMENT REGULATIONS.
A REPORT ON THE EXAMINATION OF A FINANCIAL FORECAST.
A REVIEW REPORT THAT PROVIDES LIMITED ASSURANCE ABOUT WHETHER
FINANCIAL STATEMENTS ARE FAIRLY STATED IN ACCORDANCE WITH U.S. GAAP.
A REPORT ON MANAGEMENT’S ASSERTION ON THE COMPANY’S LEVEL OF
CARBON EMISSIONS. A REPORT ABOUT MANAGEMENT’S ASSERTION ON THE
EFFECTIVENESS OF CONTROLS OVER THE
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