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006 - 23 24 25 In the article"Going Global" the...

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Unformatted text preview: 23. 24. 25. In the article, "Going Global", the author explains that: (a) International financial accounting standards will be adopted in Canada. (b) a more flexible regime (of GAAP) for private companies and not- for- ~profit organizations will be adopted. (c) the converging of Canadian GAAP with US GAAP will be abandoned. @all of the above. If the auditor assesses the risk of illegal acts for an entity to be low, the following audit procedures would normally be u rtaken: ‘ip substantive procedures designed specifically to detect illegal acts. (b) tests of controls of the system for monitoring illegal acts. (c) enquiry procedures and a management representation. (d) all of the above The auditor's responsibility for accounting estimates is normally to: (a) prepare accounting estimates based on economic conditions. (b) consider accounting estimates in the context of the financial statements as a whole. (c) consult with a specialist to be able for audit accounting Astimates. .551) and (b) only. ...
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