Chapter 1 Homework

Chapter 1 Homework - Liza Brice Colleen Robie Chapter 1...

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Liza Brice Colleen Robie Chapter 1 Auditing 1-10 Compliance Audit vs Operational Audit Compliance audit “is dependent upon the existence of verifiable data and of recognized criteria or standards, such as established laws and regulations, or an organizations policies and procedures.” (Auditing Volume 1 page 15) Operational audit “is a study of a specific unit of organization for the purpose of measuring its performance.” (Auditing Volume 1 page 15) 1-28 Multiple Choice a. 3 b. 1 c. 1 d. 2 e. 4 f. 4 g. 3 h. 4 i. 2 j. 4 k. 2 l. 3 1-35 Research a. The main argument is that there are public accounting firms who sell ownership interests to individuals who aren’t in public accounting through incorporating as a traditional corporation is that CPA’s shouldn’t have full control or a monopoly on the auditing front of accounting. To have a monopoly is allowing the company to make whatever price they want for their services provided; it allows them to control that market and doesn’t allow for any wiggle room to companies who are outside of the monopoly. As said in
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This note was uploaded on 01/17/2011 for the course ACCT 420 taught by Professor Butt during the Spring '10 term at Champlain.

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Chapter 1 Homework - Liza Brice Colleen Robie Chapter 1...

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