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Unformatted text preview: eir children. She has ﬁnanced most of her
operations from private contributions. Ms. Thompson applied to the State Health and Human
Services Department requesting a large grant to expand her two shelters to accommodate
more women. In completing the grant application, Ms. Thompson discovered that the state’s
laws for government grants require that recipients be audited to ensure that existing funds
are being used appropriately. Ms. Thompson hired a CPA to audit the center’s ﬁnancial statements. Based on the center’s activities, the intended use of the funds, and the auditor’s
report, the grant was approved. 3 mes25435_ch01_001-032.indd
mes25435_ch01_001-032.indd 3 26/05/11 9:24 PM Conﬁrming Pages 4 Part 1 Introduction to Assurance and Financial Statement Auditing Conway Computer Company is a wholesaler of computer products. The company was started by George
and Jimmy Steinbuker ﬁve years ago. Two years ago, a venture capital ﬁrm acquired 40 percent of the
company and thus...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.