10. When contrasting a review and a compilation, which of the following is true? *A review provides negative assurance and a compilation provides no assurance. 11. Management assertions *implied or expressed representations about the accounts in the
City of Smithville Balance Sheet Governmental Funds 31-Dec-05
General Assets Cash Taxes Receivable-Delinquent Less: Estimated Uncollectible Delinquent Taxes Interest and Penalties Receivable on Taxes Less:Estimated Uncollectible Interest and Penalti
Internal Control for Public Companies Notes: (Ch6)
Internal Control is a process affected by management, board of directors and other personnel of an entity to
provide reasonable assurance that an entity achieves its objectives in the following categories
AC 423 Auditing & Assurance Services
Exam 1 Review
Outline of Important Topics by Chapter:
1. Why do auditors use sampling?
2. Define materiality. What is the relationship between materiality and the amount of evidence
accumulated? For instance,
The auditors should count small petty cash funds at year-end to make sure that
balance is not understated on the financial statements.
Control over the receipt of cash sales is best achieved when two or more employees
participate in each
Auditing and Assurance Services
Look at learning objectives in each chapter and the problems it suggests
If you understand the terms and work through the learning objectives and understand the
difference in auditing, assurance, and attestation, the
Chapter 5 Assertion Worksheet KEY
1) Below are five audit procedures, all of which are tests of balances associated with the audit of
accounts receivable. Also below are the eight general balance-related audit objectives and the
four management assertions
AICPA Code of Professional Conduct
4 Exceptions to Confidentiality:
Examples of Acts Discreditable:
Independence (AICPA Rule 101)
a. _ in client during t
What is Internal Auditing?
an independent, objective _ &
_ activity designed to add value to improve
an organizations operations. It helps an
organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and
Go beyond _ ethics
to examine the importance of
_ ethics & character.
What is Ethics?
an _ _ of _
_ within a specific context
Can Ethics Be Taught?
Ethics: Why So Complicated?
A Real-World Case Study
The Need for Structure
Exam 1 Review Sheet
AC 432 Introduction to Auditing, Assurance, & Governance
DeZoort - Fall 2016
Intro to AAA & Governance
Corporate governance defined, key players, why needed
Assurance, attestation, and auditing
Types of audits and auditors
Demand for a
What is _?
the process and structure used to direct and
manage the business entity considering
various _ interests
Why do we need corporate governance?
- to achieve _
- to ensure _
_ Want Assurance
= professional services that improve
_ Statements on
_ Auditing Stds
Stds on Auditing
Generally Accepted Auditing Standards
Definition of internal control (IC) and how IC relates to audit
A system of internal control is designed and carried out be an entitys BOD,
management, and other personnel to provide reasonable assurance about the
There are many accounting issues in the industry of supplying office products and services. We have listed some of these in the following: Receivables may be affected by an economic decrease in the U.S. or internationally; in addition, an allowance f
are the'f0.ur cardihaf virtues?
' UUiSdom -_ I
How do they map into our profession?
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Gum. *-'-"-0s-uc-PR0 "C026 Key Takeaways?
AC 432 Important Topics
Be sure you understand appropriate key terms and can answer the review questions and multiple
choice questions at the end of each chapter. Focus on questions related to important topics.
Definition of internal control (IC