Select the best answer for each of the following.
Award: 2 out of 2.00 points
a. Which of the following is not a covered member for an attest engagement under Rule 101 of the AICPA
Code of Professional Conduct?
A partner in
Assignment Print View
11/8/15, 7:14 PM
Award: 1.17 out of 1.17 points
Internal control over cash receipts is weakened when an employee who receives customer mail receipts
prepares initial cash receipts records.
Select the best answer for each of the following items.
Award: 0 out of 1.29 points
a. Which of the following best describes the relationship between assurance services and attest services.
While attest services involve
Award: 1.25 out of 1.25 points
Under common law, auditors are generally liable to the client for:
ordinary negligence, but not gross negligence.
ordinary negligence or gross negligence.
lack of due diligence.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines
internal control as a process. Go to the COSO website for the complete definition.
There are several types of internal controls: preventive controls, detective controls,
Amy Aristo 16
When it comes to success, planning is 90% and execution of the plan is 10%. This holds
true in audit planning as well. GAAS require the auditor to have an understanding of
the client and the industr
Many years ago when companies were very small, it was possible to examine every
transaction in the accounts. As companies grew, that became far too time-consuming and
costly. Auditors provide reasonable, not absolute, assurance that the financial statemen
Once all of the fieldwork is complete, the auditor must review the work papers and form an
opinion about the fairness of the financial statements. Be aware that all throughout the audit,
the work of each staff member is reviewed as soon as it is complete.
The AICPA Code of Professional Conduct has been in existence for many years. The
scandals of the early twenty-first century include Enron, WorldCom, and Tyco. These cases
of fraud have brought the need for adherence to enhanced professional standards to t
Audit planning begins with the decision to accept a new client or retain a current client. Once
the firm decides to accept a new client or continue with a previous client, the firm must
develop a proposal. The proposal details what services the audit firm
The assigned reading will reveal that nearly every audit firm, regardless of its size, has been
sued at some point. It is possible that a lawsuit for a relatively immaterial amount may
require substantial amounts to defend the firm. Many cases where the p
Audits have been in existence since kings desired to be assured that the appropriate amount
of taxes was being collected from the population under their control. Audit is derived from
the Latin word audio, which is a verb meaning to listen. Auditor is the
ACC 411 - Auditing Principles
November 8, y
Due Professional Care & Due Diligence
Legal risks faced by the profession of accounting
There are many risks facing the accounting profession. Examples of potential risks that are
encountered by accou
Assignment Print View
10/25/15, 4:11 PM
Award: 1.42 out of 1.42 points
Before assessing control risk at a level lower than the maximum, the auditor obtains reasonable assurance
that controls are in use and operating effec
ACC 411 Auditing Principles
November 8, y
Why statistical sampling provides better defense
Audit sampling is the means of selecting and evaluating a sample of
items from a collection of items that are relevant to the audit to rep
Cash is the most liquid asset and also the most enticing to thieves. Therefore cash has
inherently high risk associated with it. Under audit, however, it is a very low risk. Cash
carries high risk because of its very nature: The thief does not have to sel