The financial statement assertions are:
Assertions about account balances:
Existence-assets, liabilities, and equity interests exist.
Completeness-all assets, liabilities and equity interests have been recorded.
Rights and obligations-the entity holds or
The Number of the Topic
1. Financial statements of a small business
to be submitted to a bank in support of a
2. Financial statements of a large bank listed
on the New York Stock Exchange to be
distributed to stockholders
3.Review of the
Planning the Audit; Linking Audit Procedures to Risk
Highlights of the Chapter
Although specific audit procedures vary form one audit to the next, the fundamental
Plan the audit.
Obtain an understanding of the cli
1 28. Multiple Choice Questions Select the best answer for each of the following items and give reasons
for your choice.
a. Which of the following best describes the relationship between assurance services and attest
( 1) While attest services i
HW Chapter 4
Question 4 30
Assume that in a particular audit the CPAs were negligent but not grossly negligent. Indicate whether
they would be liable or not liable for the following losses proximately caused by their negligence
and determine that
HW Chapter 2
What are the duties and responsibilities of the Public Company Accounting Oversight Board?
The duties and responsibilities of the Public Company Accounting Oversight Board include:
Conduct inspections of register
HW Chapter 3
Question 3 27
Jenko Corp. is an audit client of the Phoenix office of Williams and Co., CPAs. Williams and Co.
has offices in Arizona, including ones in Phoenix, Tucson, and Tombstone. For purposes of
independence, the AICPA requires