1. In our first visit to the cooperative, we notice that they dont have an office intended for the
cooperative. Since the members are teachers, we went to the school where they are teaching.
We had our meeting in the schools AVR room
Auditing, Attestation, and Assurance
The single feature that most clearly distinguishes
auditing, attestation, and assurance is
Type of service.
Training required to perform the service.
Scope of services.
CPAs approach to the service.
7. The most common form of audit service is an audit of historical financial
statements, in which the auditor expresses a conclusion as to whether the financial
statements are presented in accordance with an applicable financial reporting
framework such a
Audit and assurance services Assurance services are independent professional
services that improve the quality of information for decision makers. Assurance services
include attestation services, which are any services in which the CPA firm issues a
1. To do an audit, there must be information in a verifiable form and some standards
(criteria) by which the auditor can evaluate the information. The information for Jones
Company's tax return is the federal tax returns filed by the company. The establis
International Standards on Auditing (ISAs) are issued by the International
Auditing and Assurance Standards Board (IAASB) of the International Federation
of Accountants (IFAC) and are designed to improve the uniformity of auditing
practices and related se
The major characteristics of CPA firms that permit them to fulfill their social function
competently and independently are:
Organizational form A CPA firm exists as a separate entity to avoid an employeremployee relationship with its clients. The CPA firm
Why is studying auditing different from studying other accounting topics? How migt understanding
auditing concepts prove useful for consultants, business managers and other business decision
The study of auditing is more conceptual in nature compa
MULTIPLE CHOICE ANSWERS AND SOLUTIONS
Excess from assets pledged with secured
Creditors (P116,000 P70,000)
Liabilities with priority
Free assets after payment of liabilities with priority
OEC Computers UK
Define Bill of Materials
Product Desc.: Sulfuric Acid