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TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Whittington & Pany, All Chapters 1 - 21 Covered, Verified Latest Edition$17.99
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Principles Of Auditing And Other Assurance Service
Principles Of Auditing And Other Assurance Service
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TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Whittington & Pany, All Chapters 1 - 21 Covered, Verified Latest Edition
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Principles Of Auditing And Other Assurance Service
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Principles Of Auditing And Other Assurance Service
TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Whittington & Pany, All Chapters 1 - 21 Covered, Verified Latest Edition TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Whittington & Pany, All Chapters 1 - 21 Covered, Verified Late...
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Test w Bank w for w Principles w of w Auditing w and w Other w Assurance w Services w 22nd
w Edition w by w Ray wWhittington, w Kurt w Pany w 2024 w A+
1) Accountants w are w regulated w by w a w variety w of w organizations. w Match w the
w statements w with wthe w most w directly w related w organization:
● Accounting w and w Review w Services w Committee.
● American w Institute w of w Certified w Public w Accountants.
● Auditing w Standards w Board.
● Federal w Accounting w Standards w Advisory w Board.
● Financial w Accounting w Standards w Board.
● General w Accounting w Office.
● Government w Accounting w Standards w Board.
● Public w Company w Accounting w Oversight w Board.
● Securities w and w Exchange w Commission.
● State w Boards w of w Accountancy.
Organizations w may w be w used w once, w more w than w once, w or
w not w at w all. wStatements Organizations
A. Develops w accounting w standards
w for w public w and w nonpublic
w companies.
B. Develops w accounting w standards w for w the w U.S. w Government.
C. Improves w standards w of w financial w accounting w for w state
w and w local wgovernment w entities.
D. Issues w auditing w standards w for w public w companies.
E. Issues w CPA w certificates.
F. Prepares w the w CPA w exam.
Organizations: w American w Institute w of w Certified w Public w Accountants, w Federal
w Accounting wStandards w Advisory w Board, w Financial w Accounting w Standards w Board,
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w Government
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Accounting w Standards w Board, w Public w Company w Accounting w Oversight w Board,
w State w Boards wof w Accountancy.
2) The w Sarbanes-Oxley w Act w of w 2002 w made w significant w reforms w for w public
w companies wand w their w auditors.
a. Describe w the w events w that w led w up w to w the w passage w of w the w Act.
b. Describe w the w major w changes w made w by w the w Act.
3) Many w people w confuse w the w responsibilities w of w the w independent
w auditors w and w the wclient's w management w with w respect w to w audited w financial
w statements.
a. Describe w management's w responsibility w regarding w audited w financial w statements.
b. Describe w the w independent w auditors' w responsibility w regarding w audited
w financial wstatements.
c. Evaluate w the w following w statement: w "If w the w auditors w disagree w with
w management wregarding w an w accounting w principle w used w in w the w financial
w statements, w the w auditors w should wexpress w their w views w in w the w notes w to w the
w financial w statements."
4) An w investor w is w considering w investing w in w one w of w two w companies. w The
w companies w have wvery w similar w reported w financial w position w and w results w of
w operations. w However, w only w one w of w the w companies w has w its w financial
w statements w audited.
a. Describe w what w creates w the w demand w for w an w audit w in w this w situation.
w Include w a wdiscussion w of w how w audited w financial w statements w facilitate w this
w investment w transaction, w and wthe w effect w of w the w audit w on w business w risk w and
w information w risk.
b. Identify w the w potential w consequences w to w the w company w of w not w having
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w its w financial wstatements w audited.
5) A w summary w of w findings w rather w than w assurance w is w most w likely w to w be
w included w in w a(n):
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