Auditing Chapter 2

Chapter 2 The CPA Profession 2-1The four major services that CPAs provide are: 1. 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 report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. 2. Accounting and bookkeeping services Accounting services involve preparing the clients financial statements from the clients records. Bookkeeping services include the preparation of the clients journals and ledgers as well as financial statements. 3. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. . Management consulting services These services range from suggestions to improve the clients accounting system to computer installations. 2-2The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid an employer-employee relationship with its clients. The CPA firm employs a professional staff of sufficient size to prevent one client from constituting a significant portion of total income and thereby endangering the firms independence. 2. Conduct A CPA firm employs a professional staff of sufficient size to provide a broad range of expertise, continuing education, and promotion of a professional independent attitude and competence. 3. Peer review This practice evaluates the performance of CPA firms in an attempt to keep competence high. 2-3The Public Company Accounting Oversight Board provides oversight for auditors of public companies, including establishing auditing and quality control standards for public company audits, and performing inspections of the quality controls at audit firms performing those audits. -4The purpose of the Securities and Exchange Commission is to assist in providing investors with reliable information upon which to make investment decisions. Since most reasonably large CPA firms have clients that must file reports with the SEC each year (all companies filing registration statements under the securities acts of l933 and l934 must file audited financial statements and other reports with the S EC at least once each year), the profession is highly involved with the SEC requirements. The SEC has considerable influence in setting generally accepted accounting principles and disclosure requirements for financial statements because of its authority for specifying reporting requirements considered necessary for fair disclosure to investors. In addition, the SEC has power to establish rules for any CPA associated with audited financial statements submitted to the Commission. 2-5The AICPA is the organization that sets professional requirements for CPAs. The AICPA also conducts research and publishes materials on many different subjects related to accounting, auditing, management advisory services, and taxes. The organization also prepares and grades the CPA examinations, provides continuing education to its members, and develops specialty designations to help market and assure the quality of services in specialized practice areas. 2-6Statements on Standards for Attestation Engagements provide a framework for attest engagements, including detailed standards for specific types of attestation engagements. -7The PCAOB has responsibility for establishing auditing standards for public companies, while the Auditing Standards Board (ASB) of the AICPA establishes auditing standards for private companies. The ASB previously had responsibility for establishing auditing standards for both public and private companies. Existing auditing standards were adopted by the PCAOB as interim auditing standards for public company audits. 2-8Generally acce pted auditing standards are ten general guidelines to aid auditors in fulfilling their professional responsibilities. These guidelines include three general standards concerned with competence, independence, and due professional care; three standards of field work including planning and supervision, understanding the entity and its environment, including its internal control, and the gathering of sufficient appropriate evidence; and four standards of reporting, which require a statement as to presentation in accordance with generally accepted accounting principles, inconsistency observed in the current period in relation to the preceding period, adequate disclosure, and the expression of an opinion as to the fairness of the presentation of the financial statements. Generally accepted accounting principles are specific rules for accounting for transactions occurring in a business enterprise. Examples may be any of the opinions of the FASB. 2-9Auditors can obtain adequate technical training and proficiency through formal education in auditing and accounting, adequate practical experience, and continuing professional education. Auditors can demonstrate their proficiency by becoming licensed to practice as CPAs, which requires successful completion of the Uniform CPA Examination. The specific requirements for licensure vary from state to state. 2-10For the most part, generally accepted auditing standards are general rather than specific. Many practitioners along with critics of the profession believe the standards should provide more clearly defined guidelines as an aid in determining the extent of evidence to be accumulated. This would eliminate some of the difficult audit decisions and provide a source of defense if the CPA is charged with conducting an inadequate audit. On the other hand, highly specific requirements could turn auditing into mechanical evidence gathering, void of professional judgment. From the point of view of both the profession and the users of auditing services, there is probably a greater harm from defining authoritative guidelines too specifically than too broadly. -11International Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). ISAs are designed to improve the uniformity of auditing practices and related services throughout the world by issuing pronouncements on a variety of au dit and attest functions and promoting their acceptance worldwide. A CPA who conducts an audit in accordance with GAAS may not comply with ISAs because there may be additional ISA requirements that extend beyond GAAS requirements. 2-12Quality controls are the procedures used by a CPA firm that help it meet its professional responsibilities to clients. Quality controls are therefore established for the entire CPA firm as opposed to individual engagements. 2-13The element of quality control is personnel management. The purpose of the requirement is to help assure CPA firms that all new personnel are qualified to perform their work competently. A CPA firm must have competent employees conducting the audits if quality audits are to occur. 2-14A peer review is a review, by CPAs, of a CPA firms compliance with its quality control system. A mandatory peer review means that such a review is required periodically. AICPA member firms are required to have a peer review every three years. Registered firms with the PCAOB are subject to quality inspections. These are different than peer reviews because they are performed by independent inspection teams rather than another CPA firm. Peer reviews can be beneficial to the profession and to individual firms. By helping firms meet quality control standards, the profession gains if reviews result in practitioners doing higher quality audits. A firm having a peer review can also gain if it improves the firms practices and thereby enhances its reputation and effectiveness, and reduces the likelihood of lawsuits. Of course peer reviews are costly. There is always a trade-off between cost and benefits. 2-15Firms may belong to Center for Audit Quality and the Private Companies Practice Section (PCPS) Firm Practice Center. The mission of the Center for Audit Quality is to foster confidence in the audit process and to aid investors and the capital markets by advancing constructive suggestions for change rooted in the profession’s core values of integrity, objectivity, honesty and trust. The PCPS Firm Practice Center provides practice management resources for firms of all sizes. In addition to these resource centers, the AICPA also provides the Governmental Audit Quality Center and Employee Benefit Plan Audit Quality Center to provide resources for performing quality audits in these unique and complex audit areas. 2-16a. (1)b. (2)c. (3)d. (3) 2-17a. (2)b. (1)c. (2)d. (3) 2-18a. The comments summarize the beliefs of many practitioners about the Sarbanes–Oxley Act and the PCAOB. The arguments against the Act can be summarized as four arguments: 1. Costs of complying with the Act are excessively high, especially the requirement to report on internal control over financial reporting, and will discourage companies from becoming public companies. 2. Relative cost for local audit firms is excessively high. 3. Additional oversight is not needed because sufficient quality controls have already been implemented by most audit firms. 4. Three other things already provide assurance of adequate quality: a competitive economic environment, legal liability, and auditing standards. To support these comments, it can be argued that the profession has generally functioned well with relatively little controversy and criticism. The arguments against these comments are primarily as follows: 1. Reporting on the effectiveness of internal control over financial reporting will provide benefits in improved controls, resulting in higher quality financial reporting and reduced losses from fraud. 2. The increased confidence in financial reporting will increase access to capital and lower the cost of capital by reducing information risk. 2-18 (continued) 3. Changes in the scope of CPA practices and other threats to audit quality required government regulation. 4. Regulation of public company audits will not affect most audit firms that do not have public company audit clients. b. There is no correct answer to this question. Different people reach different conclusions, depending on the weights put on the various arguments. Time is needed to effectively assess both the costs and benefits of the Act. 2-19a. Engagement performance . Human resources c. Engagement performance d. Engagement performance e. Relevant ethical requirements f. Monitoring g. Acceptance and continuation of clien ts and engagements h. Human resources i. Human resources j. Leadership responsibilities 2-20a. Rossi and Montgomerys primary ethical consideration is their professional competence to perform all of the audit work for filing with the SEC. In addition, if Rossi and Montgomery have performed bookkeeping services or certain consulting services for Mobile Home, they will not be independent under PCAOB and SEC independence requirements. The firm must also be a registered firm with the PCAOB. b. The filing with the SEC, in addition to normal audited financial statements, will require completion and registration with the SEC of Form S-1 which includes an audited summary of operations for the last five fiscal years as well as many additional schedules and descriptions of the business. Each quarter subsequent to the filing, Form 10-Q must be filed; and within 90 days of the end of each fiscal year Form 10-K must be filed with the SEC. In addition, Form 8-K must be filed whenever significant events have occurred which are of interest to public investors. These forms must be filed in conformity with Regulation S-X, which requires considerable disclosures in addition to those normally required in audited financial statements. 2-21 BRIEF DESCRIPTION OF GAAS |HOLMES ACTIONS RESULTING IN FAILURE TO COMPLY WITH GAAS | |GENERAL STANDARDS | | |The auditor must have adequate technical training and |It was inappropriate for Holmes to hire the two students to conduct | |proficiency to per form the audit. |the audit. The audit must be conducted by persons with proper | | |education and experience in the field of auditing. Although a junior | | |assistant has not completed his formal education, he may help in the | | |conduct of the audit as long as there is proper supervision and | | |review. |The auditor must maintain independence in mental attitude|To satisfy the second general standard, Holmes must be without bias | |in all matters relating to the audit. |with respect to the client under audit. Holmes has an obligation for | | |fairness to the owners, management, and creditors who may rely on the | | |report. Because of the financial interest in whether the bank loan is | | |granted to Ray, Holmes is independent in neither fact nor appearance | | |with respect to the assignment undertaken. |The auditor must exercise due professional care in the |This standard requires Holmes to perform the audit with due care, | |performance of the audit and the preparation of the |which imposes on Holmes and everyone in Holmes organization a | |report. |responsibility to observe the standards of field work and reporting. | | |Exercise of due care requires critical review at every level of | | |supervision of the work done and the judgments exercised by those | | |assisting in the audit. Holmes did not review the work or the | | |judgments of the assistants and clearly failed to adhere to this | | |standard. | 2-21 (continued) |BRIEF DESCRIPTION OF GAAS |HOLMES ACTIONS RESULTING IN FAILURE TO COMPLY WITH GAAS | |STANDARDS OF FIELD WORK | | |The auditor must adequately plan the work and must |This standard recognizes that early appointment of the auditor has | |properly supervise any assistants. advantages for the auditor and the client. Holmes accepted the | | |engagement without considering the availability of competent staff. In| | |addition, Holmes failed to supervise the assistants. The work | | |performed was not adequately planned. | |The auditor must obtain a sufficient understanding of the|Holmes did not obtain an understanding of the entity or its internal | |entity and its environment, including its internal |control, nor did the assistants obtain such an understanding. There | |control, to assess the risk of material misstatement of |appears to have been no audit at all. The work performed was more an | |the financial statements whether due to error or fraud, |accounting service than it was an auditing service. | |and to design the nature, timing, and extent of further | | |audit procedures. | | |The auditor must obtain sufficient appropriate audit |Holmes acquired no evidence that would support the financial | |evidence by performing audit procedures to afford a |statements. Holmes merely checked the mathematical accuracy of the | |reasonable basis for an opinion regarding the financial |records and summarized the accounts. Standard audit procedures and | |statements under audit. |techniques were not performed. | |STANDARDS OF REPORTING | | |The auditor must state in the auditor’s report whether |Holmes report made no reference to generally accepted accounting | |the financial statements are presented in accordance with|principles. Because Holmes did not conduct a proper audit, the report | |generally accepted accounting principles (GAAP). should state that no opinion can be expressed as to the fair | | |presentation of the financial statements in accordance with generally | | |accepted accounting principles. | 2-21 (continued) |BRIEF DESCRIPTION OF GAAS |HOLMES ACTIONS RESULTING IN FAILURE TO COMPLY WITH GAAS | |The auditor must identify in the auditor’s report those |Holmes improper audit would not enable him to determine whether | |circ umstances in which such principles have not been |generally accepted accounting principles were consistently applied. |consistently observed in the current period in relation |Holmes report should make no reference to the consistent application | |to the preceding period. |of accounting principles. | |When the auditor determines that informative disclosures |Management is primarily responsible for adequate disclosures in the | |are not reasonably adequate, the auditor must so state in|financial statements, but when the statements do not contain adequate | |the auditor’s report. |disclosures the auditor should make such disclosures in the auditors | | |report. In this case both the statements and the auditors report lack| | |adequate disclosures. |The auditor must either express an opinion regarding the |Although the Holmes report contains an expression of opinion, such | |financial statements, taken as a whole, or state that an |opinion is not based on the results of a proper audit. Holmes should | |opinion cannot be expressed, in the auditor’s report. |disclaim an opinion because he failed to conduct an audit in | |When the auditor cannot express an overall opinion, the |accordance with generally accepted auditing standards. | |auditor should state the reasons therefor in the | | |auditor’s report. In all cases where an auditors name is| | |associated with financial statements, the auditor should | | |clearly indicate the character of the auditors work, if | | |any, and the degree of responsibility the auditor is | | |taking, in the auditor’s report. | | 2-22a. International auditing standards. b. PCAOB auditing standards. c. PCAOB auditing standards (reporting in the U. K. will be under international auditing standards). d. Generally accepted auditing standards. e. International auditing standards. f. PCAOB auditing standards (due to the publicly-traded debt). 2-1International Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board (IAASB (http://www. ifac. org/IAASB/). Visit the IAASB’s website to answer the following questions: 1. What is the primary objective of the IAASB? Answer: The objective of the IAASB is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. International Standards on Auditing (ISA) are used by auditors in countries that have adopted ISAs as their auditing standards. 2. What is the IAASB’s due process that it follows when setting standards? Answer: The IAASB follows a due process in setting standards. The standards-setting Public Interest Activity Committees (PIAC) identify new projects based on review of international developments and consultation with the Public Interest Oversight Board. †¢ The project may be assigned to a task force, which considers whether to hold a public forum or roundtable. †¢ Dra ft pronouncements are exposed for a minimum of 90 days. †¢ The task force considers all comments and whether re-exposure is needed. †¢ The PIAC votes on the approval or withdrawal of the pronouncement. Affirmative vote of at least two-thirds of the members, but not less than 12, is required to approve an exposure draft. Internet Problem 2-1 (continued) 3. The IAASB is committed to transparency. How does the IAASB make public information related to standards setting activities? Answer: The IAASB is committed to transparency. Where practicable, meetings are broadcast over the Internet or recorded. Meeting agendas and minutes are published on the International Federation of Accountants (IFAC) website. All exposure drafts are subject to public exposure for a minimum of 90 days. (Note: Internet problems address current issues using Internet sources. Because Internet sites are subject to change, Internet problems and solutions may change. Current information on Internet problems is available at www. pearsonhighered. com/arens).

Morden dance final Assignment Example | Topics and Well Written Essays - 1500 words

Morden dance final - Assignment Example Alvin and his mother, Elizabeth, shifted to Navasota, Texas when he was only six years old. As for his education, he attended a school for the whites, where he felt so much discriminated and undermined, as there was so much of racism. He attended a church for the blacks named as Black Baptism Church. Here, only people of a specific race were accommodated. This also happened in theatres and anything that surrounded the place. In their childhood therefore, Ailey and his generation mates grew feeling singled out from the society. Ailey and his mother moved from Navasota to Los Angeles in the year 1942 (Gitenstein 12-14). The ensuing part of his childhood seemed better as his mother got a better job with an aircraft factory and Ailey joined high school as a result. In high school, Ailey decided to join football players in the school’s gymnastics team. This was due to his great passion for athletics in those times. Though Ailey never believed in himself when it came to dancing skills, he always admired the dancers as he watched them perfect their dancing skills at school. He also loved the music that he used to hear at the local dancehalls. His favorite dancers were Gene Kelly, who were in the industry for over fifty years, from 1912 to 1996, and Fred Astaire, from 1899 to 1987 (Gitenstein 16-19). He made up his mind to take part in the dancing lessons that were going on at a neighbor’s home. Ailey’s strong passion for dancing was created after visiting a modern dance school, which was operated by Lester Horton. He was persuaded to make the visit by his good friend called Carmen. There he realized that the dance company was the first and only institution to acknowledge members from any race. To him, it was much pleasing to be in a place where racism is not an issue of concern. Ailey decided to train there as a dancer for a whole month. What inspired him even more was the performa nce of Ballet Carlo and

The Virtual Memory Manager Assignment Example | Topics and Well Written Essays - 750 words

The Virtual Memory Manager - Assignment Example The virtual memory is created by the operating systems when the computer does not have enough memory when it comes to executing a program. As mentioned earlier, the hard disk and the Random access Memory are in charge of data storage. On the operating system, the applications which are executed the data is kept in the RAM, this is to ensure that the data is accessed quickly for processing. The RAM can be easily be accessed as compared to the hard disk and CD-ROM. The data in the RAM is only accessible when the computer is running (Andrews, 2007). In case of a power shut down or the computer is shut down, all the data in the RAM are lost, and the operating system is gaining loaded into again into the RAM. The physical memory is a non-volatile memory this means it has the capabilities of storing the data even if the computer is not powered. The hard dismiss made of spherical disks known as platters which store magnetic data. The data are written, and it is later read using the read and write heads. The virtual memory comes into place when the system units lack enough the RAM space to execute an application; the virtual memory is used to transfer data from the to the paging file that frees up space in Random Access Memory. A certain portion of the physical memory is used in the storage of files (Carr, 2008). ... This is because there is a resource sharing of the available memory this increases the efficiency of the machine over time. The application, which shares the virtual memory, does trade the protection of the different address spaces for efficiency of communication. This also reduces the consumption of the physical memory. The virtual memory allows the sharing of the files and the memory by the multiplication process, with several benefits the system libraries can also be shared by mapping into the virtual address space of more than one activity (Andrews, 2008). The activities can also share the virtual memory by mapping the same block of memory for more than an activity; the activity page can be shared during the folk time, which eliminates the need to copy all the pages of the initial activity. The virtual memory architecture deals with various advantages over that system that make the physical memory visible to programs. However, one of the main drawback is the increased number of t he increased number of the physical memory which are vital for each virtual address reference. If the two approaches are combined, the additional memory reads are needed. The operating system divides the physical memory into different partitions, the partitions can be of different sizes. Each partition can be given to a process as a virtual address space. The memory management unit of the central processing contains a relocation registers. Whenever the thread tries to access the memory location, the value of the transfer register is added to the virtual memory address which is referred to as dynamic binding. This process translates the memory address into the physical address

Symbolism of the Conch in Lord of the Flies by William Golding :: Lord of the Flies William Golding Conch Essays

Symbolism of the Conch in Lord of the Flies by William Golding In William Golding's Lord of the Flies the Conch represents power and order. Power is represented by the fact that you have to be holding it to speak, and Order is displayed by the meetings or gatherings that its used to call and hold. The Conch's power is presented in the very beginning on pg 22 as the children vote for Ralph to be chief just because he was the one with the Conch. ' "Him with the shell." "Ralph! Ralph!" "Let him be chief with the trumpet thing" ' this excerpt from pg 22 shows how everybody seems to think that power, responsibility and leadership skills comes from the Conch. Another Example of the Conch's Power is the fact that through out the book the conch is the only tool that can call a meeting and wherever the Conch is thats where the meeting is. No other symbol in Lord of the Flies holds so much power. This is one of the reasons that Jack Merridew disrespects the Conch. He wants to break the spell the symbol has on everybody. He wants to prove that he is the rightful leader. The Conch also displays order through the rule that you must have the Conch to Speak in an assembly or meeting. "And another thing. We can't have everybody talking at once. We'll have to have 'hands up' like at school." At first everyone thinks that this is the best method to maintain order but soon they find out how quickly the power of the conch is abused by Ralph and Jack. On pg 89 While Simon is trying to speak Ralph and Jack try to get him to sit down. " 'Sit down' 'Shut up' 'take the Conch!' 'Sod you' ' Shut up!' " This shows early on that the Order is starting to fall apart, fortunatly Ralph doesn't become a corrupt leader he keeps his head on straight which causes the others to get restless. They want to have fun but Ralph being the leader doesn't have a choice some things need to be done in order to stay civilized. Jack on the other hand decides to separate and build his own "Tribe" he uses catchy words like "We'll hunt and have fun" but in actuality Ralph's group which is declining is the safer and the more fun of the two. Here's an excerpt on pg 92 that shows that Ralph is losing control of Jack and the Conch is loosing its effect on the other

Foxbridge News Essay

Yesterday there is a quarry enquiry go around Foxbridge, the quarry is about limestone. Different people from different group have done the enquiry, lots different opinion has said by the people from the different group. A spokesperson from the living limestone company said that the quarry will create lots of jobs for local people, which can decrease the number of people who don’t have a job and more local jobs would bring more people to live in Foxbridge, so they can spend some of their money in the village. A head teacher of Foxbridge Village primary school said the school is threatened with closure because they have so few children, and that the quarry can help the school get more students, because the quarry workers may move to the village, so their children can go to their school. the local sheep farmer said that they hoping to buy the land of the proposed quarry, because it is very fertile and suitable for growing many crops, and that can increase their year income for g rowing more and better crops. The quarry can make new people come into the village, the Parish Council member says that the new people come into the village can help out with the Parish Council. The student who studying GCSE economics analyse that last year in Britain, we exported more limestone that we imported. So we made money from selling limestone and can helped the economy. But also the quarry also will be a blot on the landscape. So people will stop visiting the village and not spending their money in the shops. So we can see the quarry can bring a large effect on the economy. The Living limestone company spokesperson also says that after they finished digging they will create a fishing lake from the quarry, which can benefit the local people and their entertainment. The caving keeps some local young people off the streets and away from alcohol and cigarettes; this will be a good advantage. But the quarry also can bring some social problems. The quarry will be noisy and dusty, its can affect the quality of student’s study, and also bring disadvantage to the farmers. During the quarry, huge Lorries will pass the house and cause inconvenient to people who live in the street. The quarry may also damage the underground cave system around Foxbridge, the caver says that the blasting could cause accidents if people were in nearby caves at the time. The big problem with environment is that the quarry can affect local wildlife. The Visit  Foxbridge spokesperson says â€Å"we have a duty to preserve the beauty of the area for the future.† Which means the quarry can destroy the area/village, and affect that less tourists come to the village every year.

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When The No Child Left Behind Act ( Nclb ) - 1865 Words

Before The No Child Left Behind Act (NCLB) Before to the ratification of NCLB, the two main policies in effect relating to ESL students were The Elementary and Secondary Education Act (ESEA) and the Bilingual Education Act (Title VII of the ESEA) (Menken, 2010). The ESEA was put into action in the United States as a way to make sure that those who cannot afford to pay to go to school will have to opportunity to go to school and receive an education. The ESEA is the primary law that funds the pubic school system for kindergarten through twelfth grade. The Bilingual Education Act also provided the much-needed recognition that a student’s limited language can create a barrier to their education. The Bilingual Education Act (BEA) also set standards that required all schools to provide services that provided language support to non-native English speakers. The goal of this act was to provide defined support for all ELLs, as a way to even the playing field between native English spe akers and non-native English speakers. The NCLB Act As a result of passing the NCLB Act the United States got rid of the Bilingual Education Act, while NCLB appeared to have the same outcome goals as the Bilingual Education Act, that is not really the case. The NCLB Act took the place of the Bilingual Education Act, through the articles of Title III. Title III’s purpose was to require all ELLs to take the same standardized tests as native English speakers as well as a language proficiency test. TheShow MoreRelatedThe No Child Left Behind Act Of 2001 ( Nclb )1227 Words   |  5 PagesThe No Child Left Behind Act of 2001 (NCLB) is a United States Act of Congress that is a reauthorization of the Elementary and Secondary Education Act, which included Title I, the government s flagship aid program for disadvantaged students. 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