![]() (b) The term " we are not aware of any material modifications that should be made" is often included in the report ![]() ![]() (a)When financial statements are involved, this is referred to as an audit If the statement does not relate to examinations, reviews, or agreed-upon procedures, select None. For each of the following statements, indicate whether it relates to an examination (E), review (R), or agreed-upon procedures (A) engagement. (n) auditing for compliance with laws and regulationsĬPAs become involved in a variety of types of engagements. (l) bankers and short term creditors as principal users of audit reports (k) generally accepted auditing standards (j) concern about fraudulent financial reporting (I) influence of stock exchanges and the investing public upon use of independent auditors (h) fairness of reported earnings per share (f) audit procedures to prevent or detect fraud on the part of all employees and managers (e) determination of fairness of financial statements (d) emphasis upon use of sampling techniques (c) auditor's attention concentrated on balance sheet Classify the following phrases into two groups: (1) phrases more applicable to an audit performed in 1900 and (2) phrases more applicable to an audit performed today. Consequently, the nature of an audit today is quite different from that of an audit performed in the year 1900. Auditing and Assurance Practice Committee Statement No.The role of the auditor in the American economy has changed over the years in response to changes in our economic and political institutions.On the Setting of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting (Council Opinions) (PDF/134P/690KB).This requirement is modeled after the one provided by Section 404 of the Sarbanes-Oxley Act, though with modifications in consideration of the experiences in the U.S. ![]() (3) Audit on internal control over financial reporting The FIEA requires listed companies to prepare an Internal Control Report and to have it audited. Additionally, quarterly financial statements included in the quarterly reports need to be reviewed by an independent CPA. (2) Review of quarterly financial statements The FIEA requires listed companies to submit quarterly reports. An independent auditor's report expresses an opinion as to the fairness of the presentation of the company's results of operations, financial position, and its cash flow, in accordance with the generally accepted accounting principles (GAAP) in Japan. (1) Audit requirements under the FIEA Filed financial statements must be audited by an independent CPA in accordance with Japanese GAAS.
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