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Acct Week 1 Hw

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2-16 A. 2 International Auditing and Standards Board B. 2 Measures of the quality of the auditors performance C. 3 Due professional care be exercised by auditor D. 3 The Criteria of audit planning and evidence gathering
2-17
A. 2 Having appropriate system of quality control B. 1 yes, yes, yes C. 2 yes, yes, yes D. 3 Provide reasonable assurance that the integrity of the client is considered

2-19 A. Engagement Performance B. Monitoring C. Acceptance and Continuation of clients and engagements D. Engagement Performance E. Engagement Performance F. Engagement Performance G. Relevant Ethical Requirement H. Human Resources I. Human Resources J. Leadership Responsibilities

2-20 A. They first need to make sure that they understand rules and regulations of filing with the SEC. They must also do their research on mobile homes to ensure they have a good understanding of the industry. B. There are a lot of specific forms that need to be filed with the SEC when compared to dealing with a private company. Financial statements need to be reviewed. They will have to file form S-1 if they plan to issue new securities, form 8-K reports significant events that are of interest to investors, form 10-K filed annually 60-90 days after close of fiscal year, form 10-Q filed quarterly contains certain financial information and requires auditor reviews

3-23 A. 2 The report includes additional paragraphs for the definition and limitations of internal control B. 3 completion of all important audit procedures C. 3 portion of the financial statements audited by the other auditor

3-25 A. 3 a qualified “except for” opinion or adverse opinion B. 2 Management does not provide reasonable justification for a change in accounting principles C. 3 Qualified Opinion

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