auditors of PSA (and therefore, independent cabinets) are the firm EY, represented by Jean-Louis Simon and Jérôme de Pastors as well as the firm Mazars, represented by Christian Mouillon and Marc Stoessel. It is important to note that the auditor’s report on financial statements is not an evaluation but just a given opinion. Their responsibility is to express an opinion on those statements. This is what it is explained in the section “opinion on the consolidated financial statements” (Annual Results
Words: 324 - Pages: 2
com/?product=week-2-assignment-and-discussion Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 403 Week 2 Assignment and Discussion, 3-25 (a-c) The following questions concern audit reports other than unqualified audit reports with standard wording. Chose the best reponse. The annual audit of Midwestern Manufacturing revealed that sales were accidentally being recorded as revenue when the goods were ordered, instead of when they were shipped. Assuming
Words: 542 - Pages: 3
amounts associated with an employee fraud scheme. Management does not provide reasonable justification for a change in account principles. The client refuses the auditor permission to confirm certain accounts receivable or apply alternative procedures to verify their balances. The chief executive officer is unwilling to sign the management representation letter. The opinion paragraph of a CPA’s reports states: “ In our opinion, except for the effects of not capitalizing certain lease obligations
Words: 714 - Pages: 3
and are free from material misstatement, whether by error or fraud. 2. There are definitely fraud risk factors present in the 2000 NextCard audit including: rapid growth compared to competitors, lack of an internal audit team, and pressures to report a profitable quarter. NextCard was able to obtain growth so fast because, they were offering rather generous credit policies which attracted many people who could not get credit elsewhere. As a result, NextCard ended up loaning out over one billion
Words: 710 - Pages: 3
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
Words: 414 - Pages: 2
audits. The amendment is made up of two parts which includes disclosing names, locations, and the extent to which other independent accounting firms took part in the audit, as well as disclosing the name of the engagement partner in the auditor's report. Though both issues have definitely caused a stir in the accounting profession, disclosing the name of the engagement partner has sparked many more debates among professionals. While the PCAOB believes that this requirement will be of great help
Words: 757 - Pages: 4
enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligations.” Auditing Standard Guidelines, U.K. Auditor is a very important evaluator of company he reviews and examines financial reports and his report is an important input for taking important decision , hence he needs to be ethical so that company can take true and fair decision . Auditor play a vital role in effecting corporate governance . Role of auditor : In financial accounting
Words: 1521 - Pages: 7
Bhd (MTSB). Mr Idris Junid start to searching problem occured in the company which company had not been paid their salaries on time or their bonusses for the past three years. Idris immediately requested the Corporate Finance Department to submit a report detailing what happened in MTSB on the Turkistan Global Service Project. The job was outsourced to an external auditor Agoos Bagoos. Decision Maker Chief Executive Officer: Mr Idris Bin Junid Advisor: External Auditor (Agos Bagoos) Flight
Words: 829 - Pages: 4
Chapter 3 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. 3-24 a. (3) Unqualified opinion. b. (4) Unqualified opinion with explanatory paragraph. c. (1) Indicate a division of responsibility. 3-25 a. (3) A qualified “except for” opinion or adverse opinion. b. (2) Management does
Words: 958 - Pages: 4
2-16- a. International Standards on Auditing are established by- the International Auditing and Assurance Standards Board b. Which of the following best describes what is meant by U.S. generally accepted auditing standards? Measures of the quality of the auditor’s performance c. The general group of U.S. generally accepted auditing standards includes a requirement that- due professional care be exercised by the auditor d. What is the general character of the three generally
Words: 1171 - Pages: 5
