Categories
Uncategorized

ACC302 Principles of Auditing : Financial Statements Analysis

$20 Bonus + 25% OFF

Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!

Students Who Viewed This Also Studied

ACC302 Principles of Auditing

Questions:

Q1 A.Spacecraft, Inc., is a large corporation that is audited regularly by a public accounting firm but also maintains an internal auditing staff. Explain briefly how the relationship of the public accounting firm to Spacecraft differs from the relationship of the internal auditing staff to Spacecraft.

B.Feller the sole owner of a small hardware business, has been told that the business should have its financial statements audited by an independent CPA. Feller, having some bookkeeping experience, has personally prepared the company’s financial statements and does not understand why such statements should be audited by a CPA. Feller discussed the matter with Farber, a CPA, and asked Farber to explain why an audit is considered important.

Required:

Describe the objectives of an independent audit refer to above case.

Q2: A.Pike Company has had an annual audit performed by the same firm of certified public accountants for many years. The financial statements and copies of the audit report are distributed to stockholders each year shortly after completion of the audit. Who is primarily responsible for the fairness of these financial statements? Explain.

B.The firm of Johns, Apple & co, CPAs, is the auditor of Alpha Corporation, a nonpublic company. The president of Alpha, Karen Lester, has been putting pressure on Sara, the audit partner, to accept a questionable accounting principle. She has even threatened to take steps to replace the CPA firm if he does not acquiesce. Does this situation impair the CPA firm’s independence? Explain your answer.

C.West & Co., CPA, completed an audit of Star Manufacturing Company and issued a standard audit report. What does this tell us about the extent of the auditing procedures included in the audit?

Q3: A.Audit working papers are the property of the auditors, who may distort the papers, sell them, or give them to third part. Is this statement true or false? Justify with your explanation.

B.List several rules to be observed in the preparation of working papers that reflect current professional practice.

C.Analytical procedures are extremely useful through the audit process. Explain how analytical procedures are useful in the risk assessment stage of audit ad the substantive procedure stage of audit.

Q4: “Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

‘Opinion’, In our opinion the financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2020 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards”.

a.What are the basic elements of auditor’s report? Explain briefly.

b.What do you understand from the above one section of auditor’s report?

c.What conclusion or result you can extract from the above paragraph about the company financial statement representations?

ACC302 Principles of Auditing

Answer in Detail


Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

22 More Pages to Come in This Document. Get access to the complete answer.

More ACC302 ACC302 Principles of Auditing: Questions & Answers

HA3011 Advanced Financial Accounting

Questions:
Purpose of the Assessment
Students are required to follow the instructions and announcements posted on Blackboard with regard to the details of the submission instructions and the deadline. This individual assignment will assess students based on the following Learning
Objectives:
1 …

View Answer

ACT301 Accounting Theory Assignment

Task:
Question 1 What are some of the criticisms of PAT? Do you agree with them? Why or why not?    Question 2   ‘Resources giant BHP Billiton has been convicted of breaching mines safety legislation over the death of a worker at a Port Headland site more than fo …

View Answer

IB9E4 Advanced Corporate Finance

Questions:
• Questions should be answered directly and to the point. The marks assigned to a question are generally a good indicator of how much you need to write. Lengthy answers could indicate lack of understanding of the question and an attempt to include more detail than required with the h …

View Answer

MPA12 Current Development in Accounting Thought

Question 1The AASB Conceptual Framework (2.12-2.19) refers to ‘faithful representation’ as being necessary for financial information to be useful. This section of the AASB Conceptual Framework also makes reference to ‘neutrality’ (eg. 2.16). Define what is meant by ‘fai …

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.

Choose Our Best Expert to Help You

Monica Shannon

I have received my Master’s in Psychology from James Cook University in Singapore.

800 – Completed Orders

Hire Me

Still in Two Minds? The Proof is in Numbers!

38983 Genuine Reviews With a Rating of 4.9/5.

Business Law

Assignment: 1 Page, Deadline:
20 days

Good work but there missing w6 answer. moreover i think few questions required explanation i think can explain little more.

User ID: 8***63 Australia

Civil Law

Home Work: 6 Pages, Deadline:
7 days

Assignment delivered before the deadline. Great work by the team and appreciate the support.

User ID: 8***13 Canberra, Australia

Economics

Assignment: 3.2 Pages, Deadline:
3 days

The assisgnment was properly written with great content and structure. Thank You for the assistance.

User ID: 1***22 Canberra, Singapore

Management

Home Work: 2 Pages, Deadline:
9 days

I am glad to use assignment help. I get nice assignment help from the different trainers.

User ID: 4***45 Canberra, Australia

Psychology

Thesis: 1 Page, Deadline:
6 days

I am very satisfied the work your company does. My papers have never looked so good. Thank you very much for this.

User ID: 8***47 Canberra, Singapore

Management

Essay: 4.4 Pages, Deadline:
18 hours

Thank you for the effort of both the author and the expert. Thank you for the effort. The topic is excellent, and I hope to continue at this high leve …

User ID: 9***3 Canberra, Kuwait

HRM

Assignment: 3 Pages, Deadline:
4 days

very good paper, all aspects covered by the author, which was not easy given the scope

User ID: 3***61 Budapest, Hungary

Management

Home Work: 2 Pages, Deadline:
15 days

The information provided is very clear and used good examples and references. There are no grammatical mistakes at all and the standard of writing is …

User ID: 7***15 Berlin, Germany

Nursing

Assignment: 1 Page, Deadline:
5 days

Thank you for the quality assignment , I always trust and get good mark from assignment help . Thank you for helping .

User ID: 4***73 Berlin, Australia

Healthcare

Assignment: 8 Pages, Deadline:
3 days

I have passed my assignment. I got my assignment back on time. Thank you very much.

User ID: 6***42 Berlin, Australia

Psychology

Essay: 8 Pages, Deadline:
10 days

Good work. I will do business again. Great customer service. Greta expert…….

User ID: 8***51 Berlin, United Arab Emirates

Assignment

Home Work: 3 Pages, Deadline:
5 days

I love the work your company does. My papers have never looked so good. Thank you very much for this.

User ID: 5***00 Berlin, United States

Healthcare

Assignment: 4 Pages, Deadline:
5 days

I got a good grade on this paper thank you for help and I will order more papers

User ID: 7***29 Garden City, United States

Accounting

Programming: 2.8 Pages, Deadline:
3 days

like the work and the way of writing and the marks was good as i got 79 marks and i like the formate of the writing.

User ID: 6***31 Leichhardt, Australia

Management

Assignment: 7 Pages, Deadline:
5 days

the paper was well written and I passed thank you for your service I would pay again

User ID: 7***29 Garden City, United States

Economics

Assignment: 2 Pages, Deadline:
20 hours

The assignment was received on time and I have to check the assignment and will get back for the feedback thank you

User ID: 8***40 Vancouver, Canada

Accounting

Course Work: 0 Pages, Deadline:
11 hours

Everything was met and done perfectly! It hasn’t been graded but through the explanations, I was able to understand the assignment and how the expe …

User ID: 8***57 Vancouver, Canada

HRM

Assignment: 9 Pages, Deadline:
2 days

Got the great and satisfied result. Thank you the expert team. But the expert team need to write more real and work life example for each assignment i …

User ID: 4***0 Central District, Hong Kong

Management

Home Work: 9 Pages, Deadline:
2 days

Got the great and satisfied result for this assignment. Thank you the expert team, but give little suggest to the team, the assignment need to more re …

User ID: 4***0 Central District, Hong Kong

Management

Assignment: 8 Pages, Deadline:
8 hours

Really impressed by your work. the report really good. all the points are detailly explained and the report format looks great.

User ID: 4***87 Melbourne, Australia

Business Law

Assignment: 1 Page, Deadline:
20 days

Good work but there missing w6 answer. moreover i think few questions required explanation i think can explain little more.

User ID: 8***63 Australia

Civil Law

Home Work: 6 Pages, Deadline:
7 days

Assignment delivered before the deadline. Great work by the team and appreciate the support.

User ID: 8***13 Canberra, Australia

Economics

Assignment: 3.2 Pages, Deadline:
3 days

The assisgnment was properly written with great content and structure. Thank You for the assistance.

User ID: 1***22 Canberra, Singapore

Management

Home Work: 2 Pages, Deadline:
9 days

I am glad to use assignment help. I get nice assignment help from the different trainers.

User ID: 4***45 Canberra, Australia

Psychology

Thesis: 1 Page, Deadline:
6 days

I am very satisfied the work your company does. My papers have never looked so good. Thank you very much for this.

User ID: 8***47 Canberra, Singapore

Management

Essay: 4.4 Pages, Deadline:
18 hours

Thank you for the effort of both the author and the expert. Thank you for the effort. The topic is excellent, and I hope to continue at this high leve …

User ID: 9***3 Canberra, Kuwait

HRM

Assignment: 3 Pages, Deadline:
4 days

very good paper, all aspects covered by the author, which was not easy given the scope

User ID: 3***61 Budapest, Hungary

Management

Home Work: 2 Pages, Deadline:
15 days

The information provided is very clear and used good examples and references. There are no grammatical mistakes at all and the standard of writing is …

User ID: 7***15 Berlin, Germany

Nursing

Assignment: 1 Page, Deadline:
5 days

Thank you for the quality assignment , I always trust and get good mark from assignment help . Thank you for helping .

User ID: 4***73 Berlin, Australia

Healthcare

Assignment: 8 Pages, Deadline:
3 days

I have passed my assignment. I got my assignment back on time. Thank you very much.

User ID: 6***42 Berlin, Australia

Psychology

Essay: 8 Pages, Deadline:
10 days

Good work. I will do business again. Great customer service. Greta expert…….

User ID: 8***51 Berlin, United Arab Emirates

Assignment

Home Work: 3 Pages, Deadline:
5 days

I love the work your company does. My papers have never looked so good. Thank you very much for this.

User ID: 5***00 Berlin, United States

Healthcare

Assignment: 4 Pages, Deadline:
5 days

I got a good grade on this paper thank you for help and I will order more papers

User ID: 7***29 Garden City, United States

Accounting

Programming: 2.8 Pages, Deadline:
3 days

like the work and the way of writing and the marks was good as i got 79 marks and i like the formate of the writing.

User ID: 6***31 Leichhardt, Australia

Management

Assignment: 7 Pages, Deadline:
5 days

the paper was well written and I passed thank you for your service I would pay again

User ID: 7***29 Garden City, United States

Economics

Assignment: 2 Pages, Deadline:
20 hours

The assignment was received on time and I have to check the assignment and will get back for the feedback thank you

User ID: 8***40 Vancouver, Canada

Accounting

Course Work: 0 Pages, Deadline:
11 hours

Everything was met and done perfectly! It hasn’t been graded but through the explanations, I was able to understand the assignment and how the expe …

User ID: 8***57 Vancouver, Canada

HRM

Assignment: 9 Pages, Deadline:
2 days

Got the great and satisfied result. Thank you the expert team. But the expert team need to write more real and work life example for each assignment i …

User ID: 4***0 Central District, Hong Kong

Management

Home Work: 9 Pages, Deadline:
2 days

Got the great and satisfied result for this assignment. Thank you the expert team, but give little suggest to the team, the assignment need to more re …

User ID: 4***0 Central District, Hong Kong

Management

Assignment: 8 Pages, Deadline:
8 hours

Really impressed by your work. the report really good. all the points are detailly explained and the report format looks great.

User ID: 4***87 Melbourne, Australia

Have any Query?

Get Homework Help Online From Expert Tutors

X
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, how can I help?