AC 410 AC410 AC410 Unit 1 Homework Assignment
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1–20
Public accounting
firms are sometimes grouped into categories of local firms, regional firms,
national firms, and international firms. Explain briefly the characteristics of
each. Include in your answer the types of services stressed in each group.
1–26
The Sarbanes-Oxley
Act of 2002 created the Public Company Accounting Oversight Board. Explain the
major responsibilities of this board.
2–7
Evaluate the
following quotation: “If a CPA firm completes a nonpublic company audit of Adam
Company’s financial statements following AICPA generally accepted auditing
standards and is satisfied with the results of the audit, an unmodified audit
report may be issued. On the other hand, if no audit is performed of the
current year’s financial statements, but the CPA firm has performed
satisfactory audits in prior years, has confidence in the management of the
company, and makes a quick review of the current year’s financial statements, a
qualified report may be issued.”
Do you agree? Give
reasons to support your answer.
2–28
Reed, CPA, accepted
an engagement to audit the financial statements of Smith Company. Reed’s
discussions with Smith’s new management and the predecessor auditor indicated
the possibility that Smith’s financial statements may be misstated due to the
possible occurrence of errors, fraud, and illegal acts.
a. Identify and
describe Reed’s responsibilities to detect Smith’s errors and fraud. Do not
identify specific audit procedures.
b. Describe Reed’s
responsibilities to detect Smith’s material noncompliance with laws. Do not
identify specific audit procedures.
c. Identify and
describe Reed’s responsibilities to report Smith’s noncompliance with laws.
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