Describe the concept of reasonable assurance

Assignment Help Financial Accounting
Reference no: EM132661288

Required:

Question 1. Mike Killian was cynical that one person alone was making more money than all the rest of Bearings Bank staff. Questioning the reliability of information and being alert to conditions that may indicate possible fraud is an attitude expected from auditors. In your view, what is the name of the professional attitude for auditors and explain the concept of this professional attitude.

Question 2. Using your knowledge of APES 110 Code of Ethics for Professional Accountants to identify and explain the potential type(s) of threats to Nick Leeson's independence. Suggest what safeguard(s) should be instituted to reduce the threats to independence.

Question 3. Before going insolvency in 1995, Barings Bank had received an unmodified audit report. In your view, what does this mean regarding the audit expectation gap? How does an unmodified audit report relate to the collapse of Barings?

Question 4. Explain the concept of reasonable assurance, and how reasonable assurance is determined? Discuss the three reasons why an auditor cannot offer absolute assurance.

Attachment:- Mike killen.zip

Reference no: EM132661288

Questions Cloud

Post the journal entries into the general ledger : Prepare ,and post any adjusting entries that are required at month end (you may simply post to the general ledger for simplicity)
What aspect of pathophysiology do you feel will be : Briefly reflect on your pathophysiology experience and address the following questions: How will the knowledge of pathophysiology play into your career role?
What is her taxable income : Tax-exempt interest income $11,204. Ms. Norman is 72 years of age and has 12,550 in itemized deductions. What is her taxable income for 2019
How confident are you presenting your paper via video : How confident are you presenting your paper via video? Explain. What are your strengths and weaknesses when it comes to giving video presentations?
Describe the concept of reasonable assurance : Describe the concept of reasonable assurance, and how reasonable assurance is determined? Discuss the three reasons why an auditor cannot offer
Compare persistence in the export of opium to china : Identify the groups that gained from and supported the trade in opium between the British,the Indians, and the Chinese?
Explain import substitution industrialisation : Explain import substitution industrialisation and how it can affect Ghana.
Discuss different gastrointestinal disorders in pediatric : PowerPoint of at least 18 slides about the different gastrointestinal disorders in pediatric. Must include definition, risk factors, signs and symptoms.
What is the total manufacturing cost for Job : Applied factory overhead rate per machine hour $15.00 and Direct labor hours worked 450. What is the total manufacturing cost for Job No. 825

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd