Describe the objectives of an independent audit

Assignment Help Accounting Basics
Reference no: EM132857910

Question - Hussain, the sole owner of a small hardware business, has been told that the business should have its financial statements audited by an independent CPA. Hussain, 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. Hussain discussed the matter with Ahmed, a CPA, and asked Ahmed to explain why an audit is considered important.

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

b. Identify five ways in which an independent audit may be beneficial to Hussain.

Reference no: EM132857910

Questions Cloud

How much will she pay in interest : Kristin uses her credit card to purchase new television for $863.35. The card has an annual rate of 29.9% compounded monthly. How much will she pay in interest
Describe the provisions of the anacoe : Describe the provisions of the ANACOE that may be used to support and/or discourage the implementation of safe injection sites.
What is the expected number of flushes : Please express your answer as a single fraction with one integer in the numerator and one integer in the denominator.
How is the issue portrayed in the media : How is this issue portrayed in the media (e.g. tv, online, news, print)? Give at least two examples. What is the U.S. political stance on this issue?
Describe the objectives of an independent audit : Hussain discussed the matter with Ahmed, a CPA, and asked Ahmed to explain why an audit is considered important. Describe the objectives of an independent audit
Which type of sampling could you use to gather data : Examples could be blood pressure, temperature, pH, pain rating scales, pulse oximetry, % hematocrit, minute respiration, gender, age, or ethnicity.
Discuss pharmacological versus non-pharmacological nursing : List two different classifications of drugs used for pain relief during labor and birth, and include potential side effects of the drugs on the fetus.
Parts department of an automotive dealership : What is the probability that, for any day, the number of special orders sent out will be less than 4? Round your answer to four decimal places.
Have ever bullied another person : Have ever bullied another person? How did you feel before, during, and after? Have you ever felt bullied by someone; what emotions did you experience?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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