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Discuss the major factors in today society

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Reference no: EM132932199

Questions -

Q1. Name and discuss three competencies required in the public accounting profession.

Q2. Why is the practice of accountancy considered practice of a profession?

Q3. Describe briefly the scope of practice of a professional accountant.

Q4. What is meant by assurance engagement and what is its basic objective?

Q5. Explain the elements of an assurance engagement.

Q6. Differentiate between assertion-based engagements and direct reporting engagements.

Q7. Define auditing and explain its basic objective as provided for in PSA 120 "Framework of Philippine Standards on Auditing.

Q8. What are the differences and similarities in audits of financial statements, compliance audits, and operational audits?

Q9. Discuss the major factors in today's society that have made the need for independent audits much greater than it was fifty years ago.

Q10. The overall risk of the investment in a business includes both business risk and information risk. Contrast these two types of risks. Which one is most directly affected by the auditors?

Reference: AUDITING THEORY 2021 edition by Jekell Salosagcol

Cabrera, M. (2017). Auditing Theory. Manila, Philippines: GIC Enterprises & Co., Inc

R. Whittington & K. Pany (2018) Principles of Auditing & Other Assurance Services. 21st Ed. McGraw Hill

Philippine Standards in Auditing

Code of Ethics for Professional Accountants

Reference no: EM132932199

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