What is the objective of financial statement audit

Assignment Help Accounting Basics
Reference no: EM133123764

Question - Auditing and Assurance Principles -

1. What is the objective of financial statement audit? Describe the role of external auditing in meeting the demands for unbiased financial statement and internal control.

2. How does an audit enhance the quality of the financial statements and management reports on internal control? Does an audit guarantee a fair presentation of a company's financial statements?

3. What is the "special function" that the auditors perform? Whom does the external auditing profession serve in performing this special function?

4. Describe briefly the scope of practice of professional accountant in the Philippines

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

6. In the conduct of audits of financial statements, it would be a serious breach of responsibility if the auditor did not thoroughly understand accounting? However, many accountants do not have an understanding of the auditing process. What cause this difference?

Reference no: EM133123764

Questions Cloud

Professional advice for financial planning : After graduating from JCU at the age of 23, Esther has been working in a local accounting company as an auditor for 3 years. Esther earns $5,000 per month since
Describe present value and future value : Describe present value and future value in detail. Describe an annuity in detail. Describe compound interest and simple interest.
Brand-growth strategy : Are brand extensions an important brand-growth strategy or can they endanger brands?
What is value at risk : What is Value at Risk (VaR)? Why studying VaR is essential in quantitative finance?
What is the objective of financial statement audit : What is the objective of financial statement audit? Describe the role of external auditing in meeting the demands for unbiased financial statement
Create additional wealth opportunities for the company : Autonomous driving and other safety features have the potential to change society, create additional wealth opportunities for the company, and have other bene?t
Absolute advantage in computers : a) Which country has an absolute advantage in computers? In textiles?
Evaluate the potential resistance from stakeholders : Develop a change vision to respond to the organizational or environmental pressure. Evaluate the potential resistance from stakeholders.
What is an estimate of the wacc for your software division : The computer sales division represents 45% of the value of your firm, what is an estimate of the WACC for your software division

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