Which is most accurate regarding an auditor required

Assignment Help Accounting Basics
Reference no: EM132829719

Problem 1: Which of the following is most accurate regarding an auditor's required communications about fraud-related issues?

a. Fraud having a material effect on the financial statements should be reported directly by the auditor to the Securities and Exchange Commission.
b. Any requirement to disclose fraud outside the entity is solely the responsibility of management whereas the auditor has no such responsibility.
c. Fraud that involves senior management should be reported directly by the auditor to those charged with governance whether the fraud is material or not.
d. The professional standards provide no requirements related to the communication of fraud, but auditors should use their professional judgment in that regard.
e. Fraud that involves senior management need not be communicated to anyone if that fraud is determined to be immaterial.

Reference no: EM132829719

Questions Cloud

Which circumstances would be most indicative : Which circumstances would be most indicative of a higher likelihood of fraudulent financial reporting? Which two risk components comprise the risk of material
Explain the purpose of substantive testing for inventory : Explain the purpose of substantive testing for inventory and describe the substantive procedures you will carry out at year end
Recommendations for the hospitality industry : One of the 'Sustainable Development Goal' is to achieve gender equality What are your views about this goal, discuss and provide realistic recommendations for t
Neutral impact on your experience : From your perspective as a student, did the academic affairs division have a positive, negative, or neutral impact on your experience?
Which is most accurate regarding an auditor required : Which is most accurate regarding an auditor's required communications about fraud-related issues? Fraud having a material effect on the financial statements
What is the ideal number of people : Imagine Earth was gone and you have the opportunity to start a new world. Your new planet is about the size of Canada. It has climate zones like earth, and is g
Different aspects of e-commerce : The evaluation will cover the different aspects of E-Commerce such as a business idea, website design, marketing, security ... etc.
Which statements is correct regarding the auditor use : Which statements is correct regarding the auditor's use of a "specialist"? Any such specialist must be approved in advance by management.
Calculate Mali wages in lieu of notice payment : Mali works in Ontario, earns an annual salary of $36,400.00 and is paid semi-monthly. Calculate Mali wages in lieu of notice payment

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount are recorded on the balance sheet at December

On April 1, Year 1, a Bookstore bought an insurance policy costing $48,000. What amount are recorded on the balance sheet at December

  Calculate the break-even point in sales units

Ivey Inc. sells a product for $100 per unit. The variable cost is $75 per unit, and fixed costs are $30,000. Calculate the break-even point in sales units

  Discuss an ethical and socially responsible firm

Discuss the impact of Google's actions on its reputation as an ethical and socially responsible firm

  How would you make sure a payment is actually for what it

how would you make sure a payment is actually for what it was stated for?how would you make sure the payment is

  Problem - Effect of Omitting Adjusting Entry

Problem - Effect of Omitting Adjusting Entry - Also indicate whether the items in error will be overstated or understated

  What amount should appear on the closing balance sheet

What amount should appear in the 2013 income statement? What amount should appear on the closing balance sheet for 2013?

  Assignment cost benefit analysisnbspprepare a 5-page

assignment cost benefit analysisnbspprepare a 5-page costbenefit analysis of the sarbanes-oxley act. the focus of the

  Problem - Differential Analysis Involving Opportunity Costs

Problem - Differential Analysis Involving Opportunity Costs - Based on the results disclosed by the differential analysis, should the proposal be accepted

  What are the implications to management of increase

What might be the cause of this increase and what are the implications to management of this increase?

  Briefly describe the new initiative

Discuss new initiative or product, or it is introducing a change to technology or personnel that will affect your team and its daily working environment

  What the senior management could have done differently

Migrating to a new accounting information system is not an easy task. Many firms have struggled with this process, even though our textbook makes the process.

  What is the issue price of the bonds

Cali Corp issued 10 year, 10% bonds with a face value of $2,175,000. The bonds were sold to yield 11%. What is the issue price of the bonds

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