ACCT 444 ACCT444 ACCT/444 WK1 Homework

Description

ACCT 444 ACCT444 ACCT/444 WK1 Homework

Homework

1-18 (Objectives 1-3, 1-4, 1-5)

Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is the testing of different brands of consumer products that are purchased on the open market and then the reporting of the results of the tests in Consumer Reports, a monthly publication.

Examples of the types of products it tests are middle-sized automobiles, residential dehumidifiers, flat-screen TVs, and boys’ jeans.

Required

a.In what ways are the services provided by Consumers Union similar to assurance services provided by CPA firms?

Consumers Unions and CPA firms’ assurance services are similar in that they both were createdfor the purpose of improving the quality of information for a decision maker. Although consumerunions are preferred due to the fact that they have proven to be more reliable.

b.Compare the concept of information risk introduced in this chapter with the information risk problem faced by a buyer of an automobile.

The information risk introduced in this chapter will be similar to the information risk that can be faced by a person buying an automobile in that they are at risk of receiving unreliable information.

When it comes to auditing, the company wants to show that they are in good financial standing therefore they may provide false financial statements whether its neglecting to include something in the statement or failing to provide accurate statements all together.

As will an automobile sales men they are trying their best to sell these cars to their buyers therefore they will fail to include information that makes the car less appealing or down play the negative features of the car.

c.Compare the four causes of information risk faced by users of financial statements as discussed in this chapter with those faced by a buyer of an automobile.

Remoteness of information is the risk of the information that is provided being incorrect because you have to depend on others to provide the information.

Biases and motives of the provider is the person making the deal sound appealing while failing to provide the negative sides of the dealing.

This can be bad for financial and automobile in that with financials you can get into a bad dealing with a company due the failure to showing their poor financing and you can buy a car that is not good due to their failure to inform you of all the details.

Voluminous data comes into effect in that if a business has lots of transactions it is easy to miss a few incorrect ones, as with automobile when trying to decide which one to buy if faced with too much information it is easy for one to by-pass some information.

ACCT 444 ACCT444 ACCT/444 WK1 Homework

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ACCT 444 – Fall 2020 Register Now ACCT444_Course Project Wk 4_GarciaCrystal.docx auditing Tests Questions & Answers Showing 1 to 8 of 25 View all Please see attachments for details 1 2 3 4 5

Does coursehero do powerpoint presentation 1 2 3 4 5 Access AICPA Auditing Standard AU-C 450, Evaluation of Misstatements Identified During the Audit ( www.aicpa.org ), to answer the following questions:

Describe 1 2 3 4 5 Gale Brewer, CPA, has been the partner in charge of the audit of Merkle Manufacturing Company, a nonpublic company, for 13 years. Merkle has had excellent 1 2 3 4 5

Auditors develop overall audit plans to ensure that they obtain sufficient appropriate audit evidence. The timing and extent of audit procedures auditors use 1 2 3 4 5 The following are three situations, all involving nonpublic companies, in which the auditor is required to develop an audit strategy: The client has inventory 1 2 3 4 5

ACCT 444 ACCT444 ACCT/444 WK1 Homework

The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a 1 2 3 4 5 10-35(Objectives10-2,10-3,10-4) Kent, CPA, is the engagement partner on the financial statement audit of Super Computer Services Co. (SCS) for the year ended 1 2 3 4 5

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