Description : Is the Polyproc Accounting Policies and Procedures compatable with all operating systems?
Last Answer : Polyproc Accounting Policies and Procedure will work on windows 200, nt, xp or vista.
Description : In pursuing its quality control objectives with respect to assigning personnel to engagements, a public accounting firm may use policies and procedures such as a. Rotating employees from ... the staffing requirements of specific engagements so that enough qualified personnel can be made available
Last Answer : Requiring timely identification of the staffing requirements of specific engagements so that enough qualified personnel can be made available
Description : The objective of quality control mandates that a public accounting firm should establish policies and procedures for professional development which provide reasonable assurance that all entry-level ... accounting. d. Have the knowledge required to enable them to fulfill responsibilities assigned
Last Answer : Have the knowledge required to enable them to fulfill responsibilities assigned
Description : In planning the audit engagement, the auditor should consider each of the following, except a. Matters relating to the entity's business and the industry in which it operates. b. Materiality level and ... or adverse) that is likely to be expressed. d. The entity's accounting policies and procedures.
Last Answer : The kind of opinion (unmodified, qualified, or adverse) that is likely to be expressed
Description : Where would you find information on policies, responsibilities, and procedures for the Army Safety Program?
Last Answer : Ar 385-10Department of the Army Pamphlet 385-10 Army Safety Program Dated 23 May 2008 The AR (Army Regulation) that covers safety is AR 385-10, The Army Safety Program (29 February 2000)AR 385-10, "The Army Safety Program"
Description : Distinguish between Policies and procedures
Last Answer : Policies is a basic guidelines for actions Sequential arrangement of a program
Description : Distinguish between Policies and Procedures
Last Answer : Policy is the prevailing condition and understating .Procedure is the sequence of a proposed activities
Description : A CPA establishes quality control policies and procedures for deciding whether to accept a new client or continue to perform services for a current client. The primary purpose ... resulting from failure to detect irregularities in client financial statements association with clients whose
Last Answer : To minimize the likelihood of association with clients whose management lacks integrity
Description : The firm should obtain written confirmation of compliance with its policies and procedures on independence from all firm personnel required to be independent by the Code of Ethics at least: a. Annually b. Every 3 years c. Every 2 years d. Every 5 years
Last Answer : Annually
Description : When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Include audit procedures which have a strong probability of detecting illegal ... c. Still include some audit procedures designed specifically to uncover illegalities. d. Ignore the topic
Last Answer : Make inquiries of management regarding their policies and regarding their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities
Description : When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Make inquiries of management regarding their policies and their knowledge of ... Ignore the topic. d. Include audit procedures which have a strong probability of detecting illegal acts
Last Answer : Make inquiries of management regarding their policies and their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities
Description : After studying and evaluating a client's existing internal control, an auditor has concluded that the policies and procedures are well-designed and functioning as intended. Under these circumstances, the ... risk at a lower level than would be set under conditions of weak internal control.
Last Answer : Set detection risk at a higher level than would be set under conditions of weak internal control.
Description : The primary reason an engagement letter is obtained by audit firms prior to starting the work is that a. It provides an insurance policy for companies entering into the agreement. b. It clarifies ... be rendered on the engagement d. It defines the firm's policies and procedures regarding new clients
Last Answer : It clarifies the responsibilities of management and those of the auditor
Description : Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the ... d. They set forth a measure a measure of the quality of the performance of audit procedures.
Last Answer : They set forth a measure a measure of the quality of the performance of audit procedures.
Description : The fundamental purpose for the existence of any organization is described by its A. policies B. mission C. procedures D. strategy
Last Answer : mission
Description : The process of evaluating a firm's________________ is to determine its effect on a society. A. operating procedures B. code of conduct C. Policies compliance D. All of the above
Last Answer : B. code of conduct
Description : Which of the following responsibility of community pharmacist is in dispensing area? a) Reviews all doses missed, reschedule the doses as necessary & signs all drugs not given notices. b ... of each patient's drug administration forms periodically to ensure all doses have been administered.
Last Answer : b) Supervision of drug administration.
Description : Standing plans that furnish broad guidelines for channeling management thinking in specified direction are called (a) Single-use plans ; (b) Programs ; (c) Procedures ; (d) Policies
Last Answer : (d) Policies
Description : A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? a. Serving as a member of the client's board of directors. b. ... approved by the board of directors. d. Determining which accounting policies will be adopted by the client
Last Answer : Tax return preparation as approved by the board of directors.
Description : Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and ... the auditor in evaluating the appropriateness of the selection and application of certain accounting policies
Last Answer : Help the auditor understand the environment in which the financial statements are prepared.
Description : The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent ... c. Equally with management and the auditor. d. With the internal audit department.
Last Answer : With the management
Description : A CPA firm is considered independent when it performs which of the following services for a publicly-traded audit client? a. Serving as a member of the client's board of directors. b. ... information system design and implementation. d. Tax return preparation as approved by the board of directors.
Description : Which of the following is an example of an error? a. Defalcation b. Misapplication of accounting policies. c. Suppression or omission of the effects of transactions from the records or documents. d. Recording of transactions without substance
Last Answer : Misapplication of accounting policies.
Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.
Last Answer : All of these.
Description : The auditor's understanding of the entity and its environment consists of an understanding of the following aspects except a. Industry, regulatory, and other external factors, including the ... financial performance. d. Entity's selection and screening process of marketing and production personnel.
Last Answer : Entity's selection and screening process of marketing and production personnel.
Description : Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality
Last Answer : c) Accountancy
Description : If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies. (A)Lifo method (B)Fifo method (C)Weighted method (D)Uniform
Last Answer : (D)Uniform
Description : Convention of Consistency reference to application of accounting procedures means_ -Technology
Last Answer : This answer was deleted by our moderators...
Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.
Last Answer : Maintain an impartial attitude on all matters which come under his review.
Description : Which of the following statements best describes the auditor's responsibility regarding the detection of material errors and frauds? a. The auditor is responsible for the failure to detect material ... unrecorded transactions even if there is no evidence that material errors and frauds may exist
Last Answer : The audit should be designed to provide reasonable assurance that material errors and frauds are detected
Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public
Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.
Description : Which of the following best describes what is meant by generally accepted auditing standards? a. Pronouncements issued by the Auditing and Assurance Standards Council. b. Rules acknowledged by the ... evidence to support financial statements. d. Measures of the quality of the auditor's performance
Last Answer : Measures of the quality of the auditor's performance
Description : Which of the following least likely limits the auditor's ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b ... procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements
Last Answer : Most audit evidences are conclusive rather than being persuasive
Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit ... were consistently applied. d. Maintain an impartial attitude on all matters which come under his review
Last Answer : Maintain an impartial attitude on all matters which come under his review
Description : An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on all internal control ... to be strengths for which the auditor desires further reduction in the assessed level of control risk.
Last Answer : Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.
Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.
Last Answer : Determine whether the client's financial statements are fairly stated.
Description : Internal auditors should review the means of physically safeguarding assets from losses arising from a. Procedures that are not cost justified. b. Exposure to the elements. c. Underusage of physical facilities. d. Misapplication of accounting principles.
Last Answer : Exposure to the elements.
Description : Which of the following procedures ordinarily performed during an audit are also performed in review? a. Assessment of accounting and internal control systems b. Test of controls c. Tests of records and of responses to inquiries d. Inquiry and analytical procedures
Last Answer : Inquiry and analytical procedures
Description : Which of the following statements best describes the auditor's responsibility to detect material errors and fraud? a. The auditor is responsible for the failure to detect material errors and ... detect unrecorded transactions even if there is no evidence that material errors and frauds may exis
Last Answer : The audit should be designed to provide reasonable assurance that material errors and fraud are detected.
Description : Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. ... the client's accounting records and procedures. d. When the audit engagement letter is prepared
Last Answer : After the auditor has completed an evaluation of the existing internal accounting contro
Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.
Last Answer : The adequacy of the accounting records.
Description : A successor auditor most likely would make specific inquiries of the predecessor auditor regarding a. Specialized accounting principles of the client's industry. b. Disagreements with management as to ... the client's internal audit staff. d. The uncertainty inherent in applying sampling procedures.
Last Answer : Disagreements with management as to auditing procedures
Description : Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding a. Disagreements the predecessor had with the client concerning auditing ... lawyer. d. The predecessor's assessments of inherent risk and judgments about materiality
Last Answer : Disagreements the predecessor had with the client concerning auditing procedures and accounting principles.
Description : In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b ... and the entity and any appropriate third parties have agreed and to report on factual findings
Last Answer : Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings
Description : In determining the scope and nature of services to be performed in public practice, a CPA firm should a. Have in place internal control procedures b. Only perform accounting related services c. ... that the performance of all services is consistent with the firm's members' role as professionals
Last Answer : Determine that the performance of all services is consistent with the firm's members' role as professionals
Description : Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances
Last Answer : To gather sufficient, appropriate evidence
Description : Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy
Last Answer : Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures
Last Answer : Relationships with national governments