🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeTextbook Notes300,000CA170,000

ACCT 3280 Chapter 3: Chapter 3 - Reports on Audited Financial Statements.docx

56 views5 pages
School
University of Guelph
Department
Accounting
Course
ACCT 3280
Professor
Hiscock

For unlimited access to Textbook Notes, a Class+ subscription is required.

Document Summary

Chapter 3 - reports on audited financial statements. Association term used within the profession to indicate a public accountant"s involvement with an enterprise or with info issued by that enterprise. If client makes attempt to make inappropriate use of his name, pa should amend the information or get legal advice. Auditing standards require a report in all cases were a pa"s name is associated with financial statements. Report is required in cases of association b/c most users of financial statements will assume that an audit has been conducted and that everything is ok on basis of the involvement. Levels of assurance accountants and auditors can render 3 types of conclusions or levels of assurance: positive assurance highest level of assurance is the standard unqualified report. Often referred to as the clean opinion, reasonable or high assurance: negative assurance middle level of assurance also referred to as moderate assurance and is typical in the review report of unaudited financial statements.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

ACCT 3280 Chapter Notes - Chapter 2: Accountant, Iops, External Auditor
sapphirerat470
MGAD10H3 Chapter Notes - Chapter 2: External Auditor, Financial Statement, Legal Liability
lavenderdonkey6
ACC 333 Lecture Notes - Lecture 13: Canada Business Corporations Act, Standard Accounting Practice, Financial Audit
sangriadog879

Related Questions

what would be some of the enterprise wide risks associated with Robatellis Pizzeria? Or in other words, What would be in a risk assessment for them?

1-23

(Organizations associated with the public accountingprofession) Several private and public sectororganizations are associated with the profession. Listed below areactivities pertaining to these organizations.

  1. License individuals to practice as CPAs.
  2. Promulgate GAAP.
  3. Issue Statements on Auditing Standards.
  4. Regulate the distribution and trading of securities offered forpublic sale.
  5. Establish its own code of professional ethics.
  6. Issue Statements of Financial Accounting Standards.
  7. Impose mandatory continuing education as a requirement forrenewal of license to practice as a CPA.
  8. Issue disclosure requirements for companies under itsjurisdiction that may exceed GAAP.
  9. Issue auditing interpretations.
  10. Cooperate with the AICPA in areas of mutual interest such ascontinuing professional education and ethics enforcement.
  11. Take punitive action against an independent auditor.
  12. Establish accounting principles for state and localgovernmental entities.
  13. Establish GAAS.
  14. Suspend or revoke a CPA's license to practice.
  15. Establish quality control standards.
  16. Operate as proprietorships, partnerships, or professionalcorporations.
  17. Issue government auditing standards.
  18. Administer federal tax laws.

Required

Indicate the organization ororganizations associated with each activity

Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A with the item from List B that is most appropriately associated with it.

List A =

1. Expense recognition

2. Periodictiy

3. Historical cost principle

4. Materiality

5. Revenue recognition

6. Going concern assumption

7. Monetary unit assumption

8. Economic entity assumption

9. Full-disclosure principle

List B =

1. A common denominator is the dollar

2. All information that could affect decisions should be reported

3. Concerns the relative size of an item and its effect on decisions

4. Criteria usually satisfied for products at point of sale

5. Record expenses in the preiod the related revenue is recognized

6. The enterprise is separate from its owners and other entities.

7. The entity will continue indefinitely

8. The life of an enterprise can be divided into artificial time periods.

9. Thje original transaction value upon acquistion.