Please read the scenario below, and then answer the questions that follow in a 3 page analysis. The questions will guide your analysis of the situation, but need to be presented as part of a complete analysis of the audit process.
Please watch the following video and then respond to the associated questions.
Go and watch video @ youtube.com and search for Audit and Assurance Services Chapter 1
- What type of audit objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicates the results to interested users?
- What type of company sells its stocks or bonds to the public, giving the public a valid interest in the proper use of the company’s resources?
- Who represents independent professional services that improve the quality of information, or its context, for decision makers?
- What type of audit is related to the financial accounting information of a company?
- What are the three major categories of audits?
- What type of audit does the Sarbanes–Oxley Act requires auditors of publicly traded companies in the United Sates perform to provide assurance on both the financial statements and the effectiveness of internal control over financial reporting?
- What is a major subset of assurance services called?
- What does the definition of attest engagements refer to?
- What type of attestation refers to an audit that involves historical financial statements and provides the highest form of assurance that CPAs can offer.
- What type of audit is dependent upon the existence of verifiable data and of recognized criteria of standards, such as established laws and regulations or an organization’s policies and procedures?
- What is an attest engagement that is substantially lesser in scope than an examination and is designed to lend only a moderate degree of assurance?
- What type of risk includes the possibility that the financial statements might contain material that depart from generally accepted accounting principles?
- What is the principal goal auditors when investigating and appraising the effectiveness with which the various organizational units of the company are carrying out their assigned functions?
- What examination is a uniform national examination prepared and graded by the American Institute of Certified Public Accountants?
- What type of risk is related to information used to assess business risk that is not accurate?
Submitting your assignment in APA format means, at a minimum, you will need the following:
- Title page: Remember the running head. The title should be in all capitals.
- Length: 3 pages minimum
- Abstract: This is a summary of your paper, not an introduction. Begin writing in third person.
- Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 5 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.
- Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.