ray whittington and kurt pany审计答案

《ray whittington and kurt pany审计答案》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、Chapter01-TheRoleofthePublicAccountantintheAmericanEconomyCHAPTER1TheRoleofthePublicAccountantintheAmericanEconomyReviewQuestions1–1The“crisisofcredibility”largelyarosefromthenumberofcompaniesthatrestatedtheirpreviouslyissuedfinancialstatementsasaresultofaccountingirregularitie

2、sandfraud.EspeciallyresponsibleweretheveryvisibleEnronandWorldComfraudcases.BothcompaniesfiledforbankruptcyandconstitutedthelargestcompaniesinAmericanhistorytodoso.Theextentoftheaccountingirregularitiesandfraudbeinginvestigatedanddisclosedbroughtintoquestiontheeffectivenessoffi

3、nancialstatementaudits.Inaddition,thecriminalconvictionofArthurAndersen,LLP,oneofthethenBig5accountingfirms,onchargesofdestroyingdocumentsrelatedtotheEnroncasebroughtintoquestiontheethicalstandardsoftheprofession.1–2Assuranceservicesareprofessionalservicesthatenhancethequalityo

4、finformation,oritscontext,fordecisionmaking.Thetwotypesare:(a)thosethatincreasethereliabilityofinformationand(b)thosethatinvolveputtinginformationinaformorcontextthatfacilitatesdecisionmaking.1–3Afinancialstatementauditis,byfar,themostcommontypeofattestengagement.Theoverallasse

5、rtion,madebymanagement,mostfrequentlyisthatthefinancialstatementsfollowgenerallyacceptedaccountingprinciples.1–4AlargecorporationwithsecuritieslistedonastockexchangeisrequiredbytherulesofthestockexchangeandbytherulesoftheSecuritiesandExchangeCommissiontoprovideanauditreportwith

6、theannualfinancialstatementsfurnishedtoitsstockholders.Italsoisrequiredtoengagetheauditorstoprovideanopiniononitsinternalcontrol.Apartfromlegalrequirements,however,alargelistedcorporationrecognizesthatitmustmaintaininvestorconfidenceinthereliabilityofitsfinancialstatementsandin

7、ternalcontroloverfinancialreportingifitistocontinuetobeabletosecurecapitalfromthepublic.Thereportbyafirmofcertifiedpublicaccountantsaddscredibilitytothefinancialstatementspreparedbythecorporation.Whenasmallfamily-ownedenterpriseelectstohaveanaudit,thepurposeusuallyistousetheaud

8、itors'reporttosupportanapplicationforabankloan.1–5Arep