Advanced Auditing - Final Exam 2024 Questions and Answers 100% Verified.

Agreed-Upon Procedures - ANSWER--Agree with client on procedures - Report outcome/findings from procedures (no conclusion, just findings) -Report distribution is limited -No opinion, so NO INDEPENDENCE REQUIREMENTS (yay!) Types of Consulting Engagements - ANSWER-Consultations -using existing personal knowledge Advisory services - develop findings, conclusions, and recommendations Implementation services - put action plan into effect Transaction services - specific client transaction Staff support - do client's work (rent a CFO) Product services - develop and sell a product AICPA Consulting Standards - ANSWER-Rule 201 (Applies to all CPA services) -Professional competence -Due professional care -Planning and supervision -Sufficient relevant data Rule 202 (Applies to Consulting Services) 1. Serve the client interest - accomplish objectives while maintain integrity and objectivity 2. Establish an understanding with Client (nature, scope, limits - written or oral) 3. Communicate with client conflicts of interest, reservations, engagement finding Code of Ethics for Accountants - ANSWER-Principles: -Integrity -Objectivity -Professional competence and Due Care -Confidentiality -Professional behavior Threats: -Self-interest -Self-review -Advocacy -Familiarity -Intimidation Safeguards: THREE MAIN SOURCES: Client, Audit Firm, Profession and Regulators and Education Training Experience Int