SOLUTION MANUAL FOR Principles Of Auditing And Other Assurance Services 23rd Edition By Ray Whittington Kurt | ALL Chapter's (1 - 21) | Complete A+

SOLUTION MANUAL FOR

Principles Of Auditing And Other Assurance

Services 23rd Edition By Ray Whittington Kurt

ALL

Chapters

(1 - 21)

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Chapter 1: The Role of the Public Accountant in the AmericanEconomy
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Chapter 2: Professional Standards
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Chapter 3: Professional Ethics
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Chapter 4: Legal Liability of CPAs
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Chapter 5: Audit Evidence and Documentation
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Chapter 6: Audit Planning, Understanding the Client, AssessingRisks, and Responding
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Chapter 7: Internal Control
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Chapter 8: Consideration of Internal Control in an InformationTechnology Environment
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Chapter 9: Audit Sampling
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Chapter 10: Cash and Financial Investments
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Chapter 11: Accounts Receivable, Notes Receivable, andRevenue
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Chapter 12: Inventories and Cost of Goods Sold
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Chapter 13: Property, Plant, and Equipment: Depreciation andDepletion
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Chapter 14: Accounts Payable and Other Liabilities
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Chapter 15: Debt and Equity Capital
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Chapter 16: Auditing Operations and Completing the Audit
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Chapter 17: Auditors’ Reports
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,Chapter 18: Integrated Audits of Public Companies
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Chapter 19: Additional Assurance Services: Historical FinancialInformation
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Chapter 20: Additional Assurance Services: Other Information
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Chapter 21: Internal, Operational, and Compliance Auditing
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CHAPTER 1 D C




The Role of the Pu DC DC DC DC




blic Accountant in the D C D C D C




American Economy D C




Review Questions
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1-1 The ―crisis of credibility‖ largely arose from the number of companies that restated their previo
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usly issued financial statements as a result of accounting irregularities and fraud. Especially re
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sponsible werethe very visible Enron and WorldCom fraud cases. Both companies filed for ban
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kruptcy and constituted the largest companies in American history to do so. The extent of the
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accounting irregularities and fraud being investigated and disclosed brought into question the
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, effectiveness of financial statement audits. In addition, the criminal conviction of Arthur Ande
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rsen, LLP, one of the then Big 5 accounting firms, on charges of destroying documents related
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to the Enron case brought into question the ethics standards of the profession.
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1-2 Assurance services are professional services that enhance the quality of information, or its co
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ntext, for decision- DC DC




making. The two types are: (a) those that increase the reliability of information and (b) those
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that involve putting information in a form or context that facilitates decision-making.
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1-3 A financial statement audit is, by far, the most common type of attest engagement. The overal
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l assertion,made by management, most frequently is that the financial statements follow gener
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ally accepted accounting principles.
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1-4 A large corporation with securities listed on a stock exchange is required by the rules of the sto
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ck exchange and by the rules of the Securities and Exchange Commission to provide an audit r
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eport with theannual financial statements furnished to its stockholders. It also is required to en
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gage the auditors to provide an opinion on its internal control. Apart from legal requirements
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, however, a large listed corporation recognizes that it must maintain investor confidence in th
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e reliability of its financial statements and internal control over financial reporting if it is to co
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ntinue to be able to secure capital from the public. The report by a firm of certified public acco
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untants adds credibility to the financial statements prepared by the corporation. When a smal
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l family-
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owned enterprise elects to have an audit, the purpose usually is to use the auditors' report to s
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upport an application for a bank loan.
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