Oceanview Assignment 1 - Discussion Questions

The client is an expert about himself or herself. Furthermore, it is of critical importance that the

Bryan is speaking at the Democratic National Convention. His purpose is to speak for all businessmen and not just the trader. He is there to create unity and no longer sit back and watch big business take away what is theirs.

Knowledge about risks related to the company evaluated as part of the auditor 's client acceptance and retention evaluation; and the relative complexity of the company 's operations. ( Auditing Standard No. 9 //. (n.d.).

1.) According to Lao-tzu, what must the ruler provide the people with if they are to be happy?

What do you think would be the most interesting aspect of working with firearm evidence? What do you think would be the most challenging part?

1. Long-distance commerce acted as a motor of change in pre-modern world history by altering consumption and daily life. Essential food and useful tools such as salt were traded from the Sahara desert all the way to West Africa and salt was used as a food preserver. Some incenses essential to religious ceremonies were traded across the world because there was a huge demand for them. Trade diminished economic self-sufficiency by creating a reliance on traded goods and encouraged people to specialize and trade a particular skill. Trade motivated the creation of a state due to the wealth accumulated from controlling and taxing trade. Trade posed the problem of if the government or private

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

Therefor there is a probability that the cards drawn will equal a sum of 10.

1) When it comes to investing in property, it is generally a huge decision to be made by Australian households. What are the important factors that a person needs to consider before going ahead with such purchase?

“It is obvious that a man cannot just be; he can only be what he is by doing what he does; his moral qualities are ascribed to him because of his actions, which are said to manifest those qualities. But the point is that an ethic of Being must include this obvious fact, that Being involves Doing, whereas an ethics of Doing, such as I have been examining may easily overlook it. “The heroes and saints did not merely give us principle to live by……: they gave us an examples to follow.’’ ( Mayo, 314)

A predecessor auditor is an auditor who has reported on the most recent audited financial statements or was engaged to perform but did not complete an audit of the financial statements, and has resigned, declined to stand for reappointment, or been notified that his or her services have been, or may be, terminated. The successor auditor is an auditor who is considering accepting or has already accepted an engagement to audit financial statements, but has not been in communication with the predecessor auditor. Communication between the predecessor and successor auditor is very important as it can yield important information as to whether or not the successor auditor should accept the engagement. There are many possible reasons why the predecessor auditor is no longer serving the client. Whether it was a disagreement on accounting principle, audit procedures, adequate disclosures, limiting the audit scope, or a multitude of other reasons, the successor auditor will need this information

Responses to inquiries of predecessor auditor were complimentary about Oceanview. Predecessor auditor spoke highly of Oceanview’s employees’ integrity, competence, and dedication to running a successful business. (Para 26, PES 3(Amended), pg. 12)

4. What is the purpose of predecessors-successor auditor communications? Which party, the predecessor or successor auditor, has the responsibility for initiating these communications? Briefly summarize the information that a successor auditor should obtain from the predecessor auditor.

2. Auditors are required to consider evidence obtained and accumulated throughout the audit and make an overall evaluation as to whether substantial doubt exists with respect to the ability of the client

The successor auditor is the auditor who is considering accepting or has already accepted engagement with the new firm. Communication between the predecessor and the successor is important. This information can bring about many issues such as “the predecessor auditor and the client may have disagreed about accounting principles, auditing procedures, or similarly significant matters” (PCAOBUS.org, 2013). The successor auditor should initiate the communication with the predecessor. The reason behind the successor auditor initiating the communication is to obtain valuable information that can lead to whether or not they should accept the engagement. The successor auditor may only request reasonable information to the predecessor auditor pertaining integrity of management, disagreements in accounting principles, auditing procedures, and or other significant matters. In addition, successor auditor can establish communication with audit committees or other with equivalent authority regarding “fraud, illegal acts by clients, and internal control related matters” (PCAOBUS.org, 2013). There are laws of confidentiality that the predecessor must abide by. The predecessor must maintain confidentiality at all times. Due to this confidentiality laws