n-audit service may be provided to an SEC audit client? A- )Preparing the annual tax returns for review and approval by the client.
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Which non-audit service may be provided to an SEC audit client?
A- )Preparing the annual tax returns for review and approval by the client.
B- )Designing the future state operating model for its finance and accounting functions.
C- )Performing a valuation to support the client’s legal claim.
D- )Developing, managing and executing portions of its internal audit plan.
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- KPMG is the auditor for an IESBA public interest entity audit client. Which non-audit service is permitted for this type of audit client? Designing a technology system for financial reporting that generates information significant to the accounting records. Preparing annual tax returns subject to review by the client and appropriate assessment of threats and safeguards. Valuations that might create a self-review threat. Tax calculations for the purpose of preparing the accounting entries included in the financial statements on which the firm will express an opinion.The main portion of an independent auditor’s work in expressing an opinion on financial statements consists of a. Obtaining and examining sufficient appropriate evidence b. Examining compliance with tax laws c. Studying and evaluating internal control d. Comparing client’s total accountabilities with its actual assets as of the end of the reporting periodWhich non-audit service is permitted for an SEC audit client? Preparing a point-in-time gap analysis on its technology controls compared to industry standards. Providing a technology service that records accounting entries for the client. Loaning staff to prepare the client’s tax return. Loaning staff to assist with the client’s internal audit function.
- Which of the following engagements is most likely to be considered an operational audit? The auditor determines whether the organization is following provisions of laws and regulations. The auditor examines information presented in an entity’s financial statements to determine whether the financial statements are presented fairly in accordance with the applicable financial reporting framework. The auditor evaluates the organization’s efficiency in processing payments. The auditor assists the client in preparation of financial statements.What are the primary types of tax audits conducted by taxing authorities? a) Random audits and targeted audits b) Field audits and desk audits c) Pre - filing audits and post - filing audits d) Internal audits and external auditsWhich of the following plays an important role in all field audits? Adjustments. Verification of income. Filing status. Tax credits.
- Although the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.why would an auditor ensure that all revenue-related disclosures are made in the financial statementsThe following are types of audits, except: Group of answer choices: Tax Compliance Audit Pro Forma Financial Statement Audit Management Audit Operational Audit
- What options are available to the auditor for presenting reports on the entity’s financial statements and internal control over financial reporting?Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws and regulations applicable on the entity b. To design, implement and maintain system of internal control. c. To ensure that financial statement comply with applicable financial reporting framework d. To express an opinion on true and fair view of the financial statements.Which of the following engagement is covered by the Framework for Assurance Engagements?* Consulting engagements. Preparation of tax returns External financial statements audit Internal financial statements audit