What are the bases of accounting? Describe how government accounting systems are structured. How do they help prevent fraud and guarantee conformance with legal requirements? Give examples.

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: What is EDGAR? Multiple Choice A system designed by the SEC to allow electronic filings. The…

A: Option B is incorrect because EDGAR is a system devised by SEC for electronic corporate filings…

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

A:

Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: Why do you think the SEC requires companies to disclose fees paid to independent accountingfirms for…

A:

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: What are the main issues to be addressed in a business code of ethics required by the Securities and…

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: ounting information systems aid in the prevention of fraud? Do legislative activities such as the…

A: The accounting information system (AIS) is a programme that gathers data, processes it, and…

Q: What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: Is there a reason why the books and records must be kept at the principal office of the corporation?

A: Maintainance of records of the corporation provides detailed information about the corporation’s…

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: Explain how governmental financial auditing is similar to anddifferent from audits of commercial…

A: Auditing: Auditing is an independent examination of financial statements. The set of financial…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: What type of organization primarily offers tax compliance, auditing, and consulting services?A.…

A: There are various forms of business organisation. These are sole proprietorship, partnership and…

Q: Discuss proposals to develop the relationship of banks with the government and employees?

A: A proposal includes an act of putting front a matter of something for consideration for the…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: From the Auditor's point of view, what is your recommendations and solution about Enron's Accounting…

A: Auditor is the person who checks the financial statements of the company to determine and give…

Q: How does the SEC affect the development of generally accepted accounting principles in the United…

A: SEC affects development of generally accepted accounting principles in the United States by…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: Explain the responsibilities of external auditors in detecting fraud in the financial statements.

A: External auditors are the certified professionals appointed by the shareholders of the organization…

Q: 16) Briefly outline how the presentation of assets and liabilities on the statement of financial…

A: Government enterprise are set as a social entity, which is a not for profit organization, while…

Q: GAAP stands for: a.    governmental auditing and accounting practices. b.    generally accepted…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Government entities are interested in financial statements to determine compliance of business…

A:

Q: Which of the following groups sets standards for audits of federal financial assistance recipients?…

A: As per GASB, the accounting for funds of a governmental unit is different from that of private…

Q: The needs of users of government financial reports are the same as those of users of business entity…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What is meant by internal control based on the professional standards of a public accountant is: a.…

A: Internal control means a process of doing the work effectively so that objective can be achieved and…

Q: Are the officers of the Local Government Unit internal or external users?why? Differentiate internal…

A: Internal Users Internal users of financial information are those people within an entity who use the…