Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 1.7E
Exercise 1.7
LO 6
Auditor independence. Using the search engine you are most comfortable with, identify at least five sources concerning the general topic of auditor independence. Write a brief memo to provide an update on the current status of the auditor independence standard-setting process. The Business in Practice box on page 13 should serve as the starting point for this exercise. Note: You might find it useful to contrast the opinions expressed by any of the Big 4 accounting firms to those expressed by nonaccounting professionals.
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What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3)
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What is the relationship between Accounting and an Accountinginformation system?
• What has happened to the relationship over the years?
• What is accounting information?
• Name 4 uses of Accounting Information?
• Use an example to illustrate the difference between data,information, and intelligence?
• Discuss security concerns related to shadow data and businessintelligence technologies.
• Discuss the role of accounting professionals in thedevelopment of shadow data.
System Documentation
• What is system documentation?
• Why is it important to know system documentation?
• Explain the 4 elements that makes up the Data Flow Diagrams?
• Give an example of who or when one of these documents may berequired
• What are Flowcharts?
• List an example of an Input/output, processing and storage
Symbols
• Differentiate between different types of Flowchart?
• If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and
•…
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Accounting: What the Numbers Mean
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