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Chapter: 2 -Problem: 4 >> Go back and quickly review the rules that the Sarbanes-Oxley Act of 2002 placed on the auditing profession as described in this chapter. What do you think are the two or three main purposes of these rules?
Answer Preview: The accounting professions expansion into new areas, combined with changes in the overall business e…

, Chapter: 6 -Problem: 31 >> Ken Smith, the partner in charge of the audit of Houghton Enterprises, a private entity, identified the following significant deficiencies during the audit of the December 31, 2021, financial statements:1. Controls for granting credit to new customers were not adequate. In particular, the credit department did not adequately check the credit-worthiness of customers with an outside credit agency.2.
Answer Preview: a. The following communication is the report on significant deficiencies for Houghton Enterprises: In planning and performing our audit of the financial statements of Houghton Enterprises as of and fo…

, Chapter: 6 -Problem: 4 >> What are the underlying principles that affect the control environment?
Answer Preview: Principles that underly the control environment include (see Table 6-3): The organization demonstrat…

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7 Reviews for Auditing And Assurance Services A Systematic Approach Textbook Questions And Answers