Answer these questions

Anonymous
timer Asked: Mar 4th, 2018
account_balance_wallet $10

Question description

Q1-The auditor’s independence rules also apply to covered members. Who are covered members? List and describe 4 covered members

Q2- Summarize the auditor’s professional responsibilities.

Q3- How does materiality affect the audit of financial statements and reporting decisions?

Q3 -In response from the outcry from the public, several countries have enacted a new Auditing Standard. The U.S. has also enacted a new audit reporting standard.

A.What type of companies does the new U.S. Audit Reporting Standard apply to?

B.When does the Standard become effective?

C.What are the major components of the new U.S. Standard?d.What impact will the new Standard have on the following parties:

i.The Financial Statement Users.

ii.The Auditors.

iii. The Companies’ Management.

iv. The Standard setters and regulators

Tutor Answer

pittwins
School: New York University

Here are the responses you requested, Please ask if there are questions and have a good night!

Accounting Questions
Q1-The auditor’s independence rules also apply to covered members. Who are covered members? List
and describe 4 covered members.
Covered members are: people on the attest engagement committee; people who can influence the attest
engagement; partner/manager providing non attest help to the attest client; partner who the lead attest
can influence.
Q2- Summarize the auditor’s professional responsibilities.
An auditor maintains an organ...

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Anonymous
Awesome! Exactly what I wanted.

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