When independent stock transfer agents are not employed and the corporation issues its own stock and maintains stock records, canceled stock certificates should  Q: Which of the following audit procedures would not likely be performed for audits of shareholders’… A: Audit procedures for auditing shareholder’s equity mainly include the number of authorized, issued… Q: Why can a stockholder have the right to inspect corporate books and records? Is this right absolute… A: Stockholders:-Stockholders also known as the shareholders of the company. Stockholders includes a… Q: It is and to sell or buy shares of a company on the basis of information not available to the… A: Company means the form of business where management is separately from owner and have perpetual… Q: Following are typical questions that might appear on an internal control questionnaire for… A: Internal controls are defined as the procedures, mechanisms and rules executed through company in… Q: For each situation below identify the threat and one fundamental principle that is comprised. a) An… A: Fundamental Principle: There are five five Fundamental principles which is as follows: Integrity… Q: or each situation below identify the threat and one fundamental principle that is comprised. a) An… A: There are 5 type of threats in respect of auditing 1_ Self interest threat This arise when auditor… Q: After dissolution caused by the illegal acts, fraud, corruption and etc. of the directors, trustees,… A: Dissolution of a company is known as the process were the existing company is shut down by force of… Q: When a company has a strong internal control structure, stockholders can expect the elimination of… A: Click to see the answer Q: When a company has a strong internal control structure, stockholders can expect the elimination of… A: Internal control: Internal control is a process which ensures continuous reliability of… Q: Liability under the Securities Acts. Orange is a public entity whose shares are traded ona national… A: Click to see the answer Q: Liability under the Securities Acts. Orange is a public entity whose shares are traded ona national… A: a. Q: Which is not true: The blue-sky process involves state security regulators The SEC reviews public… A: The blue sky laws are state laws. which protects investor from security frauds. So, first statement… Q: e. Of the following, the most significant risk factor relating to the risk of misstatement arising… A: The question is based on the concept of Financial Accounting. Q: Which of the following audit procedures would be most relevant when examiningthe completeness… A: Introduction: Auditing means a systematic examination of books to verify the authenticity and… Q: In establishing the existence and ownership of an investment held by a corporationin the form of… A: Audit investigation: Audit investigation can be defined as the process of verifying accounts and… Q: Contrast the effect of financial statement fraud on the following: The Stockholder The corporation… A: Financial statements provide true and fair view of the business affairs of a firm. These include:… Q: Which among the following is not an objective of Whistleblowing? a. To protect Public Interest b. To… A: Whistleblowing is a process of making policies which helps in reduction of corruption practices and… Q: Thinking further of the Going Concern and the Disclosure principles, discuss how management should… A: Ans. Their can be few circumstances when the auditor want to include few negative or adverse… Q: (Sections 302 and 906) How do the officer certification requirements help to address the risk of… A: Click to see the answer Q: Hakot Corporation invested its funds in a foreign corporation with the approval of its board of… A: Answer: Whenever any investment decision is to be made by company, there is certain limit that has… Q: An audit plan for the examination of the retained earnings account should include a step that… A: Click to see the answer Q: while investigating the shares offered to you by your potential boss, you discover that the company… A: Hey, since there are multiple questions posted, we will answer the first question. If you want any… Q: Wilson's Corporation is one of your new audit clients. The corporation's accountant is uncertain how… A: Earnings per share is reported through IFRS based on "IAS 33 Earnings per share" The objective of… Q: Wilson's Corporation is one of your new audit clients. The corporation's accountant is uncertain how… A: 'Earnings per share' refers to profit of company which is further divided by number of outstanding… Q: Wilson's Corporation is one of your new audit clients. The corporation's accountant is uncertain how… A: Earnings per Share ( EPS): Company profit divided by the outstanding shares of its common stock.… Q: 14. Paul Schmidt, a representative for Westby Investments, is explaining how security analysts use… A: The audit report makes a reasonable investigation of the financial transactions of a company. It… Q: Which of the following circumstances may create intimidation threats? a) Threat of dismissal or… A: Please see the next step for the solution Q: In an attestation engagement, a CPA practitioner is engaged toa. Compile a company’s financial… A: An attestation engagement is a course of action with a customer where an independent outsider or… Q: The following audit procedures are commonly performedby auditors in the verification of owners’… A: a. Q: In auditing the retained earnings, the following items does not concern the auditor even if it was… A: Retained earnings are the accumulated free reserves of the entity that are attributable to… Q: Application for a bank loan and Issuance of securities by a corporation are part of situations as a… A: The shareholders of the company appoint the Auditor. The appointed auditor verifies the financial… Q: In a case of Insider Trading, the SEC will analyze if the transaction resulted in an illegal profit… A: Stock’s prices are affected by company’s activities. Company makes various decisions to increase the… Q: Which of the following would be the auditors’ most likely defense in an action broughtunder the… A: The Securities Exchange Act 1934: "The Securities Exchange Act 1934 controls everyday trading of… Q: A.while investigating the shares offered to you by your potential boss, you discover that the… A: As per the Securities Act of 1933, if the company fails to register under this act then it hinders… Q: Which of the following is not part of Sarbanes–Oxley?a. An increased duty on the part of auditors to… A: Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the corporate scandals.… Q: Which of the following situations would raise an auditor's concern about the risk of fraudulent… A: SOLUTION- Fraudulent financial reporting is the intentional misrepresentation of a firm's financial… Q: If the auditor learns before he starts the audit that the client's company uses excess cash (surplus… A: Click to see the answer Q: The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting… A: Sarbanes Oxley Act (SOX): SOX act is passed by the government to address the corporate scandals.… Q: Explain why the failure of financialstatement users to differentiateamong business failure,… A: Click to see the answer Q: Corporations disclose restrictions of retained earnings on the balance sheet as a deduction from… A: Restricted retained earnings refers to that amount of a company's retained earnings that are not… Q: Which of the following statements regarding a trading certificate is incorrect? A. It is a… A: Trading certificate should be obtained by companies before starting any trade. Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Items 1 through 6 are common questions found in internalcontrol questionnaires used by auditors to obtain an understanding of internal controlfor owners’ equity. In using the questionnaire for a client, a “yes” response indicates apossible internal control, whereas a “no” indicates a potential deficiency.1. Are all entries in the owners’ equity accounts authorized at the proper level in theorganization?2. Are issues and retirements of stock authorized by the board of directors?3. Does the company use the services of an independent registrar or transfer agent?4. If an independent registrar and transfer agent are not used:(a) Are unissued certificates properly controlled?(b) Are cancelled certificates mutilated to prevent their reuse?5. Are common stock master files and stock certificate books periodically reconciledwith the general ledger by an independent person?6. Is an independent transfer agent used for disbursing dividends? If not, is an imprestdividend account maintained? Assume that a corporate officer or other executive asks you, as the accountant for the company, to omit or leave out certain financial figures from the balance sheet that may paint the business in a bad light to the public and investors. Because the request does not involve a direct manipulation of numbers or records, would you agree to go along with the request? What ethical considerations exist for you in deciding on a course of action? Which of the following statements is NOT CORRECT? When a corporation’s shares are owned by a few individuals who own most of the stock or are part of the firm’s management, we say that the firm is “closely, or privately, held.” “Going public” establishes a firm’s true intrinsic value and ensures that a liquid market will always exist for the firm’s shares. Publicly owned companies have sold shares to investors who are not associated with management, and they must register with and report to a regulatory agency such as the SEC. When stock in a closely held corporation is offered to the public for the first time, the transaction is called “going public,” and the market for such stock is called the new issue market. SEE MORE QUESTIONS Recommended textbooks for you Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Auditing: A Risk Based-Approach to Conducting a Q... ISBN:9781305080577 Author:Karla M Johnstone, Audrey A. 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When no independent stock transfer agents are employed and the corporation issues its own stock and maintains stock records Canceled stock certificates should?
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