Find out the audit requirements for Oman, i.e. companies/organisations for whom annual audits are mandatory and those for whom it is not.
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Find out the audit requirements for Oman, i.e. companies/organisations for whom annual audits are mandatory and those for whom it is not.
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- Firms auditing public entities are required to have periodic inspections conducted by the PCAOB.Required:a. What are the major characteristics of PCAOB inspections?b. What types of firms typically have PCAOB inspections? How frequently are these evaluations conducted?For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, U.S. generallyaccepted auditing standards, or PCAOB auditing standards.a. An audit of a U.S. private company with no public equity or debt.b. An audit of a German private company with public debt in Germany.c. An audit of a U.S. public company.d. An audit of a United Kingdom public company that is listed in the United States andwhose financial statements will be filed with the SEC.e. An audit of a U.S. not-for-profit organization.f. An audit of a U.S. private company to be used for a loan from a publicly traded bank.g. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.h. An audit of a U.S. private company that has publicly traded debt.
- What are the functions of an external audit, according to the International Auditing and Assurance Standards Board?How does auditing differ in the global environment? If the US publicly traded companies are required to have their financial statements audited by firms registered and inspected by the PCAOB, what are the implications if the foreign governments will not allow PCAOB inspectors into these audit firms?RSM , Oman is one of the few audit firms in the Sultanate of Oman accredited with the Capital Market Authority of Oman which entitles the firm to act as statutory auditors (external auditors) of public joint stock companies, investment funds, licensed companies operating in the securities market and insurance companies registered in the Sultanate of Oman. Which of the following is the right of an External Auditor? Review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures. Inspect account books and accounting systems for efficiency, effectiveness and use of accepted accounting procedures. Visit the branches of the client and to access all accounting books and records Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.
- Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.Audit of Oman Oil Company is an example of __________ a. External Audit b. Public sector Audit c. Statutory audit d. Internal AuditWhat does the future of audit look like? Critically discuss this question from the perspective of: a) The UK Government b) The Financial Reporting Council (FRC) c) Investors d) The Accountancy Professional Bodies e) Accountancy Firms
- Which non-audit service is permitted for an SEC audit client? Preparing a point-in-time gap analysis on its technology controls compared to industry standards. Providing a technology service that records accounting entries for the client. Loaning staff to prepare the client’s tax return. Loaning staff to assist with the client’s internal audit function.Who is responsible for establishing auditing standards foraudits of U.S. public companies? Who is responsible for establishing auditing standardsfor U.S. private companies? ExplainDistinguish between absolute and reasonable assurance. Identify the type of assurance that is expected in an audit of the financial statements, clearly outlining the reasons to justify your point of view. The London, Tokyo and New York Stock Exchanges, Ghana, among others, require an annual audit of the financial statements of companies whose securities are listed on it. What are the possible reasons for this?