Public Accounting Case Study

1043 Words5 Pages
Answer question 1:- Public accounting firms can be seen as firms of accountants that work for clients such as businesses, individuals, non-profits and governments. The utilities provided by public accounting firms will differ by the size and the skillfulness of the firm. There are some of the public accounting utilities: preparation, review, and auditing of financial statements, tax work including the preparation of income tax returns, and estate and tax planning, and consulting and advice involving accounting systems, unions and acquisitions, and much more. The individuals employed in public accounting are certified public accountants or CPAs. The name of the external auditor of Unikai is Muhammed Tariq “KPMG Lower Gulf…show more content…
Audit committees are not needed for all institutes, those who use one or intend to form one, should give close attention to in what way audit committees operate. The main purpose of an audit committee is to give supervision of the financial reporting procedures, the audit process, the system of internal controls and compliance with laws and principles. Relationship between the independent auditor and the audit committee, PCAOB Accounting Standard, which became helpful for audits of fiscal years beginning on, is intended to develop the consequence, and quality of communications between the auditor and audit committee about important audit and financial statement…show more content…
The different financial statements audited by external auditor are: the cash flow, the income statement, the financial position statement “balance sheet”, and statement of changes in equity. Answer question 8:- Auditors are not in charge for frauds. Auditors are in charge for revealing fraud. Auditors will get into a much increase in size field of procedures to reveal fraud. The procedure that the auditor takes to reveal fraud or errors are: pull together information required to identify risks of material misstatement because of fraud, determines these risks after taking into account an appraisal of the entity’s programs and controls, and act in response to the results. Unikai has an external auditor that does an audit on financial statement and legal and regulatory requirements to make sure there is no

More about Public Accounting Case Study

Open Document