Problem
Activity I:
i. Why is there a need that financial statements should be audited before they are released to the public?
ii. Maximum of two paragraphs/ maximum of six short sentences per paragraph
Activity II:
i. What is the importance of adhering to the GAAS? What will happen if the external auditors do not adhere to the GAAS?
ii. Maximum of three paragraphs/ maximum of six short sentences per paragraph
Activity III:
i. According to the SEC Code of Corporate governance, what is the role of the Audit Committee?
ii. Maximum of two paragraphs/ maximum of six short sentences per paragraph
Activity IV:
i. Assuming that you are a CPA/Lawyer. Mr. Chang is your legal client who is involved in a Estafa case.
ii. He requested for your services to audit the year end financial statements of his company wherein he is the Chairman of the Audit Committee.
iii. Are you going to accept the engagement? Yes or No. Explain why.
iv. Maximum of two paragraphs/ maximum of six short sentences per paragraph