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Solutions Manual, Chapter 2, Page 1 of 14
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.
CHAPTER 2
Solution manual for Auditing and
Assurance Services: An Applied
Approach Stuart 1st Edition
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Professional Standards
Review Questions
2-1 The Sarbanes-Oxley Act of 2002 created the PCAOB and gave this body authority to develop auditing
standards for the audits of public companies. The AICPA has the authority, based on general
acceptance (and adoption by state boards of accountancy and other regulatory bodies), to develop
auditing standards for audits of nonpublic companies.
2-2 Generally accepted accounting principles are accounting principles which have substantial
authoritative support, such as approval by the Governmental Accounting Standards Board or the
Financial Accounting Standards Board. These standards provide the criteria (financial reporting
framework) for financial reporting, including the nature and content of financial statements. Generally
accepted auditing standards are those issued by the AICPA’s Auditing Standards Board (ASB).
GAAS are the standards for the auditor’s work in fulfilling the overall objectives of a financial
statement audit. GAAS address the general responsibilities of the auditor, as well as the auditor’s
further considerations relevant to the application of those responsibilities.
2-3 A financial reporting framework is a set of criteria used to determine measurement, recognition,
representation, and disclosure of all material items appearing in the financial statements; for example

United States GAAP or IFRS. It is important to an audit because it is through consideration of that
framework on which the auditor basis his or her opinion on the financial statements.
2-4 Generally accepted auditing standards are the Statements on Auditing Standards issued by the
Auditing Standards Board.
2-5 In the context of the audit of financial statements, professional skepticism includes maintaining a
questioning mind, being alert to conditions that may indicate possible misstatement due to fraud or
error, and a critical assessment of audit evidence. Throughout the audit the auditors should be alert
for: (1) audit evidence that contradicts other audit evidence, (2) information that raises a question
about the reliability of documents and responses to inquiries, (3) conditions indicating possible fraud,
and (4) circumstances suggesting the need for additional audit procedures beyond those ordinarily
required.

2-6 The auditors' responsibilities concerning the detection of noncompliance with laws by clients depends
on the relationship of the law or regulation to the financial statements. Certain laws and regulations,
such as income tax laws, have a direct effect on the amounts and disclosures included in the financial
statements. The auditors have a responsibility to design their audit to obtain reasonable assurance of
detecting material violations of these laws and regulations.
Many other laws and regulations, such as occupational safety and health laws, do not have a
direct effect on the amounts included in the financial statements. An audit carried out in accordance
with generally accepted auditing standards is not designed to detect client noncompliance with these
other laws.
Although an audit is not designed to provide reasonable assurance of detecting noncompliance
with other laws, the CPAs should be aware of the possibility that they have occurred and investigate
those identified. When they become aware of noncompliance with laws, the auditors should
communicate the situation to the audit committee of the board of directors to remedy the situation and
make appropriate modifications to the financial statements. If management fails to take appropriate
action, the auditors should consider withdrawing from the engagement.
2-7 The first sentence of the quotation is correct. The completion of an audit of financial statements by a
CPA following generally accepted auditing standards and satisfying the CPA provides the basis for
expression of an unmodified opinion on the fairness of financial statements.
The second sentence of the quotation is in error. Auditors never express an opinion (either
qualified or unmodified) on the fairness of financial statements without first performing an audit. The
audit provides the basis for the expression of an opinion. Such factors as audits made in prior years,
confidence in management, and a "quick review" of the current year's financial statements are not an
acceptable substitute for appropriate audit procedures.
2-8 The management of Pike Company is primarily responsible for the fairness of the company's financial
statements. The retention of certified public accountants to perform an audit and express an opinion
on the statements does not relieve management of its obligation to give an honest and complete
accounting of its conduct of corporate affairs.
2-9
Independent Auditor’s Report
To the Audit Committee of ABC Company
We have audited the accompanying consolidated balance sheets of ABC Company and its subsidiaries,
as of December 31, 20X1 and 20X0, and the related consolidated statements of income, retained
earnings, and cash flows for the years then ended.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our
audit. We conducted our audit in accordance with auditing standards generally accepted in the United

States of America. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the consolidated financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entity's preparation and fair presentation of the consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of ABC Company and its subsidiaries as of December 31, 20X1 and
20X0, and the results of their operations and their cash flows for the years then ended in accordance
with accounting principles generally accepted in the United States of America.
Phoenix, Arizona
February 5, 20X2
Williams & Co. LLP
2-10 Among the more common situations which prevent the issuance of an unmodified opinion upon
completion of an audit are the following:
(1) Certain necessary auditing procedures were omitted at the request of the client, or for reasons
beyond the control of the client or the auditors.
(2) The statements contained misstatements (or omissions) and the client refuses to change them.
2-11 In the opinion paragraph of the auditor's standard report the auditors make representations as to the
following:
(1) The fairness of the financial statements, in all material respects.
(2) Application of generally accepted accounting principles.
(3) By implication consistent application of generally accepted accounting principles.
(4) By implication adequate disclosure.
2-12 The issuance of a standard audit report tells us that the audit was performed in accordance with
generally accepted auditing standards and, accordingly, it was planned and performed to obtain
reasonable assurance about whether the financial statements are free of material misstatement due to
error or fraud. The audit included performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. These procedures were determined based on the auditors’
judgment, including their assessment of the risks of material misstatements of the financial statements.
The auditors also evaluated the appropriateness of accounting policies used by the client, the
reasonableness of significant accounting estimates, and the overall presentation of the financial
statements.

2-13 The auditors' report expresses an opinion on the client's financial statements, not on the accounting
records. A major purpose of the audit is to give outsiders assurance that the financial statements are
reliable. The client's accounting records are important to the public accounting firm only because they
constitute evidence supporting the financial statements. The CPAs also gather evidence from outside
the company and from internal sources other than the accounting records.
2-14 The public accounting firm must observe generally accepted auditing standards (or, if applicable,
PCAOB Standards) in order to merit confidence in its opinion. The result of following these
procedures is an audit report that includes a reasonable, but not absolute, assurance that the financial
statements do not contain material misstatements due to errors or fraud. Reasonable assurance implies
that there is a low level of risk remaining that the auditor expresses an opinion that the financial
statements are properly stated when they are not. Reasonable and not absolute assurance is necessary
due to (1) the nature of financial reporting (e.g., the necessary use of judgment), (2) the nature of audit
procedures (e.g., they often do not provide absolutely conclusive evidence) and (3) the need to conduct
an audit within a reasonable period of time at a reasonable cost. Accordingly, the auditor expresses an
opinion on the financial statements, not a statement of fact.
2-15 Regardless of how careful and professional an audit of financial statements the public accounting firm
has made, it cannot guarantee their correctness. The statements themselves include a variety of
estimates; for example, the estimate of the allowance for uncollectible accounts and the choice of
depreciation rates. Also, the auditors rely on a program of tests rather than on verifying every
transaction. Some errors, therefore, may go undetected. The audit gives the auditors a firm basis for
expressing an informed opinion on the financial statements, but no more than that.
2-16 A material amount is an amount that is sufficiently important to influence decisions made by
reasonable users of financial statements. The amount may differ by account based on specific account
characteristics. For example, a $100,000 shortage of cash may be extremely material to a small
company, and a shortage of that amount might lead to bankruptcy. But, a $100,000 valuation
overstatement of equipment may be of less significance if the company continues to produce its
products and operate as in the past. Materiality is discussed further in Chapter 6.
2-17 If the guidance for a transaction or event is not specified within the authoritative GAAP (the FASB
Codification), the auditor should first consider whether accounting principles for similar transactions or
events exist within GAAP; if that is the case, those principles are followed to the extent considered
appropriate. If not, nonauthoritative accounting guidance is consulted. Sources of nonauthoritative
accounting guidance and literature include
Practices that are widely recognized and prevalent either generally or in the industry.
FASB Concepts Statements.
AICPA Issues Papers
International Financial Reporting Standards.
Pronouncements of professional associations or regulatory agencies.
Technical Information Service Inquiries and Replies included in AICPA
Technical Practice Aids.
Accounting textbooks, handbooks, and articles.
The appropriateness of the above nonauthoritative accounting guidance and literature depends on its
relevance to particular circumstances, how specific it is, the general recognition of the issuer or author as
a authority, and the extent of its use in practice.

2-18 No. The attestation standards are meant to provide a general framework for the overall attestation
function and do not supersede the generally accepted auditing standard which were developed for
audits of annual historical financial statements. As a practical matter, the attestation standards are
most directly relevant to attest engagements that are not covered by specific authoritative standards,
such as attesting to attributes of computer software.
2-19 Quality control in a public accounting firm means policies and procedures which help assure that each
audit meets at least a minimum standard of quality. Such control is vital because even one substandard
audit could cause the firm to be defendant in a lawsuit that could threaten its continued existence.
Peer reviews refer to a study and appraisal by an independent evaluator (“peer reviewer”) of a
CPA firm’s work. In a system review, the evaluator considers the CPA firm’s system of quality control
to perform accounting and auditing work. In an engagement review, the evaluator studies and
evaluates a sample of a CPA firm’s actual accounting work, including accounting reports issued and
documentation prepared by the CPA firm as well as other procedures that the firm performed.
Engagement reviews are only available for CPA firms that do not perform audits or other similar
engagements.
Inspections are similar to peer reviews but are performed by the staff of the Public Company
Accounting Oversight Board. However, in performing PCAOB inspections the staff focuses only on
selected quality control issues and may consider aspects of practice management, such as the
determination of partner compensation. In selecting audits and reviews for inspection, the PCAOB
staff uses a risk assessment approach, which focuses on audits that have a high risk of lack of
compliance.
2-20 (a) Engagement performance. The objective of quality control procedures in this area is to
provide assurance that work performed is in accordance with professional standards and
regulatory and legal requirements, with policies and procedures addressing: (1) engagement
performance, (2) supervisions responsibilities and (3) review responsibilities.
(b) Human resources. The objective of quality control procedures in this area is to provide
assurance that the firm has personnel with the capabilities, competence and commitment to
ethical principles to: (1) perform its engagements in accordance with professional standards
and regulatory and legal requirements and (2) enable the firm to issue reports that are
appropriate in the circumstances.
(c) Monitoring. The objective of quality control procedures in this area is to determine that the
policies and procedures established for each of the elements are suitably designed and
effectively applied.
2-21 The AICPA’s Statement on Quality Control Standards identify six “elements” (areas) in which the
Institute feels that quality control procedures are appropriate, but it does not require any specific
quality control procedures. The Statement recognizes that specific procedures will vary among firms,
depending upon the size of the firm, the number of offices, and the nature of the firm’s practice.
2-22 The duties of the Public Company Accounting Oversight Board include:
Register public accounting firms that prepare audit reports for financial statement issuers.
Establish or adopt auditing, quality control, ethics, independence and other standards relating to
audit reports for issuers.
Conduct inspections of registered public accounting firms.

Perform other duties or functions to promote high professional standards for audits, enforce
compliance with the enabling act establishing the Board (i.e., the Sarbanes-Oxley Act of 2002
discussed in Chapter 1), set the budget, and manage operations.
2-23 A system review involves peer reviewers’ study and appraisal of a CPA firm’s system of quality
control to perform accounting and auditing work. A systems review includes determining whether the
CPA firm’s system of quality control for its accounting and auditing practice (non-public clients) is
designed and complied with to provide the CPA firm with reasonable assurance of performing and
reporting in conformity with applicable standards, including the quality control standards. An
engagement review is a type of peer review in which the peer reviewer selects a sample of a CPA
firm’s actual accounting work, including accounting reports issued and documentation prepared by the
CPA firm. This form of peer review is only available for CPA firms that do not perform audits, but do
perform accounting work, including reviews and compilations. The objective of an engagement
review is to evaluate whether the CPA firm’s reports are issued and procedures performed
appropriately in accordance with applicable professional standards.
2-24 The international audit report differs from one based on PCAOB reporting standards in the following
ways:
(1) The international report has an expanded description of management’s responsibility for the
financial statements and internal controls.
(2) The report also includes an expanded explanation of the audit process, which includes a
description of the auditors’ responsibility for internal control.
(3) The international report allows the accountants the following reporting options:
(a) Instead of indicating that the financial statements "present fairly, in all material respects,"
the accountants may substitute the phrase "give a true and fair view."
(b) The report may indicate that the financial statements comply with the country's relevant
statutes or laws.
(c) The report may be signed using the personal name of the auditor, the firm, or both.
(4) The city in which the auditors maintain an office is required to be included in the international
report.
Questions Requiring Analysis
2-25 The AICPA currently develops independence and ethical standards, quality control standards, and
auditing and attestation standards that apply to its members. However, AICPA standards are
applicable to the audits and auditors of nonpublic clients based on general acceptance by the courts,
and adoption by state boards of accountancy and other regulatory bodies. The AICPA also has a
voluntary peer review program, and enforces its standards on its members.
The PCAOB was given the legal authority to develop independence and ethical standards, quality
control standards, and auditing and attestation standards that apply to public company auditors and
integrated audits. The PCAOB also is charged with performing inspections of registered audit firms,
and may sanction the firms for noncompliance with its standards and the provisions of Sarbanes-Oxley
Act.

The state boards of accountancy regulate CPA firms and CPAs in the various states and jurisdictions.
They have the authority to establish their own standards, but have generally adopted the standards of
other bodies such as the AICPA and the PCAOB. A state board enforces its standards in its state or
jurisdiction and has the authority to revoke a CPA firm or individual CPA’s right to practice in the
state.
2-26 A firm of certified public accountants might find it difficult to maintain an attitude of independence
during the audit of financial statements if the public accounting firm or a partner in the firm:
(1) Derived a major portion of the firm's income from one client;
(2) Had a personal financial interest in the company being audited;
(3) Made the fee contingent upon the obtaining of a bank loan by the client;
(4) Was financially indebted to the client;
(5) Was a member of the board of directors of the client company or otherwise participated in the
management of the company.
2-27 If the certified public accountant is appointed controller of the corporation, he or she loses the
independent status which is the most essential qualification of the certified public accountant. The
interests of the officers of a corporation may at times be in conflict with the interests of creditors,
bankers, or stockholders. These outside groups are best protected when independent CPAs examine
the financial statements prepared by management of the corporation. The performance of an internal
audit function under the direction of the new controller may be a highly desirable step, but it does not
eliminate the need for an independent audit.
2-28 (a) To satisfy an auditor's responsibilities to detect Smith's errors and fraud, Reed should:
Assess the risk that Smith's errors and fraud may cause its financial statements to contain a
material misstatement.
Design the audit to provide reasonable assurance of detecting errors and fraud that are
material to the financial statements. In designing the audit, the auditors should respond to
risks by altering their overall approach to the audit or modifying the nature timing and
extent of audit procedures. They should also perform procedures to address the risk of
management override of internal control.
Exercise due care in planning, performing, and evaluating the results of audit procedures,
and exercise the proper degree of professional skepticism to achieve reasonable assurance
that material errors or fraud will be detected.
(b) Reed's responsibilities to detect Smith's noncompliance with laws that have a material and
direct effect on Smith's financial statements are the same as that for errors and fraud.
Reed's responsibilities to detect noncompliance with laws that have an indirect effect on
the financial statements are to be aware of the possibility that such noncompliance may have
occurred. If specific information comes to Reed's attention that provides evidence concerning
the possible existence of such noncompliance, Reed should apply audit procedures specifically
directed to ascertaining whether noncompliance has occurred.
(c) Reed's responsibilities when noncompliance with laws has been identified is to discuss the
situation with top management and to notify the audit committee of the board of directors so
that proper action can be taken, including making any necessary disclosures or adjustments to
the financial statements. If the client fails to take appropriate corrective action, Reed should
withdraw from the engagement. In addition, legal counsel or other appropriate specialist will
generally be contacted by the CPA.

2-29 (a) The two forms of peer review are a system review and an engagement review.
(b) The PCAOB inspections focus on the public-company audit practice of the firm. The
inspections are designed to determine the firm’s compliance with the Sarbanes-Oxley Act,
PCAOB and SEC requirements, and other professional standards.
(c) An inspection involves at least the following three components:
1. An inspection and review of selected public-company audit and review engagements.
2. An evaluation of the sufficiency of the quality control system of the firm, and the
manner of the documentation and communication of the system.
3. Performance of such other testing of the audit, supervisory, and quality control
procedures as are considered necessary.
PCAOB inspections differ from peer reviews in that the staff focuses only on selected quality
control issues and may consider aspects of practice management, such as the determination of
partner compensation. In selecting audits and reviews for inspection, the PCAOB staff uses a
risk assessment approach, which focuses on audits that have a high risk of lack of compliance.
(d) The PCAOB staff selects audit engagements for inspection on a risk basis. They select audits
with a higher risk of lack of noncompliance with professional standards. In addition, for the
selected audits, the staff focuses on the higher-risks aspects of the engagement.
Objective Questions
2-30 Multiple Choice Questions
(a) (4) Because the license to practice as a CPA is granted by the state, the applicable state,
through its state board of accountancy, has the right to revoke the right of an
individual to practice as a CPA. Students are sometimes confused by the fact that
while the CPA examination is administered nationally, it is the individual states that
award CPA certificates.
(b) (2) The AICPA has authority to establish auditing standard for nonpublic companies. The
Financial Accounting Standards board has authority for accounting standards of both
public and nonpublic companies. The Public Company Accounting Oversight Board
has authority to establish standards for audits and reviews of public companies, and
quality controls for firms that audit public companies.
(c) (2) FASB Concepts Statements are considered nonauthoritative guidance. The other
replies all represent authoritative guidance.
(d) (2) Financial statement audits provide reasonable, not absolute assurance.
(e) (2) The quality control standards were established to provide reasonable assurance that
professional services confirm with professional standards. Answer (1) is incomplete
since many standards in addition to reporting standards must be followed. Answer (3)
is incorrect because a peer review monitors whether a firm's quality control standards
are being met. Answer (4) is incorrect because continuing professional education is
only one part of a system of quality control.

(f) (3) The internal control of the client is not explicitly mentioned in the unqualified
standard report although it is implicit in the reference to generally accepted auditing
standards. Answers (1), (2), and (4) are all explicitly set forth in the unqualified
standard form of audit report.
(g) (1) An independent mental attitude on the part of the auditor is required by the second
general standard of the PCAOB. Answers (3) and (4) relate to the standards of field
work. Answer (2) confuses generally accepted accounting principles with generally
accepted auditing standards.
(h) (3) Such a quality control policy is designed to assure that personnel assigned to an
engagement are independent to perform the work, an ethical requirement.
(i) (1) An audit provides reasonable assurance of detecting misstatements due to fraud,
regardless of whether due to fraudulent financial reporting or misappropriation of
assets.
(j) (1) An integrated audit report on the financial statements of a public company states that
the audit was performed in accordance with Public Company Accounting Oversight
Board standards, not AICPA standards.
(k) (3) The PCAOB staff performs inspections of audit firms that are registered with the
PCAOB. In order to perform an audit of a public client an audit firm must be
registered.
(l) (4) Neither the AICPA audit report nor the international audit report include an opinion
on internal control. The other replies provide actual differences between the two
reports.
2-31 Adapted AICPA Task-Based Simulation
Reviewer’s Comments Comment
is correct
(yes or no)
Explanation of incorrect
comments (not required)
a. The report should not be addressed to
management.
Yes The report is ordinarily addressed to
the audit committee, the board of
directors, the shareholders or the
company itself.
b. The report should indicate that we have
“audited,” rather than “examined” the
financial statements (first paragraph after
introduction).
Yes
c. The report should not indicate anything
concerning management’s responsibility for
internal control.
No The report is correct as presented.
d. The report should state that the auditor’s
responsibility is to express “reasonable
assurance,” not an opinion (first paragraph
under “auditor’s responsibility).
No While an audit does provide
reasonable assurance, the report is
correct as presented.
e. The audit is designed to assess risks of
material misstatements due to errors or
fraud; the term “illegal acts” is incorrect
(second paragraph under auditor’s
Yes The word “errors” should replace
“illegal acts” in the report (and the
order of the terms should be
reversed).

responsibility).
f. The report should not refer to an auditor as
“evaluating the appropriateness of
accounting policies,” since those are the
responsibility of management.
No An audit report does refer to the
appropriateness of accounting
policies
g. The evidence should be sufficient and
appropriate rather than “adequate” (third
paragraph under auditor’s responsibility).
Yes Self explanatory.
h. The opinion should not include “in all
material respects” since the auditor is
providing an opinion on the accuracy of the
financial statements (opinion paragraph).
No Audits are performed to provide
reasonable assurance of detecting
material misstatements, and the
report so indicates.
i. The opinion should be on “accounting
principles generally accepted in the United
States of America,” not on auditing
standards (opinion paragraph).”
Yes The financial statements follow the
appropriate accounting principles,
while the audit follows generally
accepted auditing standards.
j. The signature on the report should be that of
the CPA firm, not that of the partner.
Yes While the international report allows
the partner to sign the report (in
addition to the CPA firm name), the
GAAS report does not.
2-32
Statement Agree (A) or
Disagree (D)
Comment
a. The report must begin with “CPA’s Report”
at the top.
D The top must have a title that
includes the term
“independent.”
b. The report is ordinarily addressed “to whom
it may concern.”
D It is ordinarily addressed to the
audit committee, the board of
directors, or the company
itself.
c. The report indicates that management is
responsible for the preparation of the
financial statements.
A
d. The report indicates that the auditor’s
responsibility is to obtain particular assurance
about whether the financial statements are
free of material misstatements.
D Reasonable assurance is
obtained.
e. The report ordinarily concludes on whether
the financial statements are in conformity
with generally accepted auditing standards.
D It concludes on whether the
financial statements are in
conformity with generally
accepted accounting
principles.
f. The report indicates that the audit procedures
selected depend on the auditor’s judgment.
A
g. The report indicates that the audit evidence
obtained is sufficient and appropriate to
provide a basis for the audit opinion.
A
h. The report indicates that the auditor
considers and provides an opinion on internal
control.
D Internal control is considered,
but no opinion is provide on it.
2-33

a. 3 Agreed-upon procedures report.
b. 7 Audit report.
c. 6 An unintentional misstatement.
d. 8 Generally accepted accounting principles.
e. 12 Misappropriation of assets.
f. 4 A review of a CPA firm conducted by PCAOB.
g. 10 Human resources and monitoring.
h. 2 A CPA firm that may conduct audits of public or nonpublic companies.
Statement Type of
Audit
Report
a. The auditors are unable to determine the overall fairness of the financial
statements.
D
b. This is the report most clients prefer. S
c. A limitation on the scope of the audit is significant, but not so as to
overshadow an overall opinion.
Q
d. The financial statements are not fairly presented. A
e. A material departure from GAAP exists, but not so material as to overshadow
an overall opinion.
Q
2-34
Principles Yes (Y) Comment
or
No (N)
a. The purpose of an audit is to provide financial statement users with an N Not
opinion by the auditor on whether the financial statements are
presented fairly, in all material and immaterial respects, in accordance
with the applicable financial reporting framework.
“immaterial”
b. The auditors are responsible for having appropriate competence and
capabilities to perform the audit.
Y
c. The auditor is unable to obtain absolute assurance that the financial
statements are free from material misstatement.
Y
d. The opinion states whether the financial statements are presented
fairly, in all material respects, in accordance with the applicable
financial reporting framework.
Y
e. Inherent limitations of an audit include the need to conduct an audit to N The balance
achieve a balance between the benefit to management and the benefit is a proper
to the auditors. balance
between
benefit and
cost.
2-35 Definitions

Problems
2-36 SOLUTION: White Company (Estimated time: 20 minutes)
(a) No, Rezzo would not be justified in complying with White's request. Although Rezzo is a
CPA, he has not audited the financial statements of White Company in accordance with
generally accepted auditing standards. Preparation of financial statements cannot be construed
as synonymous with auditing the statements. Furthermore, because of Rezzo's deep
involvement with White Company, it is questionable whether he could maintain an
independence of mental attitude if he did audit the financial statements.
(b) If Rezzo were justified in issuing a standard audit report on the financial statements of White
Company, he should not do so until he has completed an audit of the financial statements. The
auditor does not express an opinion on financial statements without first performing an audit.
(c) No, it would not be reasonable for the public accounting firm employing Rezzo to assign him
to the audit of the White Company financial statements. Having himself prepared the financial
statements; Rezzo would be in the position of attempting to independently evaluate the
products of his own work. Independence of mental attitude in the appraisal of one's own work
is extremely doubtful.
2-37 SOLUTION: Gray Manufacturing Corporation (Estimated time: 25 minutes)
The following memorandum summarizes the response of Bart James, CPA, to the request of a client
for extension of the attest function to the problem of pollution control.
Dear John:
As much as I support your strenuous efforts to minimize air and water pollution from the
manufacturing operations of your company, there are specific reasons which make it impossible for
me as a CPA to attest to the extent of your accomplishments in this area along the lines you have
suggested. When we perform the attest function with respect to your financial statements each year,
we are expressing our professional opinion that your financial statements are prepared in conformity
with certain standards, which we call "generally accepted accounting principles." In order for us to
attest to the effectiveness of your pollution control program, recognized standards would have to be
established in this field. No such standards presently exist for a factory to the best of my knowledge.
Of course the federal government has set standards for exhaust emissions on automobile engines and
we could, by retaining independent consulting engineers, obtain a basis for attesting to the
compliance of a given automobile engine to those standards.
We are quite willing to extend the attest function in various directions if we can find a basis
for objective comparison of a given operation with a clearly defined standard. Perhaps your
engineering department can develop some specific quantitative data on the industrial waste from your
operations. We might then be able to perform the necessary examination of such data to enable us to
attest to the validity of your representations as to your operations. Of course, this would not be the
same thing as providing your relative position in the industry. After reviewing this possibility with
your engineering staff, if you would like to discuss the matter further with us, we will be glad to meet
with you.
Sincerely,
Bart James
In-Class Team Case

2-38 SOLUTION: Hide It (Estimated time: 25 minutes)
(a) No, this is not an error since errors are unintentional.
(b) This situation does appear to involve misstatements due to misappropriation of assets. It is a
misstatement due to fraudulent financial reporting because of the omission of the information
from the financial statements. If the $100,000 withdrawals have been abstracted for personal
use, the situation also involves a misstatement arising from misappropriation of assets.
(c) Certain laws have a direct effect on the financial statement amounts and are considered on
every audit. An example is income tax law that affects the amount of income tax expense in
the financial statements of most clients. This situation involves what appears to be non-
compliance with a law that has a "direct effect" since, at a minimum; taxes have not been paid
on the income involved.
(d) The auditors will need to consider whether withdrawal is necessary, perhaps after consultation
with their attorney. The case suggests that the unrecorded deposits occurred prior to current
management involvement with the company. Note, however, that interest was earned during
the period this management has been with the company, and withdrawals have been made
during this same period. The auditors would wish to consider when current management
became aware of the account and the nature of the withdrawals when considering whether to
resign from the engagement.
Research and Discussion Case
2-39 SOLUTION: Enormo Corporation (Estimated time: 45 minutes)
(a) When the auditors discover illegal acts by a public client, they should consider three major
factors. First, the auditors should consider the effect of the acts on the client's financial
statements, including the possibility of fines and loss of business. To comply with generally
accepted accounting principles, the financial statements must reflect the material effects of
illegal acts.
Second, the illegal acts may affect the auditors' assessment of the integrity of
management. In deciding whether to continue to serve the client, the auditors should consider
the nature of the illegal acts and management's response to the acts after they are uncovered.
Third, the auditors should consider whether the occurrence of the illegal act indicates
that there is a material weakness in the company’s internal control over financial reporting.
(b) The following courses of action are available to the auditors:
(1) The auditors could issue an unqualified opinion and take no further steps regarding
the illegal activities. This course of action could be argued on the basis that the effect
of the acts on the financial statements is not material. If the auditors take this course
of action, they should also consider whether the illegal act and related actions by
management and the board indicate a material weakness exists that would affect their
report on internal control over financial reporting.
(2) The auditors could issue a qualified opinion because the financial statements depart
from generally accepted accounting principles, in that they fail to disclose the illegal
acts. This course of action could be argued on the basis that any illegal activities by
the client are material, especially when management fails to take any steps to prevent

the acts. If the auditors take this course of action, they should also consider whether
the illegal act and related actions by management and the board indicate a material
weakness exists that would affect their report on internal control over financial
reporting.
(3) The auditors could withdraw from the engagement, because the client's failure to take
actions to prevent such activities indicates that Enormo's management lacks sufficient
integrity.
(c) We believe that the auditors should consider withdrawing from the engagement. Enormo's top
management seems far too complacent regarding these activities. Their refusal to take any
action to prevent the acts in the future provides a signal to lower level management that top
management approves of illegal acts. The auditors clearly should question the integrity of
management in this situation.

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LA COMTESSE DE TRÉVIRE A XAVIER DE MAUPERTUIS
Paris, 28 septembre.
… Vous, une aventure sentimentale! Et de quel genre! Que
signifie ce dialogue féministe! Avez-vous tant raillé pour en venir à
adorer une émancipée? Car vous l'adorez, et elle vous le rend,
malheureux! et tous les deux, tous les jours, vous vous acheminez
bien sagement, le cœur battant, à votre rendez-vous dans les dunes!
Quel lieu pour s'adorer que ces dunes de Pirou, pleines de vent, de
soleil et de mouches! Votre idéalisme m'épouvante. Vos rêves
transformeraient en paradis la cale d'un caboteur ou la cabane d'un
douanier! Vous savez que j'eus le désespoir, il y a trois ou quatre
ans, de passer un mois dans ce pays infernal; oubliez donc de m'en
vanter la beauté; je le connais et je souffre à l'idée que vous y êtes
heureux. Sans cela, oui, je serais jalouse! J'aurais voulu, mon cher
railleur, être l'ouvrière de votre métamorphose et vous entendre, au
moins une fois, prononcer sans ironie des mots tendres. Quelle est
donc cette chasseresse des grèves mortes qui va encore me voler un
de mes amis? Au moins, ne vous diminuez pas. Gardez la liberté de
votre tête. Ne donnez rien de votre intelligence. J'ai besoin de votre
amitié et de votre esprit. Je suis très abandonnée. Ni Pelasge, ni
Bazan ne m'ont écrit de tout l'été, je ne sais aucune nouvelle. On dit
que Madame de P.-A. est devenue la maîtresse de mon mari, j'ai
appris cela par les journaux. Voilà comme je suis renseignée.
Informez-vous bien si le Monsieur Basin n'est pas l'être absurde que
nous appelons Bazan? Il me doit des nouvelles de lui-même, un
tableau qu'il m'a promis et un récit de son séjour aux Pins. Comme
ma belle-sœur, qui m'avait demandé un peintre pour faire son
portrait, ne m'a ni remerciée, ni même écrit à ce sujet, j'ai peur qu'il
ne se soit passé là des choses extravagantes. Mon fils est l'héritier
du marquis, mais Claude est capable de tout, même d'avoir un

enfant d'un mari notoirement incapable. Si le séjour de Bazan avait
fait ce miracle, je serais une sotte et Bazan un monstre. Il est vrai
qu'elle a déjà eu tant d'amants! J'en suis à ces calculs bas, mon cher
ami, parce que mon mari me ruine, que j'aime le luxe et les voyages
et que j'aurais honte de restreindre mon train de vie. Ne rougissez
pas de moi, puisque je rougis moi-même, non de jalousie, hélas! je
suis bien morte à tout désir. J'ai trop souffert à vivre pour espérer
que des heures d'abandon m'apporteraient une joie définitive, et j'ai
trop de regrets dans le cœur pour risquer d'en augmenter encore le
nombre. Pensez à moi et écrivez-moi, vous qui savez aimer dans une
femme autre chose que sa nudité et qui pouvez toucher une main
chaste sans tenter de la corrompre. Soyez heureux. J'ai confiance en
vous: si vous épousez votre Fairlie, j'aurai deux amis au lieu d'un…

Solution manual for Auditing and Assurance Services: An Applied Approach Stuart 1st Edition

PAUL PELASGE A PIERRE BAZAN
Orglandes, 10 octobre.
… Nous avons beaucoup d'imagination, tous les deux, cher
Bazan, mais tu m'as vaincu. Sans doute, j'ai vu Annette, j'ai vu
Joconde; sans doute je vois C*** avec les yeux de la complaisance,
du désir, de l'espoir; mais je ne me suis pas permis cependant,
quand je te confiais ma pensée, de considérer comme réelles,
advenues et inexorables, les aventures qui n'existaient encore que
dans ma volonté. Es-tu bien sûr, cher ami, d'avoir toujours eu la
même prudence? J'ai amplifié, j'ai coloré; es-tu bien sûr de n'avoir
jamais inventé? Tu sais quel hasard m'a mis sur le chemin de la
marquise de L. T. Comme tu avais rompu avec elle, j'ai accepté sans
remords les flèches qui me perçaient et me réjouissaient; ce fut
comme dans les estampes symboliques du jésuitique dix-septième
siècle; mais les dards de lumière que je renvoyais vers l'audacieuse
nymphe glissaient sur sa poitrine et tombaient à ses pieds. Je l'ai
revue à Paris, je l'ai revue aux Pins où un subterfuge convenu m'a
permis de passer trois jours, et je me sens comme à la première
heure devant un cœur ironique et hautain qui rit des attaques,
quoique prêt, sans doute, à céder sans révolte et sans étonnement,
si quelque trait frappe à l'endroit sensible, si des gouttes de sang
affirment la blessure et marquent de pourpre le sein orgueilleux et
sa gaîne. Je suis en pleine bataille, je m'agite dans mon armure,
songeant au moment où je pourrai la déposer et lutter corps à
corps, nu à nu, avec cette femme admirable dont la beauté est un
paysage d'été par un jour de vent et de soleil. Je l'adore, sachant
bien qu'elle n'a jamais aimé et peut-être jamais cédé, de tout mon
rêve et de toute ma force de mâle: sa vue et maintenant son image
effacent tout le passé et jusqu'à la trace des lèvres qui hier encore
me marbraient l'épaule. Qui a osé me mordre jusqu'au cœur,

puisque voici la première fois que je donne mon consentement à une
telle morsure? Oh! les absurdes femmes qui crurent en moi, qui
aimèrent ma chair ou mes yeux ou mes paroles ou mes cris! Elles
ont taillé la vigne, voilà tout. Une autre en cueillera les grappes, une
autre pressera, pour en tirer le vin éternel, les grains mûrs de la
volupté.
Pourtant je me demande encore si je ne serais pas capable d'un
retour? Annette ne m'a rien donné qu'un peu de parfum; Joconde
est profonde comme le désir. On ne sait jamais à quel degré de la
mine on est descendu et s'il n'y a pas encore des abîmes sous le
palier où on se repose. Je n'oublie pas autant que je le voudrais.
Chaque femme qui m'a touché a laissé une marque sur ma poitrine;
peut-être la pointe de leurs seins est-elle un fer rouge dont le
contact s'écrit en brûlure? Enfin je n'ai jamais vidé jusqu'à la
dernière goutte aucun flacon d'alcool, et je crois que ces flacons
sont des mamelles et qu'on tire toujours quelque ivresse lorsqu'on
sait les manier et les prier. La dernière est la favorite; mais toutes
ont leur lit dans mon harem et je n'en répudiai jamais aucune qui
eût encore figure de femme et d'amante. N'importe, Claude est
l'empire que je veux régir. Ce n'est que quand je l'aurai vaincue que
je pourrai savoir si elle est l'unique ou si elle n'est qu'un nom de plus
à écrire sur un des divans du dortoir. Aujourd'hui elle est tout mon
désir… Comme tes lettres, que j'ai relues, me causaient un certain
énervement, je les ai brûlées…

PIERRE BAZAN A LA COMTESSE DE TRÉVIRE
Havoque, 12 octobre.
… Je me croyais caché, mais il en est de moi comme des ermites
dont j'ai lu l'histoire. A peine retirés au désert, ils voyaient venir vers
eux des gens curieux de voir un solitaire, sans songer qu'on ne voit
pas un solitaire, puisque, dès qu'on approche de lui, il cesse d'être
seul. Les ermitages sont généralement devenus des monastères, des
cités; l'étable de Havoque est déjà un lieu de pèlerinage; Maupertuis
veut y faire construire une cabane, parce que la vue du marais,
quand la mer s'y rue sous la poussée du vent, est un spectacle assez
propre à la contemplation, et Madame Fairlie rêve d'ériger là une
maisonnette: mon verger de sable et de chardons n'est séparé que
par une dune de la grève du bas de l'Y, qui est un petit golfe tiède.
Je ne suis plus ermite, mais je ne le fus jamais au point de vous
oublier et je vous aurais écrit si j'avais deviné votre retour. Depuis
mon séjour aux Pins, j'ai passé quelques semaines à Paris, puis je
suis venu ici par la Bretagne, fuyant les souvenirs, les hommes, et
surtout les femmes. Fuite vaine puisque, outre Mademoiselle Fairlie,
voici que j'ai reçu hier, parmi les fresques de mon étable, une toute
petite mignonne créature qui s'est mise à pleurer en reconnaissant
sur une lettre jetée là l'écriture de Pelasge. Et je deviens le solitaire
qui rend des oracles, pendant que Mademoiselle Fairlie se promène
au vent avec Maupertuis. Le singulier être fragile et doux! C'est la
petite Annette Bourdon; je crois l'avoir aperçue chez vous avec sa
sœur et une institutrice, l'hiver dernier. Je ne l'avais pas regardée; je
ne regarde que les courbes. Mais il y a peut-être des femmes qui ne
sont pas des courbes et qui sont tout de même des femmes. Celle-là
est une chose charmante, à la fois rieuse et triste, spirituelle et
attentive. Je lui ai montré toutes mes peintures et elle avait l'air de
comprendre; elle a même eu des mots jolis et d'autres qui n'étaient

pas bêtes. C'est un enfant qu'on ne serait pas très surpris de voir
jouer au cerceau et une femme qui, sans faire sourire, trace des
lignes dans l'air avec son doigt menu. Pourquoi voulut-elle se marier,
chrysalide encore? Pourtant je comprends qu'on ait voulu l'épouser.
C'est un diamant qui grossira à la taille de toute la lumière qu'il
répandra autour de lui. Je ne sais si je dis bien ma pensée et mon
impression. Enfin j'ai commencé son portrait et je voudrais bien
donner cette idée de diamant qui va briller, mais de diamant dont la
gorge serait à demi transparente. Vous savez que j'entreprends
toujours des peintures absurdes et que je mets dans mes portraits
tout ce que j'ai cru lire dans les yeux du modèle. Celui de la
marquise de La Tour lui a beaucoup plu; elle m'a même permis de
prendre d'après elle quelques croquis et quelques études qui ont
déjà orné—car elle est vraiment très belle—deux ou trois petits
tableaux.
Je suis à vos ordres, Madame, et je vous prie de croire à mon
amitié respectueuse et dévouée.

PIERRE BAZAN A PAUL PELASGE
Havoque, 14 octobre.
Mon cher Pelasge, tu as bien fait de brûler mes lettres, puisque
tu ne les croyais pas exactes. Je ne sais plus. Ai-je mêlé des
imaginations d'amant à des réalités de peintre? C'est possible. En
tout cas, la question ne m'intéresse plus du tout; et moi je ne me
souviens jamais du passé. Fais de même. Laisse reposer la source
que tu as troublée; oublie le goût de l'eau fraîche, trop fraîche, où tu
plongeas la main un jour de chaleur. Voilà l'automne. Bois du
champagne. Laisse aux cœurs simples la douceur de leur chagrin
innocent. Le goût des larmes ne te convient pas. Il faut pouvoir
pleurer soi-même pour être ému par une femme qui pleure.
Oui, je suis sibyllin; mais pour que tu comprennes très bien mon
oracle, je te dirai que je ne crois pas plus à l'histoire de tes jeux
amoureux avec A. que tu ne veux croire à ma métamorphose en
cygne. Je t'offre ceci contre cela. Adieu.

XAVIER DE MAUPERTUIS A LA COMTESSE DE TRÉVIRE
La Devise, 15 octobre.
… Il plane sur notre désert une atmosphère de douceur et
d'amour. Raillez, tendre cœur, vous raillez des convertis qui n'ont de
regards que pour la croix et d'oreilles que pour les murmures d'en
haut. Moquez-vous! Je me moque de moi-même, mais je suis
content, moi-même, sans trop de honte. Je sais fort bien que je suis
dupe, mais je le suis dans le sens de la vie humaine; le souffle qui
me pousse me pousse vers la maison que je désire. La vraie
méthode pour dominer la vie est de lui obéir. Il faut bien que
j'obéisse, puisque je veux être le maître. Présentons nos voiles au
vent; orientons nos illusions sur le but commun à tous les désirs.
L'arrivée me trompera; sans doute, mais non le voyage. Croyez-vous
qu'on irait voir les Pyramides, si elles étaient dans la plaine Saint-
Denis? L'amour est un voyage qui n'est jamais assez long; et plus il
est douteux, plus il est doux. Je ne suis pas devenu sentimental; ma
sensibilité s'est exaspérée jusqu'à ne plus goûter que les nuances et
les finesses de la vie, voilà la vérité. L'épilepsie n'est plus le but de
mes promenades et je préfère un verre d'eau fraîche à un verre
d'eau-de-vie. Enfin, ce pays de désolation est pour nous une oasis.
La moindre fleur nous semble un jardin; tout roseau nous est un
palmier. Bazan vous a écrit; mais il ne sait pas très bien écrire dès
qu'il ne raconte plus ses impressions d'artiste. Il vit depuis quinze
jours dans un état voisin de la contemplation. Il regarde la petite
Annette, quand il ne la voit pas; et quand il la voit, il l'absorbe en lui-
même, il la boit d'un regard comme le géant d'une haleine buvait un
ruisseau et tous ses sourires. Elle est charmante d'une beauté
indécise et fragile, charmante d'une innocence passionnée. Il y a en
elle un tel appétit de félicité qu'elle en est angélique; une telle
impatience de fleurir qu'elle imprègne de bonheur l'air tout autour

de son corps pur. Ses yeux sont clairs, ses cheveux sont clairs, son
teint est clair; c'est une lumière. Fairlie, un peu sombre, est toute
illuminée par son voisinage. Nous nous retrouvons presque tous les
jours, l'après-midi, dans l'atelier de Bazan; les autres jours, nous
allons à Cavilly, chez Madame Fairlie, où il y a les seuls beaux arbres
du pays. Cet atelier de Bazan est une étable comme en avaient les
troupeaux de Sardanapale; le sol est de la terre battue et les murs
sont des songes épanouis. Assis sur des coffres, sur une bancelle,
nous parlons des couleurs, de la mer, du ciel et du sable; les poses
des jeunes filles, leurs sourires et leurs paroles sont les thèmes de
nos oraisons; nous écoutons le bruit lointain du flot en fureur et le
sifflement du vent qui traverse la toiture avec la rapidité d'une
pensée. Fairlie voit le bonheur dans la liberté; Annette serait
heureuse, aimée, même en esclavage. Elles ne se comprennent pas,
mais elles s'adorent; Fairlie a soin d'Annette comme d'une plante
précieuse et Annette lève sur son amie de grands yeux doux. Bazan
trace des lignes; il symbolise par des courbes les regards et les
sourires; il retrouve le chemin de la spontanéité, perdu depuis trois
siècles, depuis que Léonard, en créant l'analyse, créa le métier. La
chasteté de nos rapports est délicieuse; elle est si complète qu'il me
semble que je la trouble en y arrêtant ma pensée.
Est-ce que je vis une heure isolée de mon existence, ou cette
heure est-elle suivie d'autres heures se tenant par la main? Est-ce
une journée qui commence? Les minutes présentes sont agréables,
voilà tout ce que je sais; et je sais aussi qu'elles vont finir, mais
l'avenir, qui n'est pas clair dans ma pensée, est également obscur
dans mon désir. Les sentiments de Fairlie détermineront les miens. Si
elle m'aime, je lui appartiens; sinon, je rentrerai dans ma tour et
j'accrocherai au mur, parmi les témoins du passé, le chardon bleu où
hier elle se piqua les doigts…

ADÉLAÏDE FAIRLIE A XAVIER DE MAUPERTUIS
Paris, 25 octobre.
Venez. Ne restez pas plus longtemps dans la solitude où vous
enchaîne mon silence. Comme je vous l'ai promis, je parle: venez.
Mes pensées s'en vont toutes vers vous. Il faut que je les suive ou
que ce soit vous qui vous rapprochiez de mon cœur. Ami, je suis
d'une franchise ingénue et presque impertinente: je vous aime.

CLAUDE DE LA TOUR A PAUL PELASGE
Nice, 15 novembre.
… Ne soyez pas surpris si je suis absente en ce moment. Une
femme n'est pas toujours maîtresse de certains mouvements
tumultueux. Mon amitié pour vous était plus vive que je ne le
croyais, et je n'ai pu consentir à être témoin d'un mariage qui va
diminuer et peut-être réduire à rien la cordialité déjà tendre, je l'ai
imaginé, de nos relations. Prenez cela comme une crise de nerfs,
comme une faiblesse féminine. Il faut s'évanouir parfois, pour ne pas
crier. Quand je serai revenue à moi, je connaîtrai la qualité de ma
souffrance; j'espère que je pourrai sourire. Je suis évanouie, je ne
suis pas disparue. On me reverra, toujours la même, témoin
indulgent des bonheurs que je n'ai pas su réduire en esclavage. Il
faut donner tout pour avoir tout. Je n'ai jamais voulu échanger que
des rêves et des paroles: c'est pourquoi je me promène seule sous le
soleil de l'automne…

PAUL PELASGE A CLAUDE DE LA TOUR
Paris, 17 novembre.
… Qui a pu vous annoncer cela? Je ne me marie pas, car je vous
aime. C'est de vous seule que j'attends la joie qu'aucune femme ne
peut me donner. O la précieuse lettre où j'ai l'aveu si discret, si doux
et si fier de votre tendresse! Quel esclave attendez-vous? puisque je
suis là devant vous, à genoux et la tête baissée…
… Tout le monde en effet se marie autour de moi, sauf moi. La
moisson était mûre; l'amour est venu faucher, battre et engranger.
Tout le monde: mes deux cousines, que vous avez aperçues aux
Frênes, Anne et Annette: la première vient d'épouser Georges des
Fresnes; la seconde a été conquise par mon ami Pierre Bazan.
Conquise, oui, conquise sur moi, mais sans bataille, car, vous ayant
vue, je n'aimais plus que vous. Tout le monde: le vieux conseiller
Bourdon qui, ayant marié ses filles, s'est donné à lui-même votre
amie Anna Desloges. Ne le saviez-vous pas? Est-ce là l'origine de la
confusion? Elle serait singulière. Enfin j'ai appris encore le mariage
de Maupertuis, que je connus quand j'allais chez Madame de Trévire.
Qui aurait eu l'insolence de me confondre avec ce rêveur absurde?…
… Puis-je aller à Nice? Dites?…

LA MARQUISE DE LA TOUR A PAUL PELASGE
Paris de Nice - 860 - 7 - 18 - 3 h. s. =
Venez. = L. T.

MADAME AGATHIAS BOURDON A PAUL PELASGE
Paris de Versailles - 930 - 7 - 18 - 3 h. s. =
Viens. = Joconde.

PAUL PELASGE A LA MARQUISE DE LA TOUR
Nice de Paris - 259 - 55 - 18 - 7 h. s. =
… Merci! J'accours au signe de votre main. J'accours aussi
vite que la vie me le permet. Pensez à moi pour que je souffre
moins pendant les tortures de l'attente. Je partirai après
demain; peut-être la semaine prochaine? Passerez-vous l'hiver
entier là-bas?… Je vous aime.
P. P.

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