ASH ACC 410 Week 1 Assignment .pdf
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ASH ACC 410 Week 1 Assignment
Generally Accepted Auditing Standards
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Complete problem below and submit to your instructor. Write under the generally
accepted auditing standards column the specific standard that was violated and how
the action of Jones resulted in a failure to comply with each standard. Organize your
answer as shown below; specifically with a column for the standard that was violated
and a column for the required action. Thepapershouldbe 2-3 pages.
John Clinton, owner of Clinton Company, applied for a bank loan and was informed
by the banker that audited financial statements of the business had to be submitted
before the bank could consider the loan application. Clinton then retained Arthur
Jones, CPA, to perform an audit. Clinton informed Jones that audited financial
statements were required by the bank and that the audit must be completed within
three weeks. Clinton also promised to pay Jones a fixed fee plus a bonus if the bank
approved the loan.
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