Week One Discussion

Explain the CPA Vision Project in your own words

What is meant by "moving up the economic value chain" and how are CPAs going to accomplish this?

In my opinion, the CPA Vision Project is a project that is designed to help maintain and improve the CPA profession in this ever so evolving world today. Our world is changing every day with so much development in technology, in which the profession must be able to keep up with. Hence the reason for the vision project, to help guide CPAs and keep the profession going through our changing world. The project not only helps CPAs to keep up with changes, but also to be able to use today’s information to create successful opportunities for the people it servers.

Reference:

http://www.aicpa.org/RESEARCH/CPAHORIZONS2025/CPAVISIONPROJECT/Pages/CPAVisionProject.aspx

, and under what conditions will an auditor depart from issuing an unqualified report. 

According to our text, an auditor may depart from issuing an unqualified report when there are circumstances requiring a qualification or modification of the auditor’s opinion, and if any of the five conditions are not met. The following are the five conditions that must be met in order for a standard unqualified audit report to be issued:

1. All statements, balance sheet, income statement, statement of retained earnings, and statement of cash flows are included in the financial statements.

2. The three general standards have been followed in all respects on the engagement.

3. Sufficient appropriate evidence has been accumulated, and the auditor has conducted the engagement in a manner that enables him or her to conclude that the three standards of field work have been met.

4. The financial statements are presented in accordance with U.S. generally accepted accounting principles. This also means that adequate disclosures have been included in the footnotes and other parts of the financial statements.

5. There are no circumstances requiring the addition of an explanatory...