MCAA U2DB response 1 and 2

MCAA U2DB response 1 and 2
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Institutional Affiliation
Date
MCAA U2DB response 1 and 2
MCAA_U2DB_Response_1_AK
The work presents a clear understanding of the accounting and auditing standards, and also goes into details by tackling each highlighted issue and relating it to the auditing standards. However a few areas are of concern for instance in addressing the issue on the acquisition of the audit firm by the other, they argue with the point of an audit being conducted by a professional (Messier Glover, & Prawitt, 2017), which may not hold much in this case. The firm may have proficient auditors (American Institute of Certified Public Accountants, Inc., 2002), only that they are not familiar with the firm, and hence, the audit may take longer than anticipated, and given that time is not on their side, contracting or working alongside the previous team will work to their advantage. Nonetheless, they could elaborate on their point to provide us with a better understanding or grasp of the point they were putting across.
MCAA U2DB Response 2 JA
It is quite educative especially concerning the auditing standards. However, a much elaborate understanding on how to tackle each situation could prove much helpful. For example how the issue of acquisition by another auditing firm should be handled, given the unfamiliarity of the auditors with Bovar Company. As well as the timing of the audit (American Institute of Certified Public Accountants, Inc., 2002) given that it is already late and some issues may not be adequately covered in time for the auditors to offer a professional opinion.

Although there is not much difference in our postings, much emphasis should be put on tackling the issues concerning the various auditing standards as opposed to placing much emphasis on the auditing standards and not handling every issue that requires their attention. An auditor should also have their priorities set right, which speaks greatly to their organization and planning (Messier Glover, & Prawitt, 2017).
References
American Institute of Certified Public Accountants, Inc. (2002). AU section 150. Retrieved from Public company accounting oversight board: https://pcaobus.org/Standards/Auditing/Pages/AU150.aspx
Messier Jr, W., Glover, S., & Prawitt, D. (2017). Auditing & assurance services: a systematic approach (10th ed.). New York, New York: McGraw-Hill Education.