Why might an auditor elect to perform only limited or no tests of controls for fixed assets?
Question:
Why might an auditor elect to perform only limited or no tests of controls for fixed assets?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
An auditor may choose to perform limited or no tests of controls for fixed assets for several reasons including 1 Materiality Fixed assets typically r...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Section 404 of the Sarbanes- OxleyAct of2002 requires public companies to report on the effectiveness of their internal control over financial reporting. Section 404 also requires companies to hire...
-
You are an audit staff senior and you are going to assign the task to perform tests of controls for sales and collection and test of details of balances for accounts receivable for the three...
-
Wallys Billboard & Sign Supply, Inc. was founded four years ago by Walter Johnson. The company specializes in providing locations for sign and billboard advertising and has recently begun to enter...
-
int Temp [10] = { 22, 30, 40,28,20,60}; For the above code, answer the following questions i) Find the size of Temp array. ii) How many memory locations are present in Temp array ? iii) Find the...
-
Make a list of alloying elements in high-speed-steel cutting tools. Explain why they are used.
-
Once a certain medicine is in the bloodstream, its half-life is 16 h. How long (to the nearest 0.1 h) will it be before an initial 45 cm3 of the medicine has been reduced to 8 cm3?
-
(EAC) Your friend is not sure whether she should buy or lease a car. She presents you the following financial information: The car of her dreams costs $20,000. The car is expected to be replaced...
-
General Manufacturing estimated that its total payroll for the coming year would be $425,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers...
-
Considerthe quadratic function: g(x) = (x 3)2 + 4 a. What is the vertex ofg? b. Find the x-intercepts of g. . . . . . c. Find the v-intercept ofg. d. Graph the function 9. Be sure your graph includes...
-
What is the focus of tests of controls for fixed asset records?
-
Identify some control procedures for fixed asset additions and disposals.
-
1. How did the problems at Deloitte & Touche occur in the first place? 2. Did their changes fix the underlying problems? Explain. 3. What other advice would you give their managers? In 1992, Deloitte...
-
TranscribedText: The Commonwealth Constitution gives effect to the doctrine of 'separation of powers' by creating HE distinct branches of goverrl'nent: the legislature, executive and the judiciary....
-
1). What are the key reasons why effective negotiation skills are increasingly important in the business world? 2). What are some of the problems that can arise in the determination of one's target...
-
A 5.2 g coin sliding to the right at 20.8 cm/s makes an elastic head-on collision with a 15.6 g coin that is initially at rest. After the collision, the 5.2 g coin moves to the left at 10.4 cm/s. (a)...
-
Procurement is said to follow a procurement cycle. Required: (a) What are the stages of a procurement cycle? Under what circumstances can one skip any of the stages of the procurement cycle? (b) What...
-
Using the annual report from www.annualreports.com for Ford Motor Co. answer the following questions. Identify background information on the company, including the company name, ticker (stock)...
-
Using the following information, compute cash flow from operating activities. Decrease in inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300 Increase in wages...
-
What exactly is a prima facie duty? How does an ethic of prima facie duties differ from monistic and absolutist ethical theories?
-
Olivia's dumplings has a current stock price of $ 5 6 , and pays a constant dividend of $ 3 . 2 5 per year, ever year, forever. What is the required rate of return for this stock?
-
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price ( Rate ) Standard Unit...
-
Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $ 1 4 8 , 0 0 0 . Project 2 requires an initial investment of $ 1 3 3 , 0...
Study smarter with the SolutionInn App