Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one relevant financial statement assertion related to

Question:

Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one relevant financial statement assertion related to the revenue account that is impacted by an IRU swap. Why is it relevant?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics

ISBN: 978-0078025563

4th edition

Authors: Jay Thibodeau, Deborah Freier

See More Books

Question Posted: Dec 02, 2015 01:22 AM

See More Questions

Consult Paragraphs # 52-53 of PCAOB Auditing Standard No. 12.Consider how a revenue recognition fraud might occur under Enrons strategy in the late 1990s. Next, identify an internal control procedure...
Consult Paragraphs # 65-66 of PCAOB Auditing Standard No. 12.Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs (that is, the...
Consult Paragraphs # 52-53 of PCAOB Auditing Standard No. 12.Consider how a revenue recognition fraud might occur under Enrons strategy in the late 1990s. Next, identify an internal control procedure...
Label the following as True, False, or Uncertain and explain your choice. (Uncertain means that it can be either true or false depending upon the circumstances.) a. All members of a resource cartel...
Suppose that a company's preliminary financial statements show net income of $230,000 and ending inventory of $39,500. Before finalizing the financial statements, management discovers that ending...
Leverage In the previous problem, suppose fixed costs are $150,000. What is the operating cash flow at 48,000 units the degree of operating leverage?
According to the Observatory of Economic Complexity (OEC), Australia exports 152 products that display the characteristics of comparative advantage. The OEC defines this in slightly different terms...
To ensure highway safety and protect driver health, Congress charged federal agencies with regulating the hours of service of commercial motor vehicle operators. Between 1940 and 2003, the...
Hayes Manufacturing Company's accounting records reflect the following inventories Dec. 31, 2018 Dec. 31, 2017 Raw materials inventory $240,000 $200,000 Work in process inventory 190, 000 1 80,000...
A marketing executive tested two incentives to see what percentage of customers would enrol in a new web-based loyalty program. The customers were asked to log on to their accounts on the web and...
Describe why the recognition of revenue for IRU swaps for fiber-optic assets that were not actually needed by Qwest is inappropriate under GAAP. As an auditor, what type of evidence would allow you...
Consult Paragraphs 39-41 and Paragraph A5(in Appendix A) of PCAOB Auditing Standard No. 5. For the assertion identified in Question 2, identify a specific internal control activity that would help...
When applying for a job, whether emailing your rsum directly to a company or through an online job board like Monster, you should always include a cover letter. A well prepared cover letter should...
If f ( x ) = - 6 x ^ 2 sin ( 3 x ) + 4 x cos ( 3 x ) what if f ' ( x ) ?
What is deformation?
What is a switched capacitor circuit?How do we design a switched capacitor circuit?
What is meant by wavelet fault diagnosis of an induction motor?
How do we design an electromagnetic relay?
Labor costs represent a large percentage of total costs for many firms. According to data from the Bureau of Labor Statistics, U.S. labor costs were up 2.0% in 2019, compared to 2018. a. When labor...
Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model. Andria Mullins, financial manager of Webster Electronics, has been...
Why must a company hold liquid assets?
Your audit client, Daman, Inc., has a fully computerized accounts receivable system. There are two master files, a customer data file and an unpaid invoice file. The customer data file contains the...
MiniScribe Case (based on "Cooking the Books," The Wall Street Journal, September 11, 1989; and "MiniScribe's Investigators Determine That 'Massive Fraud Was Perpetrated," The Wall Street Journal,...
You are the internal auditor for a company that started over 40 years ago as a local retailer of major home appliances. The company has now grown to include 55 retail stores in 12 metropolitan areas....
Hrubec Products, Incorporated, operates a Pulp Division that manufactures wood pulp for use in the production of various paper goods. Revenue and costs associated with a ton of pulp follow: Selling...
The AICPA guidelines suggest that taxes should be transparent and visible. This means that: a. The taxes affect similarly situated taxpayers in a similar manner. b. Taxes should be due at the same...
What is Apple Companys strategy for success in the marketplace? Does the company rely primarily on customer intimacy, operational excellence, or product leadership? What evidence supports your...

Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one relevant financial statement assertion related to

Question:

Step by Step Answer:

Among other matters paragraphs 2830 of PCAOB Auditing Standard No 5 focuses the auditors attention o...View the full answer

Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics

Students also viewed these Auditing questions