For each of the audit procedures presented, identify the management assertion(s) the procedure covers (A?G), and indicate
Question:
For each of the audit procedures presented, identify the management assertion(s) the procedure covers (A?G), and indicate the quality of audit evidence (low, moderate, high) obtained through the procedure.
Assertions:A. Cut-offB. AccuracyC. CompletenessD. ExistenceE. Valuation
F. OccurrenceG. Rights & Obligations
Transcribed Image Text:
Quality of Audit Evidence (Low, Moderate, High) Assertion(s) (A,B,C,D,E,FG) Audit Procedures Discuss with management any payroll liabilities that appeared in the prior year's financial statements that have not been accrued for in the current year. Discuss with management its estimate for allowance for doubtful accounts. Obtain and review shipping documents for a sample of sales transactions. Send letters to company's lawyers to confirm the number of outstanding legal claims and estimated dollar amounts to resolve each claim. Review title documents related to a company's recently pur- chased parcel of land. Review and recalculate the company's amortization schedule. Recount a sample of inventory items on the warehouse floor and trace count results to accounting records. Recalculate management's provision for damaged inventory.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Audit Procedures Discuss with management any payroll liabilities that appeared in the p...View the full answer
Answered By
Sumit kumar
Education details:
QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
GNIOT Greater Noida
TERTIARY B.Tech. (2012-2016) in Electronics and Communication Engg. from GLBITM Greater Noida
SECONDARY Senior Secondary School Examination (Class XII) in 2012 from R.S.S.Inter College, Noida
ELEMENTARY Secondary School Examination (Class X) in 2010 from New R.J.C. Public School ,Noida
CERTIFICATION
Summer Training in ‘WIRELESS EMBEDDED SYSTEM’ from ‘XIONEE’ for the six weeks.
EMBEDDED SYSTEM Certificate issued by CETPA INFOTECH for one day workshop.
Certificate of Faculty development program on OPTICAL COMMUNICATION and NETWORKS for one week.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0134613116
14th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
Question Posted:
Students also viewed these Business questions
-
For each of the audit procedures listed in Problem 5- 32, identify the category (assertions about classes of transactions and events or assertions about account balances) and the primary assertion...
-
For the audit of Carbald Supply Company, Farda is conducting a test of sales for the first nine months of the fiscal year ended December 31, 2016. Incorrect revenue recognition has been assessed as a...
-
For the audit of Carbald Supply Company, Farda is conducting a test of sales for the first nine months of the fiscal year ended December 31, 2018. Incorrect revenue recognition has been assessed as a...
-
Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10% annual interest rate. On December 1, 2021, Kiki gifts the bond to her son, Branson. How much income is reported...
-
What is the advantage of activating pyruvate kinase with fructose- 1,6-bisphosphate?
-
Calculate the indicated areas. All data are accurate to at least two significant digits. Calculate the area of the cross section of the airplane wing in Fig. 2.108, using the trapezoidal rule. Fig....
-
SavingsPlus Inc. is considering an investment in computer technology. The project would require an initial investment of \(\$ 240,000\) and have an expected life of six years with no salvage value....
-
Kiplinger's Personal Finance Magazine rated 359 U.S. metropolitan areas to determine the best cities to live, work, and play. The data contained in the data set named Metro Areas show the data from...
-
Rephrase the following to sound less formal: The general role of affect in risky decisions is highlighted by effects of lesions to the ventromedial prefrontal cortex (vmPFC)a brain region involved in...
-
You are a team of financial consultants hired to assist the client, Mr. Bansal. Read the case individually and jot down your notes. Discuss the case with your group. Evaluate the proposed project for...
-
For each scenario, identify possible audit engagement acceptance/continuance risk(s)(A?F).Audit engagement acceptance/continuance risk(s):A. Firm?s ability to audit client (scope limitation)B. Firm?s...
-
Classify each of the presented audit procedures according to the types of evidence collection procedures:? (1) Inspection or physical examination,? (2) Confirmation,? (3) Inspection of documents,?...
-
How and why do we adjust the discount rate for multi-divisional firms?
-
Your organization has asked you to develop effective mentoring and coaching processes to ensure that individuals and teams can implement and support the organization's continuous improvement...
-
A gamma ray with an energy of 3.40 10 -14 joules strikes a photographic plate. We know that Planck's constant is 6.63 10 -34 joule seconds. What is the frequency of the photon?
-
Imagine yourself being interviewed for an entry-level police officer position by three high-ranking members of a police agency. You will respond to three different situations involving corruption....
-
sort_algorithms.t #ifndef SORT_ALGORITHMS_T__ #define SORT_ALGORITHMS_T__ #include #include #include using std::fstream; using std::streampos; #include using std::ios; using std::endl; template void...
-
2 Let y= 5.u " 23 23 23 3 and W Span (u,.u2). Complete parts (a) and (b). 2 3 3 a. Let U=[U U2]. Compute UTU and UUT
-
A researcher conducted an experiment on the effects of a new drug on depression. The researcher had a control group that received nothing, a placebo group, and an experimental group that received the...
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
Donna, a PA, is approached by the owner of one of her clients, for whom she normally compiles monthly and annual financial statements, to perform an audit of the companys inventories. The client,...
-
Joseph Smith was the chairman and chief operating officer of Maximum Software Limited, providing software solutions to companies in Manitoba. Joseph owned 40 percent of the company and had several...
-
Barbara Whitley had great expectations about her future as she sat at her graduation ceremony in May 2011. She was about to receive her Master of Accountancy degree, and the following week she would...
-
Cargill's Cost of Capital. Cargill is generally considered to be the largest privately held company in the world. Headquartered in Minneapolis, Minnesota, the company has been averaging sales of over...
-
Consider two local banks. Bank A has 81 loans outstanding, each for $1.0 million, that it expects will be repaid today. Each loan has a 3% probability of default, in which case the bank is not repaid...
-
What is the primary concern associated with investing in assets exhibiting negative skewness in returns? Question 12Answer a. Higher risk of loss during market downturns b. Decreased liquidity in the...
Study smarter with the SolutionInn App