Which of the following procedures would an auditor most likely perform in planning a financial statement audit?

Question:

a. Inquiring of the client's legal counsel concerning pending litigation.

b. Comparing the financial statements to anticipated results.

c. Examining computer generated exception reports to verify the effectiveness of internal controls.

d. Searching for unauthorized transactions that may aid in detecting unrecorded liabilities.

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing An Assertions Approach

ISBN: 9780471134213

7th Edition

Authors: G. William Glezen, Donald H. Taylor

See More Books

Question Posted: May 07, 2024 02:01 AM

See More Questions

14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
Multiple Choice 1. Which of the following procedures would an auditor most likely rely on to verify managements assertion of completeness? a. Reviewing standard bank confirmations for indications of...
1. Which of the following comparisons would an auditor most likely make in evaluating an entitys costs and expenses? a. The current years accounts receivable with the prior years accounts receivable....
Solve the initial-value problem = * sin f, y(-2) = dt
(a) How many spanning subgraphs are there for the graph G in Fig. 11.27(a)? (b) How many connected spanning subgraphs are there in part (a)? (c) How many of the spanning subgraphs in part (a) have...
Suppose that the Federal Reserve creates $100 million of new money and the banks lend 85% of all new money they receive. However, suppose that out of each loan, only 80% is redeposited into the...
39. When must an S corporation make estimated tax payments?
Presented below are two independent situations. 1. Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2014. On June...
Clark Bell started a personal financial planning business when he accepted $58,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a...
Design the application logic for a company that wants a report containing a breakdown of payroll by department. Input includes each employees department number, hourly salary, and number of hours...
The objective of performing analytical procedures in planning an audit is to identify the existence of a. Unusual transactions and events. b. Illegal acts that went undetected because of internal...
Which of the following situations would most likely require special audit planning by the auditor? a. Some items of factory equipment do not bear identification numbers. b. Depreciation methods used...
In Problems 2554, solve each system. Use any method you wish. 2 2 6 3 7 +1=0 +2=0
Identify the stage of change the client is in and write in behavioral language at least one problem, with at least one goal and a minimum of two objectives for each goal for the client vignettes...
Photon Technologies, Inc., a manufacturer of batteries for mobile phones, signed a contract with a large electronics manufacturer to produce three models of lithium-ion battery packs for a new line...
C 2 H 6 O 2 + NaOH + 6 H 2 O C 2 H 3 NaO 3 + O 2 + 3 H 2Hydrogen is produced at the cathode, oxYGEN AT THE ANODE .Mass balance to produce 5000 tonnes a year of glycolic acid, formic acid and oxalic...
Please answer: a discussion of the ethical issues involved. The court might not itself consider the ethics of the actions of the parties. However, I ask that you consider the ethics of the following:...
In Exercises 21-24, use these results from the "1-Panel-THC" test for marijuana use, which is provided by the company Drug Test Success: Among 143 subjects with positive test results, there are 24...
Pavin acquires all of Stablers outstanding shares on January 1, 2012, for $460,000 in cash. Of this amount, $30,000 was attributed to equipment with a 10-year remaining life and $40,000 was assigned...
Place a tick in the appropriate grid to identify the balance that would be brought down in each of the following named accounts, in the books of Rizwy Mohamed: (a) In the Cash account: if Rizwy...
In 2000, Ms. Ennis, a head of household, contributed $63,000 in exchange for 630 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 630 shares for $148,050. Her...
> Score: 0 of 1 pt 5015 (4) HW Score: 46% P6-30A (similar to) Question Some of P and Y Electronics's merchandise is gathering dust it is now December 31, 2018, and the current replacement cont of the...
Martin Technical Institute (MTI), a school owned by Lindsey Martin, provides training to individuals who pay tuition directly to the school. MTI also offers training to groups in off-site locations....

Which of the following procedures would an auditor most likely perform in planning a financial statement audit?

Question:

Step by Step Answer:

In planning a financial statement audit an auditor most likely would perform option b b Comparing the financial statements to anticipated results Expl...View the full answer

Auditing An Assertions Approach

Students also viewed these Business questions