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auditing international approach

Questions and Answers of Auditing International Approach

Know how to assess control risk and conduct substantive audit procedures for income statement accounts. Lop85
Know how to conduct substantive audit procedures for retained earnings. Lop85
Know how to conduct substantive audit procedures for dividends. Lop85
Know how to conduct substantive audit procedures for capital stock. Lop85
Know the appropriate segregation of duties for stockholders' equity. Lop85
Identify key control activities for stockholders' equity. Lop85
Know how to conduct substantive audit procedures for long-term debt. [] Understand the types of stockholders' equity transactions. [e] Assess control risk for stockholders' equity. Lop85
Identify key control activities for long-term debt. Lop85
Understand the types and features of long-term debt. Assess control risk for long-term debt. Lop85
Visit the SEC's Web site (www.sec.gov) and identify a company that has been recently cited for problems related to property, plant, and equip- ment or lease accounting (e.g., many retail companies
On January 15, 2006, Leno, Inc., which has a March 31 year-end, entered into a transaction to sell the land and building that contained its manu- facturing operations for a total selling price of
Pierce, an independent auditor, was engaged to examine the financial statements of Wong Construction, Inc., for the year ended December 31, 2006. Wong's financial statements reflect a substantial
To support financial statement assertions, an auditor develops specific substantive procedures to satisfy or address each assertion. Required: Items (a) through (c) represent assertions for the
Gonzales, CPA, is the auditor for a manufacturing company with a bal- ance sheet that includes the entry "Property, plant, and equipment." Gonzales has been asked by the company's management if audit
Nakamura, CPA, has accepted an engagement to audit the financial state- ments of Grant Manufacturing Company, a new client. Grant has an adequate control environment and a reasonable segregation of
Natherson, CPA, is engaged to audit the financial statements of Lewis Lumber for the year ended December 31, 2006. Natherson obtained and documented an understanding of internal control relating to
An auditor analyzes repairs and maintenance accounts primarily to ob- tain evidence in support of the assertion that alla. Noncapitalizable expenditures for repairs and maintenance have been properly
Which of the following situations would not support the auditor's decision to reduce control risk below maximum for the audit of intangible assets?a. The client employs a qualified specialist who
Property acquisitions that are misclassified as maintenance expense would most likely be detected by an internal control system that provides fora. Investigation of variances within a formal
A weakness in control over recording retirement of equipment may cause an auditor toa. Trace additions to the "other assets" account to search for equipment that is still on hand but no longer being
Which of the following internal controls is most likely to justify a reduc- tion of control risk concerning plant and equipment acquisitions?a. Periodic physical inspection of plant and equipment by
What procedures would an auditor use to verify the completeness, rights and obligations, and valuation assertions for property, plant, and equipment? p-654
Identify three substantive analytical procedures that can be used to audit property, plant, and equipment. p-654
What is the key segregation of duties for the property management process? What errors or fraud can occur if such segregation of duties is not present? p-654
What is a typical control over authorization of capital asset transactions? p-654
Describe three factors that the auditor should consider in assessing the inherent risk for (a) intangible assets and (b) the property management process. p-654
List four categories of intangible assets and four types of property, plant, and equipment transactions. p-654
Confirmation is a useful audit procedure for verifying information related to prepaid insurance. What type of information would be requested from an entity's insurance broker? p-654
Identify two substantive analytical procedures that can be used to audit prepaid insurance.. p-654
How does the purchasing process affect prepaid insurance and property, plant, and equipment transactions? p-654
Prepaid expenses are generally assessed to have a low inherent risk. Why would deferred charges and intangible assets present serious inherent risk consideration? p-654
Distinguish between prepaid expenses, deferred charges, and intangible assets. Give two examples of each of these "other assets." p-654
Evaluate the audit findings and reach a final conclusion on property, plant, and equipment. p-654
Identify tests of details of account balances and dis- closures used to audit property, plant, and equipment. p-654
Identify substantive analytical procedures used to audit property, plant, and equipment. p-654
Know the appropriate segregation of duties for property, plant, and equipment. p-654
Assess control risk for property, plant, and equipment. p-654
Identify and evaluate inherent risks for property, plant, and equipment. p-654
Identify the types of transactions in the property management process. p-654
Develop an understanding of the property management process. p-654
Understand the auditor's approach to auditing prepaid insurance and intangible assets. p-654
Identify the various types of prepaid expenses, deferred charges, and intangible assets. p-654
Visit the SEC's Web site (www.sec.gov) and identify a company that has been recently cited for financial reporting problems related to inventory. Prepare a memo summarizing the inventory issues for
Using an Internet browser, search for information on inventory turnover and merchandise liquidations in the retail catalog industry. P-963
The following discussion case extends Discussion Case 6-31 in Chapter 6. Harris decided that the easiest way to make the Fabricator Division appear more profitable was through manipulating the
In obtaining evidential matter in support of financial statement assertions, the auditor develops specific audit procedures to address those assertions. Required: Your client is Hillmart, a retail
An auditor is examining the financial statements of a wholesale cosmet- ics distributor with an inventory consisting of thousands of individual items. The distributor keeps its inventory in its own
Kachelmeier, CPA, is auditing the financial statements of Big Z Wholesaling, Inc., a continuing audit client, for the year ended January 31, 2006. On January 5, 2006, Kachelmeier observed the tagging
Abbott Corporation does not conduct a complete annual physical count of purchased parts and supplies in its principal warehouse but instead uses statistical sampling to estimate the year-end
Rasch is the partner-in-charge of the audit of Bonner Distributing Corpo- ration, a wholesaler that owns one warehouse containing 80 percent of its inventory. Rasch is reviewing the working papers
Yardley, CPA, prepared the flowchart on the following page, which por- trays the raw materials purchasing function of one of Yardley's clients, a medium-size manufacturing company, from the
Which of the following audit procedures would probably provide the most reliable evidence concerning the entity's assertion of rights and obligations related to inventory?a. Tracing of test counts
An auditor using audit software would probably be least interested in which of the following fields in an electronic perpetual inventory file?a. Economic re-order quantity.b. Warehouse location.c.
Periodic or cycle counts of selected inventory items are made at various times during the year rather than via a single inventory count at year-end. Which of the following is necessary if the auditor
Inquiries of warehouse personnel concerning possibly obsolete or slow- moving inventory items provide assurance about management's asser- tion ofa. Completeness.b. Existence.c. Presentation.d.
When auditing merchandise inventory at year-end, the auditor performs a purchase cutoff test to obtain evidence thata. All goods purchased before year-end are received before the physical inventory
After accounting for a sequence of inventory tags, an auditor traces a sample of tags to the physical inventory listing to obtain evidence that all itemsa. Included in the listing have been
A client maintains perpetual inventory records in both quantities and dollars. If the level of control risk were set at high, an auditor would probablya. Insist that the client perform physical
Which of the following internal control activities is most likely to address the completeness assertion for inventory?a. The work-in-process account is periodically reconciled with subsidiary
An auditor's tests of controls over the issuance of raw materials to pro- duction would most likely includea. Reconciliation of raw materials and work-in-process perpetual inven- tory records to
Independent internal verification of inventory occurs when employees whoa. Issue raw materials obtain materials requisitions for each issue and prepare daily totals of materials issued.b. Compare
Which of the following would most likely be an internal control activity designed to detect errors and fraud concerning the custody of inventory?a. Periodic reconciliation of work in process with job
Which of the following control activities would be most likely to assist in reducing the control risk related to the occurrence of manufacturing transactions?a. Perpetual inventory records are
The objectives of internal control for an inventory management process are to provide assurance that transactions are properly executed and recorded and thata. Independent internal verification of
List five items for inventory and related accounts that may require disclosure. P-963
What are some possible causes of book-to-physical inventory differences? P-963
List the procedures the auditor should perform during the count of the client's physical inventory. P-963
Describe how an auditor audits standard costs. P-963
List three substantive analytical procedures that can test the fairness of inventory and related accounts. P-963
What control activities can a client use to prevent unauthorized inventory production? P-963
List the major steps in setting control risk in the inventory management process. P-963
List the inherent risk factors that affect the inventory management process. P-963
List the key segregation of duties in the inventory management process. What errors or fraud can occur if such segregation of duties is not present? P-963
What duties are performed within the inventory management, stores, and cost-accounting functions? P-963
Briefly describe each of the following documents or records: production schedule, materials requisition, inventory master file, production data information, and cost accumulation and variance
How does the inventory management process relate to the revenue, pur- chasing, and payroll processes? P-963
Why does inventory represent one of the more complex parts of the audit? P-963
Evaluate the audit findings and reach a final conclusion on inventory and related accounts. P-963
Identify tests of details of account balances used to audit inventory and related accounts. P-963
Identify tests of details of transactions used to audit inventory and related accounts. P-963
Know how to observe physical inventory. P-963
Know how to audit standard costs. P-963
Identify substantive analytical procedures used to audit inventory and related accounts. P-963
Relate the assessment of control risk to substantive procedures. P-963
Identify key internal controls and develop relevant tests of controls for inventory transactions. P-963
Assess control risk for the inventory system. P-963
Identify and evaluate inherent risks relevant to the inventory management process. P-963
Know the appropriate segregation of duties for the inventory management process. P-963
Understand the functions in the inventory management process. P-963
Identify and describe the types of documents and records used in the inventory management process. P-963
Develop an understanding of the inventory management process. P-963
Baker, CPA, was engaged to audit Mill Company's financial statements for the year ended September 30. After studying Mill's internal control, Baker decided to obtain evidence about the effectiveness
Doug Iceberge, senior-in-charge of the audit of Fisher Industries, has de- cided to test the following two controls for Fisher's revenue process. 1. All sales invoices are supported by proper
Nathan Matthews conducted a test of controls where the tolerable devia- tion rate was set at 5 percent and the expected population deviation rate was 3 percent. Using a sample size of 150, Matthews
Calgari Clothing Company manufactures high-quality silk ties that are marketed under a number of trademarked names. Joe & Vandervelte have been the company's auditors for five years. Lisa Austen, the
Using the sample sizes determined in Problem 8-27-.-and the number of de- viations shown here, determine the sample deviation rate, computed upper deviation rate, and the auditor's decision for each
Using the sample sizes determined in Problem 8-25-.-and the number of deviations shown here, determine the sample deviation rate, the computed upper deviation rate, and the auditor's decision for
Determine the sample size for each of the control procedures shown in the following table (assuming a large population): lop85
Jenny Jacobs, CPA, is planning to use attribute sampling in order to deter- mine the degree of reliance to be placed on an audit client's system of internal control over sales. Jacobs has begun to
Following is a set of situations that may or may not involve sampling. 1. An auditor is examining loan receivables at a local bank. The population of loans contains two strata. One stratum is

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