Explain how inspecting a clients tangible assets provides evidence about the completeness and existence assertions.

Question:

Explain how inspecting a client’s tangible assets provides evidence about the completeness and existence assertions.

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach with Data Analytics

ISBN: 978-1119401742

1st edition

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

See More Books

Question Posted: Dec 31, 2019 05:25 AM

See More Questions

An auditor compares remittance advices or lists of cash receipts with entries in the cash receipts journal and entries in the cash receipts journal with the remittance advices or lists of cash...
Multiple Choice Questions The following questions concern audit objectives and management assertions for accounts receivable. Choose the best response. a. When evaluating the adequacy of the...
1. The auditor wants to gain assurance that all telephone orders received were shipped and billed in a timely fashion. Which of the following audit procedures would be most effective in meeting the...
There are different types of non-probability sampling methods. Below are examples of such methods. You are required to go through them and (for each example); a. Name the Sample Method b. Write a not...
If f and g are strictly positive definite and strictly increasing functionals on X, then so is their product fg defined by (fg)(x) = f(x)g(x)
If Mr. Enmetti invests 90.000 on June 1 of each year from 2001 to 201 1 inclusive, how much will he have accumulated on June 1. 2012 (note that one year elapses after last payment) if the interest...
Lycoming Ladder Company acquired 50,000 units of direct material for $70,000 last year. The standard price for the material was $1.30 per unit. During last year, 45,000 units of material were used in...
The director of marketing for Eclipse Computer Co., Lori Keller, had the following discussion with the company controller, Deon Johnson, on July 26 of the current year: Lori: Deon, it looks like Im...
Free airline tickets, bus, or train tickets or hotel accommodations provided to employees on a space- available basis is referred to as what type of fringe benefit? a. Qualified employee discount. b....
Myer Food in Bowling Green, Kentucky, manufactures and markets snack foods. Mila Giles manages the company's fleet of 220 delivery trucks. Giles has been charged with "reengineering" the...
The quantity of evidence that an auditor will gather: a. Varies with the assessed risk of material misstatement. b. Is the same for most audits because it has to be appropriate. c. Depends on the...
Analysis: Select three asset accounts that you consider significant accounts for BPH and explain why they are significant. For each significant account that you identify, determine the two most...
If someone tells you that there is a $40 \%$ chance that a Democrat wins the U.S. Presidential election in 2132 , is that probability most likely theoretical, empirical, or subjective?
Alec is an employee who drives a 2021 Ford C-Max with a fair-market value of $32,000. He has been given the choice to have the fringe benefit reported on his W-2 either using the lease-value rule or...
What resource do most thinking and learning technologies rely on to be effective? a) data b) images c) gas d) robots
Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in Appendix A. The companys complete annual report, including the notes to the...
Totally Chemical is considering an investment decision project in which the organization expands into the trucking business. Totally Chemical wants to begin this investment decision project by buying...
Presented below is the balance sheet of Sandhill Corporation as of December 31, 2017. SANDHILL CORPORATION BALANCE SHEET DECEMBER 31, 2017 Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts...
Consider the data in the following table and answer these questions: How would you estimate the passenger volume for the coming year? What is the role of trends and seasonality? What other variables...
What are the principal differences among asset liquidity management, liability management, and balanced liquidity management?
The Sarbanes-Oxley Act (SOX) requires that every registered public accounting firm auditing publicly traded companies include quality control policies standards relating to what areas?
What should be included in the letter from clients legal counsel?
What kind of evidence does ISA 580 suggest that the auditor get from management? Where might an auditor find evidence to fulfil this requirement?
true- false statement (c) Cost-based accounting is conservative
C. Inventory Revaluation Outdoor Recreation has the following three trailers in stock at the end of the year: Model #1103 #1204 #1305 Original cost 5,500 7,200 9,000 Expected sales price 5,700 8,500...
true- false statement (8) Unanimity implies that shareholders have no incentive to use their voting rights. (1) With corporate income tax, retention dominates dividends

Explain how inspecting a clients tangible assets provides evidence about the completeness and existence assertions.

Question:

Step by Step Answer:

Inspection is an audit procedure that involves examining documents and physical assets By inspec...View the full answer

Auditing A Practical Approach with Data Analytics

Students also viewed these Business questions