Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please give the correct answers for the questions above 8-Management-report-owning-10-tractor totaling $500,000 of equipment. However, the auditor detemines that management actually owns 14

image text in transcribed

can someone please give the correct answers for the questions above

8-Management-report-owning-10-tractor totaling $500,000 of equipment. However, the auditor detemines that management actually owns 14 tractor trailers. Totaling $700,000 of equipment The assertion most violated is: (A) Existence (B)Completeness (C) Rights \& Obligations (D) Valuation \& Accuracy 9-Valuation is mast concerned with: (A)That the client owns the assets listed in the financial statements (B) That all transactions and events are reflected in the financial statements (C) That the financial statements are displayed in a manner that conforms with GAAP (D) None of the above 10-Carly's is auditing salaries expense for consulting firm. Materiality is $50,000. The client states they have issued 2,000 over-time checks to employees (for total expense of $2,000,000 ) but Carly finds they actually issued 1,500 over-time checks to employees ( for total expense of $1,500,000 ) Which assertion is most violated? a) Presentation \& Disclosure b) Existence c) Completeness d) Valuation 11-Holding all else constant, the relation between evidence sufficiency and evidence rellability is: a) Direct b) Linear c) Inverse d) None of the above 12- Pertains most the quality of audit evidence gathered a) Accuracy b) Sufficiency c) Appropriateness d) Unqualified / Unmodified opinion 13. Which of the following is not required before an auditor may rely upon the work of an internal auditor? a) Internal audit systematic b) Internal audit in complement c) Internal auditor in independent d) All of the above are required before an auditor may rely upon the wark of an intermal auditor 14-If the internal auditors report directly to the CFO this most violates: a) Systematic b) Oblectivity c) Competence d) Reperformance 15-On April 11, 2022 where would a copy of the company's org chart be started? a) Current flle b) Material file c) Temporary file d) Permanent file

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Accounting questions