Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need the justification for these answers Assignment Search Mohammed ave M Home Insert Design Layout References Mailings Shal Review View Help Times New

image text in transcribedI just need the justification for these answers

Assignment Search Mohammed ave M Home Insert Design Layout References Mailings Shal Review View Help Times New Rom 11 A A Aa E 2UT IU - ab X, * A-DA-E 18 AaBbCcDdt AaBbCcL AaBbi AaBbc AaBbCcl 1 Caption Emphasis 1 Heading 1 1 Heading 2 1 Heading 3 Find Replace Select Dictate Ser Styles Editing Voice Ser Font Paragraph Question 1: Identify and explain (justify your answer) the sutible assurance for each of the cases below: An engagement supervisor has asked the audit assistant to perform the following procedures related to an engagement. For each procedure listed identify the financial statement assertion being tested by double-clicking on a shaded cell and selecting the appropriate option from the list provided. Select Item Right and obligations Completeness (account balances) Completeness (transactions events) Completeness (account balances) Completeness (presentation and disclosure) Completeness (presentation and disclosure) Existence Existence Occurrence 1. Examine consignment agreements 2. Examine check register for the month following year- end for disbursements relating to the current period. 3. Review bond indenture agreement and ascertain that the client has complied with any restrictive covenants. 4. Inspect major new additions to furniture and fixtures during the current period 5. Ascertain that the financial statements comply with GAAP requirements surrounding the classification of investment securities as current or noncurrent assets 6. Test the aging of accounts receivable, discussing long-overdue accounts with the client's credit manager 7. Observe procedures, including segregation of duties for approving sales orders. 8. Trace shipping documents to sales invoices 9. Reperform check on accuracy of vendor invoice pricing 10 Trace beginning balance for inventory to prior year's audit documentation Allocation and valuation Understandability and classification Allocation and valuation Rights and obligations Occurence Understandability and classification Allocation and valuation Allocation and valuation Cancel BERMC window 13 94 words EX English (United States) Focus Type here to search ge

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Frank Hodge

11th Edition

1264229739, 9781264229734

More Books

Students also viewed these Accounting questions

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago

Question

1. What do I want to achieve?

Answered: 1 week ago