Question: Under what circumstances might it be acceptable to use an audit procedure other than physically examining marketable securities to verify their existence?

Under what circumstances might it be acceptable to use an audit procedure other than physically examining marketable securities to verify their existence?

Step by Step Solution

★★★★★

3.35 Rating (188 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

It is not necessary to actually observe the existence of mark... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

222-B-A-A-B-R (613).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Under what circumstances might it be acceptable for a company preparing IFRS financial statements to follow an accounting treatment developed by the FASB?

Under what circumstances might it be unethical to use consumer postings on a brand community Facebook site as data in qualitative research?

Under what circumstances might it be possible to reduce inflation without causing a recession?

Theories: 1. Which of the following is an objective of Investment Existence Assertion: * a. To determine that investments are valued properly in accordance with generally accepted accounting...

Highlight the answers with colors ????????? Question 7 of 45 An example of a walk-through would be when _______________________. The controller reviews the bank reconciliation prepared by the...

ACC555 FINAL EXAM NAME _______________________________ 1. The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA has selected and audited a sample of 100 accounts...

I would like assistance with assignment 3 and 4 on the attached document I have been struggling with the subject and its my last AUI4863/102/0/2016 Tutorial letter 102/0/2016 ADVANCED INTERNAL AUDIT...

LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The...

Forensic Accounting ??????? INTRODUCTION American Food Suppliers was acquired by the company Barnacle in 2000. American Food Suppliers was the largest distributor of food to restaurants, hotels,...

12.The following questions relate to the audit of plant, property, andequipment. Choose the best response. 1)* The audit procedure of analyzing the repairs andmaintenance accounts is designed...

Due to a nationwide recession, Freeze It Corp.s merchandise inventory is gathering dust. It is now July 31, 2012, and the $160,500 that Freeze It Corp., paid for its ending inventory is $11,200...

Carlos died six years before his wife. His will called for the creation of a trust to be funded with $1 million of property. The bank trustee was required to distribute all the trust income...

List and briefly discuss factors that will affect your auto insurance premium. Which factors may not apply in provinces where auto insurance is provided by a provincial government agency?

The California Medical Association (CMA) is holding a meeting at the Anaheim Hilton Hotel on September 8. On that day, the CMA will host a theme party reception for the over 2000 members and spouses...

Mary Lavor plans to save money at her bank for use in December. She will deposit $30 a month, beginning on March 1and continuing through November 1. She will withdraw all the money on December 1. If...

Derive an equation to find the end of year future sum F that is equivalent to a series of n beginning-of-year payments B at interest rate i. Then use the equation to determine the future sum F...

If $200 is deposited in a savings account at the beginning of each of 15 years, and the account draws interest at 7% per year, how much will be in the account at the end of 15 years?

Cullumber Inc.s common shares currently sell for $42 each. The firms management believes that its shares should really sell for $60 each. The firm just paid an annual dividend of $2 per share and...

STATISTICS Answer the given problem. Analyze what tool should be used. A study by Thienprasiddhi et al. examined a sample of 16 subjects with open-angle glaucoma and unilateral hemifield defects. The...

Intro One of the fundamental assumptions/principles in finance is 'Other things equal, indivudual prefers less risk to more risk'. Part 1 1* Attempt 1/2 for 10 pts. Suppose everyone agrees that, as a...