Why do CPA firms sometimes use a combination of positive and negative confirmations on the same audit?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
It is common to use a combination of negative and positive confirmati...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0134065823
16th edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Question Posted:
Students also viewed these Auditing questions
-
Distinguish between positive and negative confirmations.
-
An auditor may use confirmations of accounts receivable. Reply as to whether the following statements are correct or incorrect with respect to the confirmation process when applied to accounts...
-
To minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative...
-
how good are your with western civilization history?? choose one of the following topics topic 1: based on the texts by kafka and eliot, (writing on one or the other or both), discuss how the writers...
-
Distinguish between asset expansion and asset replacement projects. How does this distinction affect the capital expenditure analysis process?
-
In a sample of 1000 U.S. adults, 150 said they are very confident in the nutritional information on restaurant menus. Four U.S. adults are selected at random without replacement. (a) Find the...
-
The following transactions occurred during April 2010, for Angelos Garden Center, Inc.: Requirement 1. Journalize the April transactions for Angelos Garden Center, Inc. Omit explanations. Apr 3...
-
A soft drink (mostly water) flows in a pipe at a beverage plant with a mass flow rate that would fill 220 0.355-L cans per minute. At point 2 in the pipe, the gauge pressure is 152 kPa and the...
-
Financial information for Larkspur, Inc. is presented below. December 31, 2022 December 31, 2021 Current assets $179,000 $136,000 Plant assets (net) 453,000 386,000 Current liabilities 101,500 88,000...
-
On December 1, 2014, Westmoreland Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment...
-
Annie Zhao is using attributes sampling in testing controls over sales transactions. She is testing five attributes related to sales invoices using an ARO of 5% (confidence level of 95%), and zero...
-
Under what circumstances would an auditor choose to confirm information such as the right of return or special sales terms in addition to the customer balance?
-
Automobile Airbags the human body can survive an acceleration trauma incident (sudden stop) if the magnitude of the acceleration is less than 250 m/s2. If you are in an automobile accident with an...
-
The number of bicycle. helmets a retail chain is willing to sell per week at a price of Spis given by z = ap+b-c where a = 79,b=21, and c = 358. Find the instantaneous rate of change of the supply...
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit...
-
Suppose that you have a short position in 10 3-month call option contracts. How do you hedge this long position in calls using 3-month puts? Should you long or short the puts? And how many put...
-
Risk levels are incorporated into potential investments by using discount rates for the level of risk associated with the specific investment ( Smart & Zutter, 2 0 2 2 ) . The riskier the investment,...
-
Analyzing and Interpreting Pension Footnote-Funded and Reported Amounts Verizon Communications Inc. reports the following pension data in Note 11 to a recent 10-K report. At December 31 ($ millions)...
-
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends...
-
How has the globalization of firms affected the diversity of their employees? Why has increased diversity put an additional burden on accounting systems?
-
Makoto Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires that a prenumbered electronic shipping document be issued for each sale. At the time of pickup or...
-
The following misstatements are included in the accounting records of Newcomb & Company: 1. Direct labor was unintentionally charged to job 620 instead of job 602 by the payroll clerk when they...
-
In an annual audit at December 31, 2023, you find the following transactions near the closing date: 1. Merchandise costing $625 was received on December 28, 2023, and the invoice was not recorded....
-
The 2024 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income $1,510,000. Balance sheet information is provided in the following table....
-
Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management...
-
discuss the role of SWIFT as a provider of financial crime compliance solutions, including sanctions screening, anti-money laundering (AML) monitoring, and fraud detection services, and how does...
Study smarter with the SolutionInn App