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Identify broad audit procedures over cash, then give specific examples of detailed audit procedures.
Question: Why is it important to collect accounts receivable as soon as possible?
Question: How can management practices speed receivables collection? Which practices slow this collection?
Prepare the year-end adjusting entry for bad debt according to each of the following situations:
What is the amount of accounts receivable due from customers at the end of 2009 and 2008?
Ben believes that the reports are true and does not intend to deceive Delta, but does not check the reports before certifying them.
Calculate the net realizable value of accounts receivable at December 31, 2011, and allowance for bad debts for Gibbs Co., as of that point in time.
You as the senior Internal auditor have just started an audit to verify that the payment of invoices matched the amount on the invoice.
Prepare common-sized balance sheets and income statements for Just for Feet for the period 1996-1998.
How can this practice potentially affect the quality of independent audit services?
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most?
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
Explain how you plan for conducting an audit. Explain the objective of conducting an audit and the responsibilities involved in the audit process.
How can investors and other third parties trust this information? Discuss the CPA's role as an external auditor.
Investment to contract services that provide security against fraud or should it be an in-house department that provides fraud security services?
Explain how the micro-macro dilemma relates to each of the following products: high-powered engines in cars, nuclear power, and bank credit cards.
This is a discussion about the establishment of internal audit departments in some organizations.
What are some ways that an external auditor may appear to not be independent?
SOX requires rotation of audit partners every 5 years. Is that enough?
How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
Question: Do you think there is ever a time when a standardized audit would be acceptable?
This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
Perform analytical procedures or make inquiries of the client if those types of evidence are considered "low" in terms of the criteria it is supposed to meet?
Question: Is there a penalty if an auditor goes to do an audit without having a sample size?