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In what ways is the Yellow Book consistent with the principles in AICPA auditing standards and the PCAOB's 10 GAAS standards.
Identify the primary specific objectives that must be incorporated into the design of audit tests under the Single Audit Act.
Identify the three major differences between financial and operational auditing.
2. Explain why many people think of internal auditors as the primary group responsible for conducting operational audits.
Explain the role of government auditors in operational auditing. How is this similar to and different from the role of internal auditors?
Explain what is meant by the criteria for evaluating efficiency and effectiveness.
Make specific recommendations to management that demonstrate how those elements you chose will provide effective fraud prevention.
What steps can the auditor take to quantify whether a misstatement is material or significant or insignificant?
What are the major differences between reporting for operational and financial auditing?
The internal auditors are asked to review the budget data in every area each year for relevance and reasonableness before the budget is approved.
How might the auditor's consideration of materiality and internal control differ from the audit of a commercial enterprise?
Tom Watson, internal audit director, is now focusing on the activities of the Capital Budgeting Group in an attempt to determine the efficiency.
As production plans change, rush and expedite orders are made by production directly to the purchasing department.
Identify the internal control deficiencies and recommend improvements that the internal audit staff of Superior Co.
Design analytical procedures to evaluate the reasonableness of the ending inventory account.
Assume that $2,000,000 is considered material for audit planning purposes for 2013. Do any of the fluctuations in the computed ratios indicate a possible .
How might you use the information presented above to audit interest expense and interest payable accounts?
Prepare the detailed audit program for the audit of the three accounts comprising the stockholders' equity section of Pate Corporation's balance sheet.
Explain how the auditor should verify the unamortized bond discount or premium.
The total of notes payable in the footnotes agrees with the total of notes payable on the balance sheet.
What should be the emphasis in the verification of notes payable in this situation? Explain.
The debtor company shall endeavor to maintain a working capital ratio of 2 to 1 at all times, and in any fiscal year following a failure to maintain said ratio.
List the audit procedures that should ordinarily be performed to verify the issue of the mortgage, the balance in the mortgage and interest payable accounts.
Are all entries in the owners' equity accounts authorized at the proper level in the organization?
Analyze all owners' equity accounts for the year and document the nature of any recorded change in each account.