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What would you do if you test-counted 150 items and found a substantial number of counting errors?
Merchandise costing $625 was received on December 28, 2013, and the invoice was not recorded.
How does the type of inventory create potential risks of material misstatements in the inventory balances?
The corporate charter and the by laws of a company are legal documents; therefore, they should not be examined by the auditors.
Would your expectations of the results of the physical observation of a client's inventory change if a client hired a company such as RGIS?
Why are liability accounts included in the capital acquisition and repayment cycle audited differently from accounts payable?
Which internal controls should the auditor be most concerned about in the audit of notes payable?
Why is it more important to search for unrecorded notes payable than for unrecorded notes receivable?
What is the primary purpose of analyzing interest expense? Given this purpose, what primary considerations should the auditor keep in mind .
List two types of restrictions long-term creditors often put on companies when granting them a loan.
How does the audit of owners' equity for a closely held corporation differ from that for a publicly held corporation? I
Describe the duties of a stock registrar and a transfer agent. How does the use of their services affect the client's internal controls?
The most important audit procedure to verify dividends for the year is a comparison of a random sample of cancelled dividend checks.
MSL has equipment purchase order contracts with a number of manufacturing suppliers based in Europe, Us and China.
How is the payoff done if employees do not receive payroll checks because payment is directly deposited into their bank accounts?
Before performing analytical procedures related to the payroll and personnel cycle accounts, develop expectations of how these recent events at Archer Uniforms.
Why are the presentation and disclosure-related audit objectives so important for stock-based compensation?
For each transaction-related audit objective for the payroll and personnel cycle, write appropriate tests of controls and substantive tests of transactions.
Jana Went is the auditor on the audit of Gerroa Company .Jana is auditing the company for the first time but has been auditing other companies in the same .
For each of the receiving reports, state the misstatement in inventory or accounts payable, if any exists, and prepare an adjusting entry to correct.
List and briefly state the purpose of all audit procedures that might reasonably be applied by an auditor to determine that all property, plant, and equipment.
List several analytical procedures for the payroll and personnel cycle and explain the type of misstatement that might be indicated .
Vouch the transaction to the voucher package that includes the matched receiving report, purchase order, and vendor invoice.
Describe advantages of allowing purchasing agents to purchase products online using a Donnen Designs credit card.
The amount of a check in the cash disbursements journal is recorded as $4,612.87 instead of $6,412.87.