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Trace from the general ledger trial balance and supporting documentation to determine whether accounts payable, related parties, and other related assets .
What follow-up procedures would you use to determine more about the nature of each exception?
Should a CPA's test for unrecorded liabilities be affected by the fact that the client made a journal entry to record 2013 bills that were received late?
List at least ten internal controls in the Bergeron acquisition and payment cycle. Be as specific as possible.
Identify three preventative and three detective internal controls related to the use of P-Cards.
Which aspects of property, plant, and equipment are directly affected by the tests of controls and substantive tests of transactions and which are not?
In auditing depreciation expense, what major considerations should the auditor keep in mind? Explain how each can be verified.
Distinguish between the evaluation of the adequacy of insurance coverage and the verification of prepaid insurance.
Explain the relationship between accrued rent and substantive tests of transactions for the acquisition and payment cycle.
Which documents will be used to verify accrued property taxes and the related expense accounts?
Explain how expense account analysis relates to the tests of controls and substantive tests of transactions that the auditor has already completed .
How will the approach for verifying repair expense differ from that used to audit depreciation expense? Why will the approach be different?
Capitalizable assets are routinely expensed as repairs and maintenance, perishable tools, or supplies expense.
Acquisitions of fixed assets in excess of $20,000 are approved by the board of directors.
or 20 nontangible acquisitions, select a sample of line items from the acquisitions journal and trace each to related vendors' invoices.
Compare the charges for annual tax payments with property tax assessment bills.
What are the underlying accounting standards requirements that are relevant to your evaluation of the company's charge for the impairment of goodwill?
The complaint also notes that management failed to write-off an impaired asset. What were the circumstances resulting in the impairment?
Explain the relationship between the payroll and personnel cycle and inventory valuation.
List five tests of controls that can be performed for the payroll and personnel cycle and state the purpose of each control tested.
Explain why the percentage of total audit time in the cycle devoted to performing tests of controls and substantive tests of transactions .
Trace a random sample of payments from the payroll register to the related time cards and compare the hours worked with the hours paid.
In auditing payroll withholding and payroll tax expense, explain why emphasis should normally be on evaluating the adequacy of the payroll tax return.
Explain the circumstances under which an auditor should perform audit tests primarily designed to uncover fraud in the payroll and personnel cycle.
Distinguish among a payroll master file, a W-2 form, and a payroll tax return. Explain the purpose of each.