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Identify three possible disclosure issues for payroll expense and payroll-related liabilities.
As a first step, you want to determine personnel needs and assigned duties in order to prevent errors and fraud in the financial statements.
Based on the narrative and the accompanying flowchart, what inquiries should be made to clarify possible additional weaknesses in internal control?
How does the inventory management process relate to the revenue, purchasing, and payroll processes?
What duties are performed within the inventory management, raw material stores, and cost-accounting functions?
What control activities can an entity use to prevent unauthorized inventory production?
List the procedures the auditor should perform during the count of the entity's physical inventory.
What evidence should Rasch find in the working papers to support the fact that the audit was adequately planned and the assistants were properly supervised?
Identify the audit procedures that should be used by the independent auditor that change, or are in addition to, normal required audit procedures .
Describe the substantive auditing procedures Kachelmeier may consider performing with computerized audit software using Big Z's two computer files .
Evaluate Doug's results. Does he have sufficient evidence to conclude the balance is fairly stated?
The auditor needs to understand how selected inherent risk factors affect the transactions processed by the revenue process.
What are the two major controls for sales returns and allowances transactions?
List and discuss the three factors mentioned in the chapter that may affect the reliability of confirmations of accounts receivable.
Distinguish between positive and negative confirmations. Under what circumstances would positive confirmations be more appropriate than negative confirmations?
List alternative procedures that Signoff-On might use to ensure the validity of these accounts.
Identify the procedures Stanley should perform to determine whether lapping exists.
Identify and discuss the reliability of the types of evidence an auditor would need to determine whether each condition cited above was met for a bill.
What major types of transactions occur in the purchasing process? What financial statement accounts are affected by each type of transaction?
List the key segregation of duties in the purchasing process. What errors or fraud can occur if such duties are not segregated?
Identify two tests of controls that could be performed using computer-assisted audit techniques (CAATs) for purchase transactions.
Identify four possible disclosure issues related to the purchasing process and related accounts.
What are some of the typical procedures that might be applied to the audit of the tax provision by an auditor and/or tax specialist?
Several instances of transactions that were not properly recorded in subsidiary ledgers.
Management identified a material weakness in First Bank Company's system of internal control over financial reporting with respect to ensuring.