Reference no: EM131301992
In obtaining evidence in support of financial statement assertions, the auditor develops specific audit procedures to access those assertions. Required: All’s Fair Appliance Company is an appliance wholesaler. Select the most appropriate audit procedure from the list below and enter the number in the appropriate place on the grid. (An audit procedure may be selected once, more than once, or not at all.)
Audit Procedure:
1. Compare selected amounts from the accounts payable listing with the voucher and supporting documents.
2. Review drafts of the financial statements.
3. Search for unrecorded liabilities.
4. Select a sample of receiving documents for a few days before and after year-end.
5. Obtain a listing of the accounts payable and agree total to general ledger control account
Specific Assertion
a. Verify that recorded accounts payable include all amounts owed to vendors (completeness)
b. Verify that all acoounts payable are recorded in the correct period (cutoff)
c. Determine whether accounts payable have been properly accumulated from the journal to the general ledger (accuracy)
d. Determine whether recorded accounts payable are valid (existence/occurence)
Scholarly or od-professional resource
: Find one scholarly or OD-professional resource that discusses Action Research. Present a brief summary highlighting the key points of the article. The article should have been published within the last 10 years. Your summary should approximate 200..
|
Problems and opportunities of cross-cultural negotiation
: Question: Described the problems and opportunities of cross-cultural negotiation. What are your best strategies for negotiation?
|
Compute the current price of the bonds
: The Baywatch Stars Company has $1,000 par value bonds outstanding at 8 percent interest. The bonds will mature in 20 years. Compute the current price of the bonds if the present yield to maturity is
|
Select a multichannel retailer
: Select a multichannel retailer (Target). Visit the retailer's website and evaluate the site in terms of the following:
|
Accounts payable listing with voucher-supporting documents
: In obtaining evidence in support of financial statement assertions, the auditor develops specific audit procedures to access those assertions. Compare selected amounts from the accounts payable listing with the voucher and supporting documents. Verif..
|
Which statements about listing on stock exchange is correct
: Which of the following statements about listing on a stock exchange is most CORRECT? Which of the following is generally NOT true and an advantage of going public
|
Estimate the free cash flow to the firm
: You are trying to estimate the free cash flow to the firm for Wadhwa Inc. and are looking at its most recent financial filings: the annual report for the last fiscal year and its most recent quarterly report for the first three quarters of the curren..
|
Defines and describes various financial analysis methods
: Defines and describes various financial analysis methods, such as vertical and horizontal analysis. Explains how and why each method would be used in an organization's financial review process
|
The firms cash is considered to grow
: Consider a firm that this year generated free cash flow of $150million. The firm's cash is considered to grow by 2% anually towards infinity. The WACC (discount rate) is 10%. Value the firm in the scenario above.
|