Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The period between the balance sheet date and the date of the auditor report is called the subsequent period. Audit procedures performed in this period are called the subsequent events review.
The significance of the audit report date is that it is the cutoff point for an auditor's responsibility to be informed about events and transactions that occur after the date of the financial statements but that have a material effect on those statements.
Required:
What are the two types of subsequent events in terms of their effects on the financial statements? Give an example of each type of subsequent events?
List the type of procedures performed during a subsequent events review.
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
What is an audit program? Identify two tasks that need to be accomplished in the framework for developing an audit program. What essential information is generally documented in an audit program?
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
You have received the bank statement for your company's account and need to reconcile it with your cash T-account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd