User Account

All Pages

Auditor reasoning process about an account balance

Assignment Help Accounting Basics
Reference no: EM13160509

Regarding the auditor's reasoning process about an account balance, the auditor should:

A. Simply state a conclusion because anything else would lead to second-guessing by another auditor or a lawyer

B. Identify all of the elements of the reasoning process and document them in a memo.

C. Assure that audit documentation, by itself, is sufficient to support the auditor's opinion without an explicit description of the reasoning process, that is, can stand on its own.

D. Be limited to analysis made by a partner in charge of the engagement.

Reference no: EM13160509

Questions Cloud

What is the final temperature of the mixture : A 68-g ice cube at 0°C is placed in 680 g of water at 22°C. What is the final temperature of the mixture?
State the reaction temperature was changed : If a first-order reaction has a rate constant of 2.11x 10-1s-1 at a temperature of 22.3°C, what would the value of k be if the reaction temperature was changed to 65.7°C given
Borrowing in the form of debt is riskier than borrowing : Borrowing in the form of debt is riskier than borrowing in the form of equity. Explain why this is true.
What is the ph of the nh3 : A 25.0-mL sample of 1.00 M NH3 is titrated with 0.10 M HCl. What is the pH of the NH3 before the titration begins? Kb = 1.8 × 10-5
Auditor reasoning process about an account balance : Regarding the auditor's reasoning process about an account balance, the auditor should:
What are the implications of other nations acquiring : What are the implications of other nations acquiring a large amount of U.S. Treasury bills on the U.S. exchange rates?
Social-ethical and legal differences : Analyze political, social, ethical, and legal differences facing both walmart and kmart determine the impact these differences have on management decision making
Explain ammonia can be oxidized in oxygen : Ammonia can be oxidized in oxygen as shown: 4 NH3(g) + 3 O2(g) 2 N2(g) + 6 H2O(g). When 0.791 mol of NH3 and 0.814 mol of O2 are placed in a 1.00 L container at a certain temperature,
Explain why capital flows cause imbalances in current ac : Explain why capital flows cause imbalances in the current account. Post to the discussion board your 200 word answer focusing on selecting and organizing your most relevant comments in a coherent fashion.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Solving rate of return with excel

You have two investment opportunities. One will have a 10% rate of return on an investment of $500; the other will have an 11% rate of return on a principal of $700.

  Capitalization of certain expenditures

Which of the following scenarios reflects the correct application of U.S. GAAP for capitalization of certain expenditures as intangible assets?

  Identify what qualifies as a business deduction for taxation

Mr. Bouteilles Gerbeuses has been your long-time tax client. He has amassed an impressive portfolio of real estate, securities, and joint venture investments. His net worth is substantial.

  Manufacturing overhead to inventory units

Determine predetermined allocation rate that should be used to assign manufacturing overhead to inventory units next year for internal reporting purposes.

  Difference between product and period costs

Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs and an exp..

  Subsequent reissuance of the treasury stock

Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?

  Time value of money for tax refunds

Should you over pay taxes throughout the year and get a refund, knowing the government does not pay interest on the overpayment? Use time value of money to explain.

  Equipment and average cost of inventory

The payroll costs for the year were $100,000, and the accounting costs for the year totaled $50,000. The departments and the average cost of store equipment and average cost of inventory for each are as follows:

  Negotiating with foreign suppliers

A company wants to buy $30 million in materials and services from suppliers in China, Japan, and South Korea. Discuss how the company would negotiate using the win-win model. What sort of strategies would it use?

  Determining the company accounting needs

You have been hired as the CFO of a new company and are determining the company's accounting needs.

  Function of indicating credit approval

For most firms, the function of indicating credit approval is recorded on the:

  What major factors permitted the embezzlement to take place

Frank James, a highly competent employee of Brinkwater Sales Corporation, had been responsible for accounting-related matters for two decades. His devotion to the firm and his duties had always been exceptional, and over the years, he had been giv..

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd