Briefly summarize the major judgment areas for the companies

Assignment Help Auditing
Reference no: EM13886836

Provides examples of questions that an auditor should ask when assessing inherent risk relating to financial reporting. The first question asks, "What are the significant judgment areas (reserves, contingencies, asset values, note disclosures) that affect the current year financial statements?" Access the most recent financial statements of Microsoft, Dell, and Apple. For each com- pany, locate the footnote disclosure that would answer the question about significant judgment areas (often labeled as estimates and assumptions). Briefly summarize the major judgment areas for these companies, and comment on any differences that you observe.

Reference no: EM13886836

Questions Cloud

Refinanced loan versus staying with the original loan : A few years back, Dave and Jana bought a new home.
Explain the significance of the cobbler and the machine : Compare the messages about the influence of power on innocent people using "The Old Chief Mshlanga" and "I'm Not Talking About That, Now". Explain the significance of "The Cobbler and the Machine" as it represents the realities and consequences of ..
What is the economic depreciation of the combine : A combine used for harvesting corn was purchased new 6 years ago for $400,000 with the intention of using it for its full asset life of 25 years (when its salvage value would be zero). It has a book value of $125,543 and can be sold for $130,000 now...
What else might or might not change that affects profit : To increase a company’s performance, a manager suggests that the company needs to increase the value of its product to customers. Describe three ways in which this advice might be incorrect (Hint: Think about what else might or might not change that ..
Briefly summarize the major judgment areas for the companies : What are the significant judgment areas that affect the current year financial statements? Briefly summarize the major judgment areas for these companies, and comment on any differences that you observe.
Negative attitude about the products country of origin : The country of origin can influence a consumer’s perception of the quality of the product. What can a company do to overcome a negative attitude about the product’s country of origin?
Estimate the maximum speed that would result : Water exits a 1-cm-diameter outlet of a faucet. Estimate the maximum speed that would result in a laminar ?ow if the water temperature is (a) 20-C, (b) 50-C, and (c) 100-C. Assume Re ¼ 2000.
Formulas for marginal benefit and marginal cost : Suppose that you can schedule a worker for up to 10 hours per day. The total benefit and total cost functions are B(H) = 1200 × √H and C(H) = 200H. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 600/√H and MC(H) = 200. ..
Focus on harvesting the lion fish for human consumption : Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lion fish for human consumption. However, a fishing license is required to fish in most southern states

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

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!

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