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!
Case:
You are the auditor in charge of a car fleet leasing company, Vroom Ltd. The company owns and leases cars and related equipment to government bodies. The following table summarizes the planning outcomes of Vroom Ltd, including the preliminary assessment of inherent risk (IR), control risk (CR) and detection risk (DR).
Preliminary Risk Assessment
Planned Approach: Test of control vs. Substantive Tests
Objective
IR
CR
DR
Disclosure and existence of finance leased assets
Medium
Primarily tests of controls with some components of substantive procedures at the balance date
Measurement and completeness of depreciation expense
Low
High
More significant level of test of controls with minimal substantive procedures at the balance date
Rights and obligations in relation to vehicles
Valuation of vehicles
No tests of controls. 100% reliance on substantive procedures
Required
(a) What are the general issues related to deciding whether to use a test of controls approach or a substantive approach?
(b) How do the risk assessments above relate to the choice of audit approach?
(c) If you adopted the approach set out in the planning summary, what audit procedures would you use for the accuracy and completeness of depreciation expense?
on january 6 2014 bulldog co. purchased 34 of the outstanding stock of gator co. for 212000. gator co. paid total
On January 1, 2009, when its $30 par value common stock was selling for $80 per share, a corporation issued $10 million of 10% convertible debentures due in 10 years.
Which of the following best describes assurance services.
Prepare a project plan for implementing the six- step data-driven approach.- List the types of team members who should be involved in each step, how long each step will take, and cost estimates for each step.
rayya co. purchases and installs a machine on january 1 2013 at a total cost of 105000. straight-line depreciation is
At the bottom of one of the income statements you prepare, explain which statement you feel is the most informative for a company? Explain your reasoning.
5 years 5000 hours of usage jan 2008 purchased 460000 salvage value of 60000 at end of 5 years 2008 usage was 1200
If Morrow accepted this offer and rejects 3,000 units of business from regular customers so as not to exceed its capacity, find the total operating income for Morrow Company's 2016.
on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.
What is the Fergusons' 2016 federal income taxes payable or refund, including any self-employment tax and AMT
Indicate whether each of the following accounts is an asset, a liability, or an owner's equity account and whether it has a normal debit or credit balance:
Lion Company has identified the following overhead costs and cost drivers for next year: Determine the unit cost for each job using the four cost drivers
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