User Account

All Pages

Explain audit procedures identify the key assertion

Assignment Help Accounting Basics
Reference no: EM132613066

Problem 1: For the following detailed substantive detailed audit procedures identify the key assertion that each procedure addresses:

  1. Select a sample of sales from the ledger and vouch to the sales invoice and cash receipt.
  2. Select a sample of purchase transactions for a few days before and after balance date and compare the invoice/receiving date with the date recorded in the ledger.
  3. Select a sample of employees from the payroll, eligible for long service leave, and trace to the long service leave ledger records.

Reference no: EM132613066

Questions Cloud

Which of the misstatements to the audit committee : $5,000, and a $5 posting error. In accordance with CAS 260, the auditor must report which of these misstatements to the audit committee?
Subsequent implementation of organization restructuring : To what extent do stakeholders influence a plan and subsequent implementation of organization restructuring that accommodates change
Which statements concerning the audit risk model is false : Which statements concerning the audit risk model is false? It is used to determine the planned level of substantive audit testing to be performed in the audit.
What are thoughts on colleague response : Ask a member of the Human Resources team (or the person who does the hiring) at your work what they see as the key characteristics
Explain audit procedures identify the key assertion : Select a sample of purchase transactions for a few days before and after balance date and compare the invoice/receiving date with the date recorded
Explain competitive marketplace : Explain competitive marketplace and give example
Identify 2 external hr specialist services : You own a small RTO that employs 5 staff. As the owner you manage all finance, marketing and HR matters.
Which would considered an example of opportunity component : Fraud risks at your client, ABC Industries Inc. which of the following would be considered an example of the opportunity component of the fraud triangle?
Implementation of organization restructuring : To what extent do stakeholders influence a plan and subsequent implementation of organization restructuring that accommodates change

Reviews

Write a Review

Accounting Basics Questions & Answers

  Job cost sheets accumulate the actual overhead

Which of the following statements is true? (You may select more than one answer.) A. The Manufacturing Overhead account is debited when manufacturing overhead is applied to Work in Process.

  What is the budgeted net income

Information from the operating budgets of Rosa Inc. follows: Cost of goods sold 450,000. If Rosa's income tax rate is 30%, what is budgeted net income

  Present a condensed single-step income statement

Prepare a classified, multiple-step income statement for internal use. Present a condensed single-step income statement.

  Financing activities not affecting cash investing activities

Investing and Financing Activities Not Affecting CashInvesting ActivitiesAcquisition of land by issuance of preferred stock (40 shares) .... $(4,800)Financing ActivitiesIssuance of preferred stock to acquire land ............ 4,800The remaining finan..

  Compute the net interest expense to be reported

Compute the net interest expense to be reported for this note and related swap transaction as of June of June 30, 2018

  What is the approximate rate of return

X Company estimates that it will cost $15,330 a year to make all 6,000 units. What is the approximate rate of return

  How much insurance expense should harry record

Harry's Pottery paid $9,600 for a two-year insurance policy, How much insurance expense should Harry record on his income statement dated December 31, 20x3

  Explain why petoskey should keep or drop conway

Keep-or-Drop Decision Refer to the information for Petoskey Company on the previous page. Assume that, each of the three products has a different supervisor.

  The following unadjusted trial balance is for adams

the following unadjusted trial balance is for adams construction co. as of the end of its 2011 fiscal year. the june 30

  Adjusting journal entries for year end

McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.

  Explain the difference between direct and indirect taxation

Describe the purpose (economic, social etc) of taxation in a modern economy - explain the difference between direct and indirect taxation.

  Compute the materials purchase price variance

Rhodes Corporation manufactures a product with the following standard costs: Compute the Materials purchase price variance for the month of July

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