How do identify and explain the assertions at risk

Assignment Help Accounting Basics
Reference no: EM132819876

Michael Ltd is currently auditing the financial report of Jackson Ltd for the year ending 30 June 2021. You are the audit manager of this audit, and in your recent conversation with Jane Doyle, the audit partner, you have the learnt the following about Jackson Ltd:

Jason, a member of the audit team, is unable to locate a supplier invoices for several inventory deliveries between February 2020 and May 2020. He has audited the registers maintained by the warehouse which states the date of the delivery; quantity delivered and the supplier name. However, when he reviewed the payable register, he wasn't able to trace any invoices. Jason is therefore confused on how this is even possible.

REQUIRED

Problem A) Identify and explain the assertions at risk in the above scenario.

Problem B) Write a substantive procedure to verify the assertion(s) identified in (A) above

Reference no: EM132819876

Questions Cloud

What is the purpose of having the financial safety nets : (a) What is the purpose of having the financial safety nets? Discuss TWO (2) examples of the safety net measures that Malaysia currently adopts.
Calculate the arithmetic mean : Question - Given the following historical returns (HPR): Calculate the arithmetic mean. Under what circumstances would geometric mean equal the arithmetic mean
Think of corruption as special risk : What do you think of corruption as a special risk related to international projects? How would you deal with it?
Distinguish armed robbery from other forms of robbery : Distinguish armed robbery from other forms of robbery. What is battery, and how does it differ from assault? Can a person be a victim of battery without.
How do identify and explain the assertions at risk : Identify and explain the assertions at risk. Michael Ltd is currently auditing the financial report of Jackson Ltd for the year ending 30 June 2021.
Explain the basic types of police torts : Explain the Basic Types of Police Torts. Can "cops" get sued? Do they have Constitutional Rights as police officers? List and describe Vicarious Liability.
Same strategy to your plan for achieving your goals : What actions can you take to apply the same strategy to your plan for achieving your goals?
Recalculate parts a and for an apr of 8 percent : Calculate the future sum of ?$1,000?, given that it will be held in the bank for 10 years at an APR of 4 percent.
Differences between financial and managerial accounting : Question - Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the project equivalent annual cost

The assets belong in a 20% CCA class and will have no salvage value. What is the project's equivalent annual cost

  What is change in price the bond will experience in dollars

A 8.30 percent coupon bond with 13 years left to maturity is priced to offer a 9.0 percent yield to maturity.

  Group and individual persuasion techniques differ

By most definitions, if we are persuaded by an individual, we are said to be obedient to that individual. If we are persuaded by a group, we are said to have conformed to that group's objectives. Compare and contrast the core differences between t..

  On june 30 2013 rosetta granite purchased a machine for

on june 30 2013 rosetta granite purchased a machine for 146000. the estimated useful life of the machine is eight years

  Question - Times interest earned

Question - Times interest earned. Is the number of times interest charges are earned improving or declining

  Accounting cycle and 4 types of financial statements

Define basic accounting concepts, terminology and transactions. Illustrate the accounting cycle. Describe the four types of financial statements. Explain the importance of ethics in accounting and financial decision making.

  Why did decide to become a manager

What did you learn in our text that was supported by this manager's experience? How has this manager shaped your ideas on management?

  What jasper unrelated business taxable income is

What Jasper's unrelated business taxable income is? Jasper, Inc., an exempt organization, reports net unrelated business income of $260,000.

  1 beech soda inc uses a perpetual inventory system the

1 beech soda inc. uses a perpetual inventory system. the companys beginning inventory of a particular product and its

  There are two types of current liabilities that must be

there are two types of current liabilities that must be estimated. describe them and explain why they must be

  Materials costs of 300000 and conversion costs of 321300

materials costs of 300000 and conversion costs of 321300 were charged to a processing department in the month of

  Alfarsi industries uses the net present value method

Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all investments.

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