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REQUIRED: For each of the following items, indicate whether it is (T) True or (F) False. For those marked "False," identify the error(s) and indicate the change or changes that are needed to make the statement true.
1. The existence or occurrence assertion, by its nature, extends only to physical assets such as cash and inventory.2. The completeness assertion relates primarily to possible overstatements in the financial statements.3. The rights and obligations assertion pertains only to balance sheet components.4. Reasonableness of management's accounting estimates is covered by the existence or occurrence assertion.5. When sampling is used, the auditors must project unknown misstatements on the population as a whole.6. In the professional standards, audit risk is defined as the risk that the auditor will appropriately modify his or her opinion on financial statements that do not contain a material misstatement.7. Assertions regarding consistency in the application of accounting principles are included in assertions about completeness.8. The existence assertion pertains to whether items included in inventory are valid but does not extend to whether the reported dollar amount is the correct amount for the inventory items.9. Understandability is defined as the quality of information that allows users to perceive its significance.10. Business risks are the operational approaches by which management intends to achieve its objectives.11. The performance of tests of controls is required in a financial statement audit.12. Substantive tests provide evidence as to the fairness of management's financial statement assertions.13. The final key element of the audit involves communication of findings.14. The primary communication of audit findings is contained in the auditor's report on financial statements.15. CPAs normally use engagement letters to describe the scope of services and fee arrangements.
Describe three internal controls that should exist over sales or royalty transactions or over the database tables and describe four computer assisted audit tests (CAATs) that you could run using generalized audit software in order to audit royalty ..
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Calculate the difference between the full unit cost for products X and Y calculated under the traditional costing system and that calculated under the ABC costing system and explain the differences calculated in (c) above for both products.
the bankruptcy proceedings are closed, and creditors receive 10 percent of the amount due on the debt. What is Becky's bad debt deduction for 2012? For 2013?
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.
To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations. You start by saying, "Accounts receivable is claims from monies due to the company."..
What constitutes sufficient and competent evidence? What types of factors should an auditor consider when determining definitions of competency? The answers will be provided here.
Fiber Technology, Inc. manufactures glass fibers used in the communications industry. The company's materials and parts manager is currently revising the inventory policy for XL-20, one of the chemicals used in the production process.
Discuss how database systems along with their characteristics (such as referential integrity -- but there are others) can help companies have an effective internal control system. Gives the three database characteristics and explains them.
Has Rodney breached any auditing standards-regulations and if so, what and why and do you have any concerns and are there any breaches that have occurred here?
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