Verify approval of equipment purchases

Assignment Help Econometrics
Reference no: EM131046785

Audit Program. The following are eight audit procedures taken from an audit program:

1 Review board of directors' minutes to verify approval of equipment purchases

2 Review sales, cash receipts and sales returns cutoffs.

3 Examine the initials on vendors' invoices that indicate internal verification of pricing, extensions (price X units), and footing by a clerk.

4 Reconcile marketable security summary schedules to general ledger.

5 Compare the balance in payroll tax expense with previous years taking into consideration any changes in payroll tax rates. 6 Count a sample of inventory and check against inventory sheets.

7 Account for a sequence of checks in the cash disbursements journal to determine whether any have been omitted.

8 Confirm accounts payable balances in writing with a sample of vendors.

Required:

A. For each of the above audit procedures, give the audit area (accounts receivable, cash, etc.), and an example of an audit objective and a financial statement assertion.

B. For each audit procedure, list a technique for gathering evidence used (inquiry of client personnel, inspection, observation, examination of documents, reperformance, confirmation, analytical procedures and physical examination.)

Reference no: EM131046785

Questions Cloud

Whether the transactions recorded in the accounting records : Some details of a contract negotiated during the year with the labor union are different from the outline of the contract included in the minutes of the board of directors.
Use royalty rate contracts or fixed-fee contracts : Contracts Does your firm use royalty rate contracts or fixed-fee contracts? Describe the incentive effects of the contracts. Should you change the contract from one to the other? Compute the profit consequences of changing the contract.
Treatment of a particular psychiatric disorder : The present success rate in the treatment of a particular psychiatric disorder is 0.65 (65%). A research group creates a new treatment for this disorder. Their null hypothesis is that the success rate for the new treatment is 0.65 (no different fr..
What is the mean for test : On a standardized test, Alisha received a score of 85, which was exactly 2 standard deviations above the mean. If the standard deviation for the test is 4, what is the mean for this test?
Verify approval of equipment purchases : For each audit procedure, list a technique for gathering evidence used (inquiry of client personnel, inspection, observation, examination of documents, reperformance, confirmation, analytical procedures and physical examination.)
How many parents are sitting on the edge of the pool : At the park is a circular wading pool 20 feet in diameter. If parents are seated on the edge of the pool about every three feet, how many parents are sitting on the edge of the pool
Expression that represents amount of money mary : Mary sells lemonade for $0.50 per cup. She buys her cups for $0.02 each, and it costs her $0.09 to make each cup of lemonade. Write an expression that represents the amount of money Mary will earn from selling n cups of lemonade?
Describe five audit procedures that you believe : Describe what you believe will be the critical and significant auditing concerns in Borowski's General Audit Plan.
Hypotheses to test the police department claim : An urban police department claims that the proportion of crimes committed after dusk will fall below the current level of 0.84 if LED streetlights are installed. Specify the null and alternative hypotheses to test the police department's claim.

Reviews

Write a Review

Econometrics Questions & Answers

  Design a simple econometric research project

Design a simple econometric research project

  Multiplicative decomposition method

Multiplicative decomposition method

  Market for cigarettes

The Australian government administers two programs that affect the market for cigarettes.

  Solve the forecast model

Solve the forecast model

  What are the marginal abatement cost functions

What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).

  Write the t statistic for testing the null hypothesis

Explain why this model violates the assumption of no perfect collinearity.  Write the t statistic for testing the null hypothesis

  What is economics system

What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type

  Multiple choice questions related to market concentration

Determine when a competitively produced product generates negative externalities in production, the industry will,

  Calculating number of units produced by firm

Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.

  Question about mobile commerce

M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.

  Calculating the average days past due and average flow time

Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:

  Mechanism of an english auction and second price auction

Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.

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