What is an audit confirmation

Assignment Help Econometrics
Reference no: EM131046966

Accounts Receivable Confirmations - Positive and Negative. In work on accounts receivable, use of confirmations is of great importance.

Required:

A. What is an audit confirmation?

B. What characteristics should an audit confirmation possess if an auditor is to consider it as sufficient appropriate audit evidence?

C. Distinguish between a positive and a negative accounts receivable confirmation.

D. In confirming a client's accounts receivable, what characteristics should be present in the accounts if the auditor is to use negative confirmations?

Reference no: EM131046966

Questions Cloud

Discuss the financial statement assertions associated : Valuation relates to product liability because a judgment (estimate) must be made regarding the expected cost of defective products.
Financial statements of an enterprise : An audit in which the auditor examines the financial statements of an enterprise to express an opinion as to whether or not they reflect a true and fair view of its state of affairs and working results is known as?
An accident with another motorist : Janet has a PAP with the following coverages: Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision loss: $250 deductible Other-than-collision loss: ..
Moderating role of human resource management : The results of the study confirmed or did not confirm the hypotheses - Discuss how the data was analyzed and moderating role of human resource management.
What is an audit confirmation : In confirming a client's accounts receivable, what characteristics should be present in the accounts if the auditor is to use negative confirmations?
Discuss the validity and limitations of oral evidence : Describe the factors that the auditors should consider in evaluating oral evidence provided by client officers and employees.
Deceased pedestrian sues and damages : Fred has a PAP with the following coverages: Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision loss: $250 deductible Other-than-collision loss:
List the auditing procedures that you would employ : List the auditing procedures that you would employ to test the annual sales of the JaiLai Chinese Ind. Restaurant. (Disregard vending machine sales and counter sales of chewing gum and candy, and concentrate on the overall checks that would be app..
What measurement error could occur with these concepts : How could scales and indexes help with these possible errors? What are the positives and negatives of using scales or indexes? Is a scale or an index more effective to measure your concept(s)?

Reviews

Write a Review

Econometrics Questions & Answers

  Find what is the y in the goods market equilibrium

From the Keynesians, Y = C + I + G + NX can be transformed into a theoretical model. In particular, assume that the consumption C = A + mpc (Y-T), where A is a constant, mpc is the marginal propensity to consume, Y is national income

  How does an export tax affect domestic grain prices

china ia a major producer of grains, like wheat, corn, and rice. In 2008 the chinese gov. concerned that grain exports were driving up food costs for domestic consumers, imposed a tax on grain exports. a)Draw the graph that describes the market for..

  Would the antitrust division likely challenge the merger

Assume an industry is composed of the following eight firms. Company Market Share Firm A 30 percent Firm B 25 percent Firm C 15 percent Firm D 10 percent Firm E 7 percent Firm F 6 percent Firm G 4 percent Firm H 3 percent a.

  Find the sequential nash equilibrium outputs and profits

Consider two duopolists whose cost functions are Ci = 10qi, i = 1, 2, where Ci and qi are their costs and outputs, respectively. The two duopolists have identical products and face a market demand function

  How to use the pw method and marr

A new truck can be purchase for $84,000. Its expected useful life is six years, at wich time market value will be zero. Annual receipts less expenses will approximatetely $18,000 per year over the six-year study period. Use the PW method and MARR ..

  Determine the firms best second degree pricing scheme

A monopoly faces a market evenly split between high valuation consumers, with demand p= 10- y and low valuation consumers with demand p= 8- 2y. Marginal Cost = 0 arbitrage is impossible and the firm is free to to use.

  What should a properly designed piece-rate contract

Factory workers at each plant have the same characteristics (e.g., skills, alternative employment opportunities, level of income, risk aversion, etc.). The quality of a toothbrush produced is easy to supervise but the effort exerted by a worker is..

  Calculate what happens to the income of workers

What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit..

  Compute output per firm and profit per firm at this price

suppose that there are 70 firms in operating in the industry. using the MC curve, find out how much output in total is delivered to the market at each price (you only need to consider prices equal to the MC values above). now assume that the marke..

  Determine the optimal price and output for the shop

A former employee decides to sue QopyQat, alleging employment discrimination. Although management claims innocence, they agree to settle out of court. The settlement requires QopyQat to pay the employee $10,000 per month for the next year.

  How would modify the model to capture the effect

How would you modify the model to capture this effect. How would you test the null hypothesis that the value of β2(effect of X2) is constant against the alternative hypothesis that the value of β2(effect of X2) increased when X1 increased.

  Key characteristics of rational economic man

Today's mainstream economists speak of "rational economic man" as the fundamental character of people, immutable across time and space, and the foundation of economic activity. Key characteristics of "rational economic man" are atomism, egoism, a..

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