Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Items 1 through 6 are questions typically found in a standard internal control questionnaire used by auditors to obtain an understanding of internal control for notes payable. In using the questionnaire for a client, a yes response indicates a possible internal control, whereas a no° indicates a potential deficiency.
1. Are liabilities for notes payable incurred only after written authorization by a proper company official?2. Are paid notes cancelled and retained in the company files?3. Is a notes payable master file maintained?4. Is a periodic reconciliation made of the notes payable master file with the actual notes outstanding by an individual who ds not maintain the master file?5. Is the individual who maintains the notes payable master file someone other than the person who approves the issue of new notes or handles cash?6. Are interest expense and accrued interest recomputed periodically by an individual who ds not record interest transactions?a. For each of the preceding questions, state the purpose of the control.b. For each of the preceding questions, identify the type of financial statement misstatement that can occur if the control were not in effect.c. For each of the potential misstatements in part b., list an audit procedure that can be used to determine whether a material misstatement exists.
clements amp partners are the audit firm of manufacturing co. and have been for 3 years. the audit firm is considering
Kent, CPA, is engaged in the audit of Davidson Corp.'s financial statements for the year ended December 31, 20XX. Kent is about to commence auditing Davidson's employee pension expense,
What is an unqualified auditor's opinion? Why is it important for financial statements to receive an unqualified auditor's opinion?
What is the rationale for accounting for (nonexpendable) endowment funds on the full, rather than a modified, accrual basis? Why is it important that depreciation be charged on capital assets held as endowment fund investments?
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
What type of sampling plan should the auditors use for this test?
Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made and demonstrate the entry that should be made at the inception of the lease in government activities journal.
Identify four key activities/processes involved in the operations of the Commission (there are more than four). Prioritize them in terms of significance to the Board's operations
impulse pty ltd impulse is an entertainment system manufacturer that was established in 2005. your audit firm king amp
1. during your audit of raceway inc. you conclude that there is a probability that inventory is materially overstated.
Analysing role of auditing in company's annual report / public disclosure - select a public listed company with disclosures available from companys website
Required to plan the audit using only information that is publicly available. That is, you only use the information that is published by the entity either on its website or printed materials.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd