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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.
In a discussion with the accountant you discover that the company is experiencing cash flow problems, both with the failure to secure the contract with the US prisons and due to foreign exchange losses.
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
The Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.
Once a company has received a going-concern audit opinion, speculate to likelihood that company will remain in business.
Why do you think it will be an interesting focus for your economic analysis? What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the brokerage fee is waived. This is just a virtual exercis..
Propose a broad audit plan
How can we instill respect towards auditors rather than fear?
Construct the "Processing Cash Collections" segment of the internal control questionnaire on "Cash Receipts" to be used in the evaluation of internal control over the Spartan Drug Store, Inc. Each question should elicit either a yes or a no respon..
Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Preparing memo on state of the company industry
Write a recommendation brief for the client in which you justify the benefits of using an internal auditor. Conclude your recommendation by referring a particular person for the job based on their background.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
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