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To adequately plan an audit, the auditor should obtain sufficient knowledge of the client's business to understand events, transactions, and practices that may have a significant effect on the financial statements. The auditor needs knowledge about, for example, the type of business, including products and services, company locations, and marketing methods.
Please answer the following questions
1.List at least four additional items about which the auditor should be knowledgeable.
2.List at least four audit procedures that would normally be used in obtaining this understanding.
3.How would the auditor use this information in performing a financial statement audit?
Questions based on partnership. a)Write definition of partnership? b) Name and discuss the characteristics of a partnership c) Advantages of a partnership as a form of business
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
Monterey Corporation is considering the purchase of a machine costing $52,000 with a 4-year useful life and no salvage value. Monterey uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received unifor..
What are the critical components of a business plan? Consider any changes which would be required if the plan were to be used in the foreign country.
Analyze the agency's compensation for employees. Provide a rationale on what the costs and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. In your forecast, (a) discuss the effects of the increase ..
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2011?
Zwick Company bought 28,000 shares of the voting common stock of Handy Corporation in January 2006. In December, Hardy announced $200,000 net income for 2006 and declared and paid a cash dividend of $2 per share on the 200,000 shares of outstandin..
Many public universities are quite similar to their private counterparts. Indeed, some large state universities receive less than 25 percent of their resources from the state. How, then, can you account for the substantial differences in their rep..
Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
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