Would you ask the client to reproduce the data in some way

Assignment Help Accounting Basics
Reference no: EM133133355

Question - You read about how evidence is the heart of the audit. Auditors base their opinions on the quality of evidence to confirm what the client states to be true. If evidence is weak or incomplete, it is hard for auditors to gain assurance on the client's claims. Suppose that a lot of your client's paper documentation from early in the fiscal year is destroyed in a fire.

What measures would you take to gather evidence from that time?

Would you just give them a "pass" from that time period and audit the rest of the year instead? Why or why not?

Would you ask the client to reproduce the data in some way?

Reference no: EM133133355

Questions Cloud

Changes in the federal reserve monetary policy : Discuss how changes in the Federal Reserve's monetary policy affect at least 1 of the 4 components of GDP (consumption, investment, government spending, net exp
Classroom environment : "If you fail to plan, then you plan to fail." This principle is true in multiple areas of life, particularly within the classroom environment
Pre and postmerger prices in the wholesale market : Based only on these data, provide quantitative estimates of the likely pre- and postmerger prices in the wholesale market for premium Scotch liquor.
Walmart has locations in how many countries : 1. Walmart has locations in how many countries?
Would you ask the client to reproduce the data in some way : If evidence is weak or incomplete, it is hard for auditors to gain assurance on the client's claims. Would you ask the client to reproduce the data in some way
Table that indicates for ranges of possible tax rates : Extension questions: Design a table that indicates for ranges of possible tax rates the amount of abatement that would occur, and the amount of pollution.
What amount should be reported as bad debt expense : At the end of 20X1, Chadam Co. had an ending balance in allowance for doubtful accounts for $40,000. What amount should be reported as bad debt expense
Determine the optimal quantity of the product : Determine the optimal quantity of the product in the market if the marginal cost of the product is constant at (a) $4, (b) $9 and (c) $16.
Prepare the adjusting entries on December : Prepare the adjusting entries on December 31, 2019, to update the fair value of the bonds assuming Emma decided to classify them as FVTOCI investments

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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