Ch. 5: Comprehensive Questions: Assertions 5-29 (Assertions) In planning the audit of a client ’s inventory‚ an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. 3. Inventory quantities include all products‚ materials‚ and supplies on hand. 4. Liens on the inventories are properly disclosed in notes
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with recorded disbursements in the cash disbursements journal. 4. Distinguish between “positive” and “negative” confirmations. Under what conditions would you expect each type of confirmation to be appropriate? Positive confirmation is an auditing inquiry that requires the customer to respond to the auditor whether the customer’s records do or do not
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Generally Accepted Auditing Standards ACC/491 Contemporary Auditing 1 March 27‚ 2014 Richard A Cochran Generally Accepted Auditing Standards Generally Accepted Auditing Standards‚ also known as GAAS‚ are the most acknowledged auditing standards known. GAAS relates to the conduct of individual audit engagements and are a set of standards in which quality of audits are performed and may be judged. The American Institute of Certified Public Accountants (AICPA) has a division
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Generally Accepted Auditing Standards Paper Write a 700- to 1‚050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization‚ or an organization with which you are familiar. In your paper‚ be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Broad rules and guidelines promulgated by the AICPA’s AuditingStandards Board. CPAs employ GAAS in preparing for and performing
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Chapter 7 Overall Audit Approach for the Revenue and Collection Cycle * Audit risk- the risk that auditors will issue and unqualified opinion on financial statements that contain a material misstatement * Inherent risk and control risk * 3 step approach for audit risk model * Set audit risk at desired levels * Assess risk of material misstatement * Determine detection risk based on the level of audit risk and risk of material misstatement * The components of the audit
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16 April 2012 MLC Community Foundation 2012 Grant application form Note: Please complete this questionnaire with specific‚ short answers. Please submit this form as a word document and attach to your email submission. Please ensure that you keep to the numbering and order as below. About the organization 1. Your organisation’s name and ABN: 2. A contact name‚ phone number and email address: 3. Your current corporate partners (if a financial institution‚ please
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GA-1 Prepared: JML 3/3/2013 March 5‚ 2012 Dear Mr. Lancaster: This letter will confirm our understanding of the arrangement for our audit of the financial statements of Apollo Shoes‚ Inc. for the year ending December 31‚ 2011. We will audit the Company’s balance sheet at December 31‚ 2033‚ and the related statements of income‚ comprehensive income‚ stockholders’ equity‚ and cash flows for the year then ended‚ for the purpose of expressing an opinion on them. We will also audit whether Apollo
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Practice Final Exam ACC 413 Winter 2013 1. Which of the following statements describes an internal control questionnaire? It A. Provides detailed evidence regarding the substance of the control system. B. Takes less of the engagement client’s time to complete than other control evaluation devices. C. Requires that the internal auditor be in attendance to properly administer it. D. Provides indirect evidence that might need corroboration. 2. Each individual working paper should‚ at a
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Generally Accepted Auditing Standards ACC/491 June 1‚ 2015 Venetia Clark Nature and Function of Audit The nature and function of audit is multifaceted with a comprehensive broad objective; to provide users with complete‚ relevant and reliable information that assist them in making business decisions. More commonly the users of this information are focused on accurate financial statements and an evaluation of managements assertions regarding the oversight of reporting‚ internal
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Bibliography: Chesworth. N‚ Food Hygiene Auditing‚ 1997‚ Chapman & Hall Mortimore. S & Walace. C‚ HACCP: A Practical Approach‚ 1994‚ Chapman & Hall
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