Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

problem 1: For each of the given specific audit procedures illustrated below, point out the type of audit procedures it represents:

a) Inspection of records or documents
b) Inspection of tangible assets
c) Observation
d) Inquiry
e) Confirmation
f) Recalculation
g) Reperformance
h) Analytical procedures 
i) Scanning

Audit procedures:

A) Sending a written request to the client’s customers requesting that they report the amount owed to the client.

B) Examining big sales invoices for a period of two days before and after the year-end to find out if sales are recorded in the appropriate period.

C) Describing the sufficiency of the allowance for doubtful accounts with the credit manager.

D) Comparing the present year gross profit percentage with the gross profit percentage of the last four years.

E) Examining a new machine to make sure that this main acquisition was received.

F) Watching the client’s warehouse personnel count the raw materials inventory.

G) Reviewing the general ledger for unusual adjusting entries.

problem 2: Evidence comes in different types and has various degrees of reliability. Following are some statements which compare different types of evidence.

a) A bank confirmation versus observation of the segregation of duties between cash receipts and recording payment in the accounts receivable subsidiary ledger.

b) An auditor’s re-calculation of depreciation versus the examination of raw material requisitions.

c) A bank statement comprised in the client’s records versus the shipping documents.

d) Physical inspection of share certificates held for investment versus physical examination of inventory components for a personal computer.

Required:

For each condition, point out whether the first or second kind of evidence is more reliable. Give a rationale for your preference.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M96998

Have any Question? 


Related Questions in Auditing

Write a 750- to 1050-word paper on fraud auditing and it

Write a 750- to 1,050-word paper on fraud auditing and IT auditing. Describe the different kinds of fraud andthe Fraud Triangle, an auditor's responsibility to identify and assess fraud. Describe the specific risks, bene ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Assignment- auditing planthis assignment will require you

ASSIGNMENT- Auditing Plan. This assignment will require you to use the skills gained in Module/Week 8 to create an auditing plan for a sport or entertainment organization. Please select a professional sports team, colleg ...

Accounting questionyour firm recently signed a letter of

Accounting Question: Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee you open the local newspaper and read the following: Police are ...

Assignmentchoose a publicly traded company and research its

Assignment Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a copy). These results have been a ...

Audit report assignmentinstructions activities you will

Audit Report Assignment Instructions (Activities you will perform to help you write your assignment report): • Public Company is Under Armour, Inc. • Access the financial statements for a recent year through the SEC fili ...

Develop critical analysis skills in relation to auditor

Develop critical analysis skills in relation to auditor independence and issues in accepting audit engagements. Background information This assignment is based on the Professional Application Question 2.37 in your e-text ...

Assignment accounting and audit enforcementusing the

Assignment: Accounting and Audit Enforcement Using the Internet, Strayer databases, or the Securities and Exchange Commission's Website, located at http://www.sec.gov/divisions/enforce/friactions/friactions2012.shtml, pe ...

Information security audit assignment -objectives - this

Information Security Audit Assignment - OBJECTIVES - This assignment is designed to assess students' ability to: Produce a concise detailed report about the importance of information security audit policy and its compone ...

Accounting - auditing paper questionsapa format minimum 3

Accounting - Auditing Paper / Questions APA format, minimum 3 pages +title,reference Please Answer Following Questions 1. Describe what are the 3 conditions that are likely to be present when a fraud occurs. 2. Which of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen