We take care of your tight deadline essay for you! Place your order today and enjoy convenience.
REVIEW QUESTIONS 8-1 (OBJECTIVE 8-1) What are the benefits derived from planning audits? 8-2 (OBJECTIVE 8-2) What are the responsibilities of the successor and predecessor auditors when a company is changing auditors? 8-3 (OBJECTIVE 8-2) What is the purpose of an engagement letter? What subjects should be covered in such a letter? 8-4 (OBJECTIVE 8-2) […]
TASK 1. What is meant by setting a preliminary judgment about materiality? Identify the mostimportant factors affecting the preliminary judgment. 2. Distinguish between the terms performance materiality and preliminary judgment aboutmateriality. How are they related to each other? 3. Explain the difference between known and likely misstatements. Assume the auditortests a sample of $100,000 of […]
TASK 1.Identify the eight major steps in planning audits.2. What factors should an auditor consider prior to accepting an engagement?3. Explain the five elements that are part of a strategic understanding of the client’s business Apply the concept of materiality to the audit Make a preliminary judgment about what amounts to consider material Determine performance […]
Professional Application Case: Fluffy Fluffy is a fast-growing company in North Dakota that creates, and ships customized stuffed animals to all fifty U.S. states. There are several options for customization, from customers submitting their own designs to sending the company a rough design idea that Fluffy then develops and creates. While business is going well, […]
AUDIT PLANNING AND MATERIALITY Discuss why adequate audit planning is essential. Make client acceptance decisions and perform initial audit planning. Gain an understanding of the client’s business and industry. Perform preliminary analytical procedures. Apply the concept of materiality to the audit. Make a preliminary judgment about what amounts to consider material. Determine performance materiality during […]
Zainab_Acconting Q1. Differentiate with suitable examples thetraditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example. (3 Marks) Note: Your answer must include suitable numerical examples. You are required to assume values of your own and they should not be copied from any sources.(Week 7, Chapter 7) […]
7-32 (OBJECTIVES 7-3, 7-4) The following are nine situations, each containing two means of accumulating evidence: 1. Confirm receivables with consumers versus confirming accounts receivable withbusiness organizations. 2. Physically examine 3-inch steel plates versus examining electronic parts. 3. Examine duplicate sales invoices when several competent people are checking eachother’s work versus examining documents prepared by […]
ASSIGNMENT 7-30 (OBJECTIVE 7-4) The following are various audit procedures performed to satisfyspecific transaction-related audit objectives as discussed in Chapter 6. The generaltransaction-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors’ invoices and entries in the acquisitionsjournal. 2. Add the sales journal for the month of […]
DISCUSSION QUESTIONS AND PROBLEMS 7-27 (OBJECTIVE 7-4) The following are examples of documentation typically obtained byauditors: 1. Duplicate sales invoices2. Receiving reports3. Minutes of the board of directors4. Signed W-4s5. Subsidiary accounts receivable records6. Vendors’ invoices7. General ledgers8. Title insurance policies for real estate9. Notes receivable10. Bank statements11. Cancelled payroll checks12. Cancelled notes payable13. Payroll […]
ASSIGNMENT 7-25 (OBJECTIVES 7-8, 7-9) The following questions concern audit documentation. Choose the best response. a. Which of the following is not a primary purpose of audit documentation?(1) To coordinate the audit(2) To assist in preparation of the audit report(3) To support the financial statements(4) To provide evidence of the audit work performed b. During […]
