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QUESTIONS What are the benefits derived from planning audits? What are the responsibilities of the successor and predecessor auditors when a company is changing auditors? What is the purpose of an engagement letter? What subjects should be covered in such a letter? Who is considered the client when auditing public companies? Explain why auditors need […]
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 inventory and […]
TASK Discuss why adequate audit planning is essential.Make client acceptance decisions and perform initial audit planning.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 audit planning.Use materiality to evaluate audit finding
ASSIGNMENT You are the in-charge auditor on the audit of Vandervoort Company and are to review the audit schedule shown on the next page. a. List the deficiencies in the audit schedule. b. For each deficiency, state how the audit schedule could be improved. c. Prepare an improved audit schedule, using an electronic spreadsheet software […]
ASSIGNMENT As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for performing risk assessment procedures related to the sales cycle. JA Tire has four sales divisions within the U.S. and sells primarily to large tire companies with regional warehouses that subsequently […]
ASSIGNMENT Analytical procedures are an important part of the audit process and consist of the evaluation of financial information by the study of plausible relationships among financial and nonfinancial data. Analytical procedures may be done during planning, as a substantive test, or as a part of the overall review of an audit. The following are […]
ASSIGNMENT The following are nine situations, each containing two means of accumulating evidence: 1. Confirm receivables with consumers versus confirming accounts receivable with business organizations. 2. Physically examine 3-inch steel plates versus examining electronic parts. 3. Examine duplicate sales invoices when several competent people are checking each other’s work versus examining documents prepared by a […]
ASSIGNMENT As auditor of the Star Manufacturing Company, you have obtained a trial balance taken from the books of Star one month before year end:Dr. (Cr.) Dr. (Cr.)Cash in bank $ 87,000 Mortgages payable (400,000)Trade accounts receivable 345,000 Capital stock (300,000)Notes receivable 125,000 Retained earnings (510,000)Inventories 317,000 Sales (3,130,000)Land 66,000 Cost of sales 2,300,000Buildings, net […]
DISCUSSION QUESTIONS The following are examples of documentation typically obtained by auditors: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 time cards14. Purchase requisitions15. Articles […]
ASSIGNMENT The following questions concern audit evidence and audit documentation. Choose the best response.a. According to PCAOB audit standards, audit documentation must be retained for b. Which of the following types of audit evidence is generally the most reliable?(1) one year.(2) three years.(3) five years.(4) seven years.(1) A bank confirmation(2) A bank statement(3) Analytical procedures(4) […]
