Questions from Auditing and Assurance

Q: The embezzlement of funds from organizations is often orchestrated through fictitious accounts

The embezzlement of funds from organizations is often orchestrated through fictitious accounts payable and related cash disbursement transactions. The AuditNet online resource center for auditors incl...

Q: Following are audit procedures commonly performed in the inventory and warehousing cycle

Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Read the client's physical inventory instructions and observe whether they are...

Q: Identify five audit procedures normally done as a part of the review

Identify five audit procedures normally done as a part of the review for subsequent events.

Q: Explain the relationship between substantive tests of transactions for the acquisition and

Explain the relationship between substantive tests of transactions for the acquisition and payment cycle and tests of details of balances for the verification of property, plant, and equipment. Which...

Q: Distinguish between subsequent events occurring between the balance sheet date and the

Distinguish between subsequent events occurring between the balance sheet date and the date of the auditor's report, and subsequent discovery of facts existing at the date of the auditor's report. Giv...

Q: Miles Lawson, CPA, believes that the final summarization is the

Miles Lawson, CPA, believes that the final summarization is the easiest part of the audit if careful planning is followed throughout the audit. He makes sure that each segment of the audit is complete...

Q: Compare and contrast the accumulation of audit evidence and the evaluation of

Compare and contrast the accumulation of audit evidence and the evaluation of the adequacy of the disclosures in the financial statements. Give two examples in which adequate disclosure could depend h...

Q: Distinguish between a client letter of representation and a management letter and

Distinguish between a client letter of representation and a management letter and state the primary purpose of each. List some items that might be included in each letter.

Q: Explain what is meant by information accompanying basic financial statements. Provide

Explain what is meant by information accompanying basic financial statements. Provide two examples of such information. What levels of assurance may the CPA offer for this information?

Q: What is meant by reading other financial information in annual reports?

What is meant by reading other financial information in annual reports? Give an example of the type of information the auditor is examining.