Questions from Auditing and Assurance

Q: The following types of internal controls are commonly used by organizations for

The following types of internal controls are commonly used by organizations for property, plant, and equipment: 1. A fixed asset master file is maintained with a separate record for each fixed asset....

Q: List five asset accounts, three liability accounts, and five expense

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle for a typical manufacturing company.

Q: The following audit procedures were planned by Linda King, CPA,

The following audit procedures were planned by Linda King, CPA, in the audit of the acquisition and payment cycle for Cooley Products, Inc.: 1. Review the acquisitions journal for large and unusual tr...

Q: Many companies aspire to go public and have their shares traded on

Many companies aspire to go public and have their shares traded on exchanges such as the New York Stock Exchange (NYSE) and NASDAQ. Visit the Website of the NYSE (www.nyse.com) and search for the “Gui...

Q: Your client, Edgartown Corporation, prepared the following schedule of land

Your client, Edgartown Corporation, prepared the following schedule of land, buildings and equipment for the audit of financial statements for the year ended December 31, 2011: a. What type of evidenc...

Q: The following program has been prepared for the audit of accrued real

The following program has been prepared for the audit of accrued real estate taxes of a client that pays taxes on 25 different pieces of property, some of which have been acquired in the current year:...

Q: As part of the audit of different audit areas, auditors should

As part of the audit of different audit areas, auditors should be alert for the possibility of unrecorded liabilities. For each of the following audit areas or accounts, describe a liability that can...

Q: While you are having lunch with a banker friend, you become

While you are having lunch with a banker friend, you become involved in explaining to him how your firm conducts a typical audit. Much to your surprise, your friend is interested and is able to conver...

Q: Examine the tests of controls and substantive tests of transactions results,

Examine the tests of controls and substantive tests of transactions results, including the sampling application, for Ward Publishing Company. Assume that you have already reached several conclusions....

Q: You are doing the audit of the UTE Corporation, for the

You are doing the audit of the UTE Corporation, for the year ended December 31, 2011. The following schedule for the property, plant, and equipment and related allowance for depreciation accounts has...