Questions from Auditing and Assurance

Q: Distinguish between regular audit documentation review and independent review and state the

Distinguish between regular audit documentation review and independent review and state the purpose of each. Give two examples of potential findings in each of these two types of review.

Q: Describe matters that the auditor must communicate to audit committees of public

Describe matters that the auditor must communicate to audit committees of public companies.

Q: The following misstatements are included in the inventory and related records of

The following misstatements are included in the inventory and related records of Westbox Manufacturing Company: 1. An inventory item was priced at $12 each instead of at the correct cost of $12 per do...

Q: The following questions concern communications between management, those charged with governance

The following questions concern communications between management, those charged with governance, and the auditor. Choose the best response. a. A principal purpose of a letter of representation from m...

Q: The following questions concern information accompanying basic financial statements. Choose the

The following questions concern information accompanying basic financial statements. Choose the best response. a. The Form 10-K filed by management of a public company includes a section on management...

Q: List one possible internal control for each of the six transaction related

List one possible internal control for each of the six transaction related audit objectives for cash disbursements. For each control, list a test of control to test its effectiveness.

Q: Explain why the emphasis in auditing property, plant, and equipment

Explain why the emphasis in auditing property, plant, and equipment is on the current period acquisitions and disposals rather than on the balances in the account carried forward from the preceding ye...

Q: Elizabeth Johnson, CPA, has completed the audit of notes payable

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments. Required a....

Q: In an audit of the Marco Corporation as of December 31,

In an audit of the Marco Corporation as of December 31, 2011, the following situations exist. No entries have been made in the accounting records in relation to these items. 1. During the year 2011, t...

Q: In analyzing legal expense for the Boastman Bottle Company, Mary Little

In analyzing legal expense for the Boastman Bottle Company, Mary Little, CPA, observes that the company has paid legal fees to three different law firms during the current year. In accordance with her...