Questions from Auditing and Assurance

Q: Items 1 through 6 are common questions found in internal control questionnaires

Items 1 through 6 are common questions found in internal control questionnaires used by auditors to obtain an understanding of internal control for owners' equity. In using the questionnaire for a cli...

Q: The following audit procedures are commonly performed by auditors in the verification

The following audit procedures are commonly performed by auditors in the verification of owners' equity: 1. Review the articles of incorporation and bylaws for provisions about owners' equity. 2. Anal...

Q: You are engaged in the audit of a corporation whose records have

You are engaged in the audit of a corporation whose records have not previously been audited by you. The corporation has both an independent transfer agent and a registrar for its capital stock. The t...

Q: You are a CPA engaged in an audit of the financial statements

You are a CPA engaged in an audit of the financial statements of Pate Corporation for the year ended December 31, 2011. The financial statements and records of Pate Corporation have not been audited b...

Q: E-Antiques, Inc. is an Internet-based market

E-Antiques, Inc. is an Internet-based market maker for buyers and sellers of antique furniture and jewelry. The company allows sellers of antique items to list descriptions of those items on the E-Ant...

Q: It is less common to confirm accounts payable at an interim date

It is less common to confirm accounts payable at an interim date than accounts receivable. Explain why.

Q: You are doing the first-year audit of Sherman School District

You are doing the first-year audit of Sherman School District and have been assigned responsibility for doing a four-column proof of cash for the month of October 2011. You obtain the following inform...

Q: Explain the relationships among the initial assessed control risk, tests of

Explain the relationships among the initial assessed control risk, tests of controls and substantive tests of transactions for cash receipts, and the tests of details of cash balances.

Q: The following questions concern testing the client's internal controls for inventory and

The following questions concern testing the client's internal controls for inventory and warehousing. Choose the best response. a. When an auditor tests a client's cost accounting records, the auditor...

Q: Explain the relationships among the initial assessed control risk, tests of

Explain the relationships among the initial assessed control risk, tests of controls and substantive tests of transactions for cash disbursements, and the tests of details of cash balances. Give one e...