Questions from Auditing and Assurance

Q: The Frist Corporation has the following internal controls related to inventory:

The Frist Corporation has the following internal controls related to inventory: 1. The inventory purchasing system only allows purchases from pre-approved vendors. 2. The perpetual inventory system tr...

Q: You are auditing general cash for the Pittsburgh Supply Company for the

You are auditing general cash for the Pittsburgh Supply Company for the fiscal year ended July 31, 2011. The client has not prepared the July 31 bank reconciliation. After a brief discussion with the...

Q: In the audit of the Regional Transport Company, a large branch

In the audit of the Regional Transport Company, a large branch that maintains its own bank account, cash is periodically transferred to the central account in Cedar Rapids. On the branch account's rec...

Q: The following are various potential misstatements due to errors or fraud (

The following are various potential misstatements due to errors or fraud (1 through 7), and a list of auditing procedures (a through h) the auditor would consider performing to gather evidence to dete...

Q: In connection with an audit you are given the following work sheet

In connection with an audit you are given the following work sheet: Checks Drawn but Not Paid by Bank No. Amount 573 ………â€&br...

Q: The Check Clearing for the 21st Century Act (Check 21 Act

The Check Clearing for the 21st Century Act (Check 21 Act) allows recipients of paper checks to create a digital image of the original check, eliminating the need for further handling of the actual ch...

Q: Audit committees of public companies have many responsibilities in today's financial reporting

Audit committees of public companies have many responsibilities in today's financial reporting environment. Visit the website of Microsoft Corporation (www.microsoft.com) and locate the Audit Committe...

Q: In your audit of Aviary Industries for calendar year 2011, you

In your audit of Aviary Industries for calendar year 2011, you found a number of matters that you believe represent possible adjustments to the company's books. These matters are described below. Mana...

Q: Identify and describe the four presentation and disclosure audit objectives.

Identify and describe the four presentation and disclosure audit objectives.

Q: Describe the purpose of a financial statement disclosure checklist and explain how

Describe the purpose of a financial statement disclosure checklist and explain how it helps the auditor determine if there is sufficient appropriate evidence for each of the presentation and disclosur...