Questions from Auditing and Assurance

Q: Suppose you are auditing cash disbursements and discover several payments to a

Suppose you are auditing cash disbursements and discover several payments to a company you are unfamiliar with and cannot find information about this company on the Internet or in the local telephone...

Q: Consider the following scenario: Adam worked for the local hardware

Consider the following scenario: Adam worked for the local hardware store as an outside sales representative. His job was to visit local companies and contractors in an attempt to identify their needs...

Q: Consider the following story of an actual embezzlement. This was

Consider the following story of an actual embezzlement. This was the ingenious embezzler’s scheme: (a) He hired a print shop to print a private stock of Ajax Company checks in the company’s numerical...

Q: The following are some “suspicions”; you have been requested to

The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions. Required: Write the suggested procedures for each...

Q: Expenditure analysis is used when fraud has been discovered or strongly suspected

Expenditure analysis is used when fraud has been discovered or strongly suspected and the information to calculate a suspect’s income and expenditures can be obtained (e.g., asset and liability record...

Q: Immediately upon receipt of cash, a responsible employee should a

Immediately upon receipt of cash, a responsible employee should a. Record the amount in the cash receipts journal. b. Prepare a remittance listing. c. Update the subsidiary accounts receivable records...

Q: You can use the computer-based Electronic Workpapers on the textbook

You can use the computer-based Electronic Workpapers on the textbook website to prepare the net worth analysis required in this problem. Net worth analysis is performed when fraud has been discovered...

Q: Assume you have received a message from an informant regarding the following

Assume you have received a message from an informant regarding the following case. Your assignment is to write the “audit approach” portion of the case. a. Write a brief explanation of desirable contr...

Q: An audit client sells 15 to 20 units of product annually.

An audit client sells 15 to 20 units of product annually. A large portion of the annual sales occur in the last month of the fiscal year. Annual sales have not materially changed over the past five ye...

Q: Which audit procedures are usually the most useful for auditing the existence

Which audit procedures are usually the most useful for auditing the existence assertion?