Questions from Auditing and Assurance

Q: Are these specific fraud detection procedures designed to detect fraudulent financial reporting

Are these specific fraud detection procedures designed to detect fraudulent financial reporting or misappropriation of assets? Explain.

Q: What are some of the typical areas of concern to auditors involving

What are some of the typical areas of concern to auditors involving investment accounts?

Q: How can confirmations be used in auditing investments in stocks?

How can confirmations be used in auditing investments in stocks?

Q: How can auditors gain assurance about fair value estimates in the investment

How can auditors gain assurance about fair value estimates in the investment cycle?

Q: ACE Corporation does not conduct a complete annual physical count of purchased

ACE Corporation does not conduct a complete annual physical count of purchased parts and supplies in its principal warehouse but uses statistical sampling to estimate the year-end inventory. ACE maint...

Q: What are some of the important assertions found in stockholders’ equity account

What are some of the important assertions found in stockholders’ equity account balances and disclosures?

Q: What are some of the important assertions found in the long-

What are some of the important assertions found in the long-term liability accounts?

Q: How can confirmations be used in auditing (a) stockholder capital

How can confirmations be used in auditing (a) stockholder capital accounts and (b) notes and bonds payable?

Q: What information about capital stock could be confirmed with outside parties?

What information about capital stock could be confirmed with outside parties? How could the auditors corroborate this information?

Q: Define and give examples of off-balance-sheet information.

Define and give examples of off-balance-sheet information. Why should auditors be concerned with such items?