Questions from Auditing and Assurance

Q: If a company does not monitor notes payable for due dates and

If a company does not monitor notes payable for due dates and interest payment dates in relation to financial statement dates, what misstatements can appear in the financial statements?

Q: An auditor reviews job cost sheets to test which transaction assertion?

An auditor reviews job cost sheets to test which transaction assertion? a. Occurrence. b. Completeness. c. Accuracy. d. Classification.

Q: All corporate capital stock transactions should ultimately be traced to the

All corporate capital stock transactions should ultimately be traced to the a. Minutes of the meetings of the board of directors. b. Cash receipts journal. c. Cash disbursements journal. d. Numbered s...

Q: What are some of the specific relevant aspects of management’s control over

What are some of the specific relevant aspects of management’s control over the estimation process? What are some inquiries auditors can make?

Q: Why do auditors consider inventory errors pervasive?

Why do auditors consider inventory errors pervasive?

Q: For each of the following independent events, indicate the (1

For each of the following independent events, indicate the (1) effect of the error or fraud on the financial statements and (2) what auditing procedures could have detected the misstatement resulting...

Q: What inventory information should auditors document?

What inventory information should auditors document?

Q: Why is it important to obtain shipping and receiving cutoff information during

Why is it important to obtain shipping and receiving cutoff information during the inventory observation?

Q: Describe a walkthrough of a production transaction from receiving production orders to

Describe a walkthrough of a production transaction from receiving production orders to making an entry in the finished goods perpetual inventory records. What document copies would be collected? What...

Q: What information is used in the cost accounting department to calculate cost

What information is used in the cost accounting department to calculate cost of goods sold for a production operation? What are the significant risks that would make this calculation inaccurate?