Questions from Auditing and Assurance

Q: What are some of the important assertions found in investment accounts?

What are some of the important assertions found in investment accounts?

Q: What is a voucher? What is a voucher package?

What is a voucher? What is a voucher package?

Q: Your client, Boos & Becker Inc., is a medium-

Your client, Boos & Becker Inc., is a medium-size manufacturer of products for the leisure-time activities market (camping equipment, scuba gear, bows and arrows, and the like). During the past year,...

Q: How can purchasing managers use their position to defraud the company?

How can purchasing managers use their position to defraud the company? What can be done to prevent it?

Q: Why is a “blind” purchase order used as a receiving

Why is a “blind” purchase order used as a receiving report document?

Q: What unfortunate lesson did the auditors learn from the situation in the

What unfortunate lesson did the auditors learn from the situation in the Unregistered Sale of Securities case? What should auditors do when a violation of U.S. securities laws is suspected?

Q: How might an auditor use a client’s sales forecast for general familiarity

How might an auditor use a client’s sales forecast for general familiarity with the production cycle or for evaluation of slow-moving inventory?

Q: If the actual sales for the year are substantially lower than the

If the actual sales for the year are substantially lower than the sales forecasted at the beginning of the year, what potential valuation problems could arise in the production cycle accounts?

Q: To make a year-to-year comparison of inventory turnover

To make a year-to-year comparison of inventory turnover most meaningful, the auditor performs the analysis a. For the company as a whole. b. By division. c. By product. d. All of the above.

Q: Why is a service expense a good account for recording a fictitious

Why is a service expense a good account for recording a fictitious expense?