Questions from Auditing and Assurance

Q: Your partner drafted the following auditors’ report yesterday. You need to

Your partner drafted the following auditors’ report yesterday. You need to describe the reporting deficiencies, explain the reasons for them, and discuss with the partner how the rep...

Q: Auditors have a responsibility related to management’s disclosure of new information related

Auditors have a responsibility related to management’s disclosure of new information related to subsequent events until a. The date of the financial statements. b. The date of the auditor’s report. c....

Q: The following auditors’ report was drafted by Quinn Moore, a staff

The following auditors’ report was drafted by Quinn Moore, a staff auditor with Tyler & Tyler, CPAs, at the completion of the audit of the financial statements of Park Publishing...

Q: What are the major differences in the auditors’ report for nonpublic and

What are the major differences in the auditors’ report for nonpublic and public entities?

Q: One of the great resources for auditors is the SEC’s Electronic Data

One of the great resources for auditors is the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system database at www.sec.gov. Public companies file SEC-required docu...

Q: Pitts Company has experienced significant financial difficulty. Current liabilities exceed current

Pitts Company has experienced significant financial difficulty. Current liabilities exceed current assets by $1 million, cash has decreased to $10,000, the interest on the long-term debt has not been...

Q: AOW has completed the audit of the financial statements of Musgrave Company

AOW has completed the audit of the financial statements of Musgrave Company for the year ended December 31, 2017, and is now preparing the report. AOW has audited Musgrave’s financial statements for s...

Q: AOW is the group auditor for the December 31, 2017,

AOW is the group auditor for the December 31, 2017, consolidated financial statements of Ferguson Company and subsidiaries. However, component auditors perform the work on certain subsidiaries for the...

Q: Gustav Humphreys (chair of the board) and Ingrid VanEns (

Gustav Humphreys (chair of the board) and Ingrid VanEns (vice president, finance) prepared the draft of the financial review section of the annual report. You are reviewing it for consistency with the...

Q: On January 1, Graham Company purchased land (the site of

On January 1, Graham Company purchased land (the site of a new building) for $100,000. Soon thereafter, the state highway department announced that a new feeder road would run next to the site. The ef...