Questions from Auditing and Assurance

Q: When tracing using the cutoff information from the December 31 inventory count

When tracing using the cutoff information from the December 31 inventory count of Thermo-Tempur Mattresses, you note the following information: The purchases list shows that the following items were...

Q: In the audit of accounts receivable, auditors develop specific audit assertions

In the audit of accounts receivable, auditors develop specific audit assertions related to the receivables. They then design specific substantive procedures to obtain evidence about each of these asse...

Q: Which of the following is an internal control weakness for a company

Which of the following is an internal control weakness for a company whose inventory of supplies consists of a large number of individual items? a. Supplies of relatively little value are expensed whe...

Q: What inventory costing methods does GAAP recognize?

What inventory costing methods does GAAP recognize?

Q: What could be happening when a client’s managers take notes of auditors’

What could be happening when a client’s managers take notes of auditors’ test counts while an inventory is being counted?

Q: What analytical procedures might reveal obsolete or slow-moving inventory?

What analytical procedures might reveal obsolete or slow-moving inventory?

Q: Why is the timing of the auditors’ appointment an important matter in

Why is the timing of the auditors’ appointment an important matter in the conduct of a financial statement audit?

Q: A related party is a person or entity that a.

A related party is a person or entity that a. Has a family tie to a management member. b. Does business with the company. c. Can exert significant influence over or be influenced by the company. d. Is...

Q: When independent stock transfer agents are not employed and the corporation issues

When independent stock transfer agents are not employed and the corporation issues its own stock and maintains stock records, canceled stock certificates should a. Be defaced to prevent reissuance and...

Q: An audit plan for the examination of the retained earnings account should

An audit plan for the examination of the retained earnings account should include a step that requires verification of the (choose two steps) a. Market value used to charge retained earnings to accoun...