Questions from Auditing and Assurance

Q: Distinguish among the three categories of expenses. Provide an example of

Distinguish among the three categories of expenses. Provide an example of each type of expense.

Q: Identify four possible disclosure issues related to the purchasing process and related

Identify four possible disclosure issues related to the purchasing process and related accounts.

Q: What are the differences between accounts receivable and accounts payable confirmations?

What are the differences between accounts receivable and accounts payable confirmations?

Q: What are some of the typical procedures that might be applied to

What are some of the typical procedures that might be applied to the audit of the tax provision by an auditor and/or tax specialist?

Q: What major types of transactions occur in the purchasing process? What

What major types of transactions occur in the purchasing process? What financial statement accounts are affected by each type of transaction?

Q: Briefly describe each of the following documents or records: purchase requisition

Briefly describe each of the following documents or records: purchase requisition, purchase order, receiving report, vendor invoice, and voucher. Why would an entity combine all documents related to a...

Q: Part I: Merry-Go-Round (MGR), a

Part I: Merry-Go-Round (MGR), a clothing retailer located primarily in shopping malls, was founded in 1968.11 By the early 1990s, the company had gone public and had expanded to approximately 1,500 st...

Q: List the key segregation of duties in the purchasing process. What

List the key segregation of duties in the purchasing process. What errors or fraud can occur if such duties are not segregated?

Q: List two inherent risk factors that directly affect the purchasing process.

List two inherent risk factors that directly affect the purchasing process. Why should auditors be concerned about issues such as the supply of raw materials and the volatility of prices?

Q: What control activities typically ensure that the occurrence, authorization, and

What control activities typically ensure that the occurrence, authorization, and completeness assertions are met for a purchase transaction? What tests of controls are performed for each of these asse...