Questions from Auditing and Assurance

Q: Dean Wareham, an audit manager, is preparing a proposal to

Dean Wareham, an audit manager, is preparing a proposal to provide additional services for an audit client that is a publicly held company in the manufacturing industry. The company is growing rapidly...

Q: Briefly describe each type of bank account. How does an imprest

Briefly describe each type of bank account. How does an imprest account help to improve control over cash?

Q: Why are analytical procedures of limited use in the audit of the

Why are analytical procedures of limited use in the audit of the cash balance?

Q: List three fraud-related audit procedures for cash.

List three fraud-related audit procedures for cash.

Q: What are the main transaction-related assertions for investments? Identify

What are the main transaction-related assertions for investments? Identify the key segregation of investment-related duties and possible errors or fraud that can occur if this segregation is not prese...

Q: Briefly describe the classification and valuation issues related to investments in debt

Briefly describe the classification and valuation issues related to investments in debt and equity securities.

Q: Define what is meant by contingent liability. What three categories are

Define what is meant by contingent liability. What three categories are used to classify a contingent liability? Give four distinct examples of contingent liabilities.

Q: What is one of the key segregation of duties for the property

What is one of the key segregation of duties for the property management process? What errors or fraud can occur if such segregation is not present?

Q: What four major categories of events or conditions may indicate going concern

What four major categories of events or conditions may indicate going concern problems? Give two examples for each category.

Q: What items should be included in the auditor’s communication with those charged

What items should be included in the auditor’s communication with those charged with governance (i.e., the audit committee or similar group)?