Questions from Auditing and Assurance

Q: How are analytical procedures used in the verification of revenue?

How are analytical procedures used in the verification of revenue?

Q: What is the meaning of the term commitment? Give examples.

What is the meaning of the term commitment? Give examples. Do commitments appear in financial statements? Explain.

Q: What are general risk contingencies? Do such items require disclosure in

What are general risk contingencies? Do such items require disclosure in the financial statements?

Q: What are subsequent events?

What are subsequent events?

Q: Describe the manner in which the auditors evaluate their audit findings.

Describe the manner in which the auditors evaluate their audit findings.

Q: Describe a disclosure checklist. What is its purpose?

Describe a disclosure checklist. What is its purpose?

Q: When the auditors have audited the financial statements, what is their

When the auditors have audited the financial statements, what is their responsibility with respect to other information (not including required supplemental information) included in an annual report t...

Q: Does incorrect required supplemental information included with audited financial statements result in

Does incorrect required supplemental information included with audited financial statements result in a qualified or adverse audit opinion? Explain.

Q: In performing a substantive test of the book value of a population

In performing a substantive test of the book value of a population, auditors must be concerned with two aspects of sampling risk. What are these two aspects of sampling risk, and which aspect is of gr...

Q: Identify three items often misclassified as miscellaneous revenue.

Identify three items often misclassified as miscellaneous revenue.