Questions from Auditing and Assurance

Q: Identify the general objectives of the auditors’ substantive procedures with respect to

Identify the general objectives of the auditors’ substantive procedures with respect to any major asset category.

Q: What is meant by making a proper year-end cutoff?

What is meant by making a proper year-end cutoff? Explain the effects of errors in the cutoff of sales transactions in both the income statement and the balance sheet.

Q: What are the purposes of the audit procedures of (a

What are the purposes of the audit procedures of (a) tracing a sample of journal entries forward to the ledgers and (b) vouching a sample of ledger entries back to the journals?

Q: The overall audit strategy for the audit of Keystone Computers & Networks

The overall audit strategy for the audit of Keystone Computers & Networks, Inc., in this appendix includes a section on significant accounting and auditing matters. The second matter described involve...

Q: Charles Halstead, CPA, has a number of clients who desire

Charles Halstead, CPA, has a number of clients who desire audits at the end of the calendar year. In an effort to spread his workload more uniformly throughout the year, he is preparing a list of audi...

Q: Define and differentiate between a test of controls and a substantive procedure

Define and differentiate between a test of controls and a substantive procedure.

Q: The overall audit strategy, the audit plan, and the time

The overall audit strategy, the audit plan, and the time budget are three important working papers prepared early in an audit. What functions do these working papers serve in the auditors’ compliance...

Q: Auditing standards require the auditors to have a team meeting regarding the

Auditing standards require the auditors to have a team meeting regarding the risk of fraud for the engagement. What is the purpose of this meeting?

Q: How can a CPA make use of the preceding year’s audit working

How can a CPA make use of the preceding year’s audit working papers in a recurring audit?

Q: When planning an audit, the auditors should assess the levels of

When planning an audit, the auditors should assess the levels of risk and materiality for the engagement. Explain how the auditors’ judgments about these two factors affect the auditors’ planned audit...