Questions from Auditing and Assurance

Q: This simulation, also available online, presents the Keystone Computers &

This simulation, also available online, presents the Keystone Computers & Networks, Inc. (Keystone) Cash Work Memo for the general account and petty cash. Background financial and other informatio...

Q: Select the best answer for each of the following situations and give

Select the best answer for each of the following situations and give reasons for your choice. a. Which of the following controls would most likely reduce the risk of diversion of customer receipts by...

Q: You are working on your firm’s fifth audit of SSC. The

You are working on your firm’s fifth audit of SSC. The previous audits have all resulted in standard unqualified audit reports. Read the following write-up from your audit files concerning SSC and its...

Q: Items a through l represent possible errors and fraud that you suspect

Items a through l represent possible errors and fraud that you suspect may be present at Rex Company. The accompanying List of Auditing Procedures represents procedures that the auditor would consider...

Q: Items a through f represent the items that an auditor ordinarily would

Items a through f represent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing proce...

Q: Auditors perform a number of procedures relating to cash—some unique

Auditors perform a number of procedures relating to cash—some unique, some not unique. For each substantive procedure below, identify its primary objective or indicate that the procedure serves no pur...

Q: During your audit of Carla Pang Inc., you prepared the following

During your audit of Carla Pang Inc., you prepared the following bank transfer schedule. Fill out the table below indicating the most likely situation as it relates to cash at year-end. Indicate the...

Q: For each of the procedures described in the table below, identify

For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following:

Q: Explain two procedures by which auditors may verify the client’s cutoff of

Explain two procedures by which auditors may verify the client’s cutoff of cash receipts.

Q: You are involved with the audit of Jelco Company for year 1

You are involved with the audit of Jelco Company for year 1 and have been asked to consider the confirmation reply results indicated below. For each confirmation reply, select the proper action to be...