Questions from Auditing and Assurance

Q: a. An auditor most likely would make inquiries of production and

a. An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete inventory to address: (1) Valuation. (2) Rights. (3) Existence. (4) Presentation. b. An a...

Q: This simulation, also available online, presents an Analytical Procedures/

This simulation, also available online, presents an Analytical Procedures/Risk Assessment Analysis document prepared by two members of your audit team—your responsibility is to evalu...

Q: Andy Watson, CPA, is a senior auditor on the audit

Andy Watson, CPA, is a senior auditor on the audit of Carlson, Inc. Andy is reviewing the results of analytical procedures related to inventory. For results (a), (b), and (c), select the explanation t...

Q: Select the best answer for each of the questions below and explain

Select the best answer for each of the questions below and explain fully the reason for your selection. a. To assure accountability for fixed-asset retirements, management should implement an internal...

Q: Hwang Corporation has engaged in a number of expenditures relating to a

Hwang Corporation has engaged in a number of expenditures relating to a land acquisition for a future plant. For each of the following, indicate whether you as the auditor of Hwang Corporation would p...

Q: a. Analysis of which account is least likely to reveal evidence

a. Analysis of which account is least likely to reveal evidence relating to recorded retirement of equipment? (1) Accumulated depreciation. (2) Insurance expense. (3) Property, plant, and equipment. (...

Q: Select the best answer for each of the following and explain the

Select the best answer for each of the following and explain the reason for your selection. a. Which of the following procedures is least likely to be completed before the balance sheet date? (1) Conf...

Q: The following flowchart depicts the activities relating to the purchasing, receiving

The following flowchart depicts the activities relating to the purchasing, receiving, and accounts payable departments of Model Company, Inc. Assume that you are a supervising assistant assigned to th...

Q: The auditors of SSC Company, a nonpublic company, are working

The auditors of SSC Company, a nonpublic company, are working on both audit objectives for the various accounts and documentation requirements. Parts (a) through (d) of this question relate to objecti...

Q: In applying audit procedures and evaluating the results of those procedures,

In applying audit procedures and evaluating the results of those procedures, auditors may encounter specific information that may raise a question concerning the existence of noncompliance with laws a...