Questions from Auditing and Assurance

Q: You are an audit manager of the rapidly growing CPA firm of

You are an audit manager of the rapidly growing CPA firm of Raye and Coye. You have been placed in charge of three new audit clients, which have the following inventory features: 1. Canyon Cattle Co.,...

Q: Assume that you are auditing the financial statements of Agee Corporation.

Assume that you are auditing the financial statements of Agee Corporation. During the course of the audit, you discover the following circumstances. 1. Management of Agee has decided to discontinue th...

Q: You are engaged in the audit of the financial statements of Holman

You are engaged in the audit of the financial statements of Holman Corporation for the year ended December 31, 20X6. The accompanying analyses of the Property, Plant, and Equipment and related accumul...

Q: Taylor, CPA, is engaged in the audit of Rex Wholesaling

Taylor, CPA, is engaged in the audit of Rex Wholesaling for the year ended December 31. Taylor obtained an understanding of internal control relating to the purchasing, receiving, trade accounts payab...

Q: Nancy Howe, your staff assistant on the April 30, 20X2

Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company, was transferred to another audit engagement before she could complete the audit of unrecorded accounts payable. Her wor...

Q: You have just been assigned as a member of the audit team

You have just been assigned as a member of the audit team of Bozarkana Company (a new client) and are considering accounts payable. Bozarkana Company uses a computerized voucher system for payables. A...

Q: Webstar, a nonpublic company, is owned by Ben Williams and

Webstar, a nonpublic company, is owned by Ben Williams and three of his friends. Previously, the company’s financing has been internally generated, with limited equity contributions by the owners. The...

Q: Assume that you are a CPA interested in expanding your services to

Assume that you are a CPA interested in expanding your services to provide System and Organization Controls Control (SOC) reports. Access the AICPA store website (aicpastore. com) and find guidance th...

Q: For each of the following brief scenarios, assume that you are

For each of the following brief scenarios, assume that you are the CPA reporting on the financial statements of a nonpublic company. Using the form included with this problem, describe the reporting c...

Q: You are reviewing the property, plant, and equipment working papers

You are reviewing the property, plant, and equipment working papers of Mandville Corporation, a company that publishes travel guides. The lead schedule for the account is included in the chapter as Fi...