Questions from Auditing and Assurance

Q: For each of the following misstatements in property, plant, and

For each of the following misstatements in property, plant, and equipment accounts, state an internal control that the client can implement to prevent the misstatement from occurring and a substantive...

Q: The following types of internal controls are commonly used by organizations for

The following types of internal controls are commonly used by organizations for property, plant, and equipment: 1. Written policies exist and are known by accounting personnel to differentiate between...

Q: The following audit procedures were planned by Jack Kaguri, CPA,

The following audit procedures were planned by Jack Kaguri, CPA, in the audit of the acquisition and payment cycle for DeWitt Products, Inc.: 1. Review the acquisitions journal for large and unusual t...

Q: Your client, Edgartown Corporation, provided the following schedule of land

Your client, Edgartown Corporation, provided the following schedule of land, buildings, and equipment for the audit of financial statements for the year ended December 31, 2019: Required: a. What ty...

Q: Your client, Schroeder Manufacturing Co., provided the following schedule of

Your client, Schroeder Manufacturing Co., provided the following schedule of property, plant, and equipment for the year ended June 30, 2019. Balances have been agreed to the general ledger. As part o...

Q: Describe the key difference between a Type 1 and Type 2 SOC

Describe the key difference between a Type 1 and Type 2 SOC 1 report.

Q: The following auditing procedures were performed in the audit of accounts payable

The following auditing procedures were performed in the audit of accounts payable: 1. Obtain a list of accounts payable. Re-add and compare with the general ledger. 2. Trace from the general ledger tr...

Q: This problem requires you to research the disclosure requirements for fixed assets

This problem requires you to research the disclosure requirements for fixed assets using the FASB Codification at www.fasb.org. Access to the FASB Codification requires that your educational instituti...

Q: Items 1 through 9 are selected questions typically found in internal control

Items 1 through 9 are selected questions typically found in internal control questionnaires used by auditors to obtain an understanding of internal control in the payroll and personnel cycle. In using...

Q: Following are some of the tests of controls and substantive tests of

Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. (Each procedure is to be done on a sample basis or usin...