Homework Answers
Correct answer---2 usually discrepancies exist between entities records and confirmation reports.
Using confirmation reports from third party should generally match with entity records, if not then auditor's risk of misstatement increases.
Other things such as computer generated error report, in transit funds in BRS and selling fixed asset at loss are common activities in an entity.
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4. The . Which of the following circumstances is most likely to cause an auditor to...
In which of the following circumstances would an auditor most likely add an "emphasis of matter"...
In which of the following circumstances would an auditor most likely add an "emphasis of matter" paragraph to the auditor's report without changing the unmodified opinion? A. The auditor is asking to report on the balance sheet, but not the other basic financial statements. B. Management changed from one accepted accounting principal to another accepted accounting principal and accounted properly for the effects of the change as required by GAAP. C. Certain transactions cannot be tested because of management's records...
Which of the following most likely would cause an auditor to consider whether a client's financial...
Which of the following most likely would cause an auditor to consider whether a client's financial statements contain material misstatements? Management did not disclose to the auditor that it consulted with other accountants about significant accounting matters. The chief financial officer will not sign the management representation letter until the last day of the auditor's fieldwork Audit trails of computer-generated transactions exist only for a short time. The results of an analytical procedure disclose unexpected differences.
Which of the following conditions or events most likely would cause an auditor to have substantial...
Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern? A. Management has postponed selected research and development projects during a general economic recession. B.. The entity has engaged in material related party transactions. C. The board of directors declares a stock dividend instead of a cash dividend. D. Cash flows from operating activities are negative.
1. As a part of auditing depreciation expense the auditor tests whether the client has followed...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed a consistent policy and the calculations are correct. Which of the following audit objectives is the auditor addressing? A) Cut-off B) Occurrence C) Completeness D) Accuracy 2. The auditor used positive confirmations to test accounts receivable, but several of the confirmations were not returned. Which of the following auditing procedures would the auditor perform on the non-responses? A) Inspect shipping documents to verify that...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
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For each of the following independent cases, state the highest level of deficiency that you believe...
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How can we assess whether a project is a success or a failure? This case presents...
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Which of the following most likely would cause an auditor to consider whether a client's financial statements contain material misstatements? Management did not disclose to the auditor that it consulted with other accountants about significant accounting matters. The chief financial officer will not sign the management representation letter until the last day of the auditor's fieldwork Audit trails of computer-generated transactions exist only for a short time. The results of an analytical procedure disclose unexpected differences.
How can we assess whether a project is a success or a
failure?
This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of creating an integrated company. The case illustrates some of the challenges associated with integration. It also presents the obstacles facing companies that undertake projects involving large information technology projects. Bombardier and Its Environment Joseph-Armand Bombardier was 15 years old when he built his first snowmobile...
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