How is the accounting treatment of an event that occurred on the date before the report was authorized for issue?

Q: why would an auditor ensure that all revenue-related disclosures are made in the financial…

A: Explanation of disclosures Disclosures refer to that piece of information that includes figures,…

Q: Why are written representation and attorney letters obtained near the end of the evidence gathering…

A: Written representations include information about entity's financial statements, about internal…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

Q: An entity shall disclose the contractual amount outstanding on financial assets that were written…

A: These given statement is False... An entity shall disclose the contractual amount outstanding on…

Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: In order to report on changes in accounting rules, the FASB needs a certain technique.

A: Changes in accounting rules, the FASB needs a certain technique will b e explained:

Q: describe the substantive audit procedures you will perform on  a) payroll transactions in the…

A: Substantive audit procedures, also known as substantive testing or substantive analytical…

Q: of which of the following key assertions? ● Occurrence, completeness, and valuation O Occurrence,…

A: There are many transactions and various type of assertions that are used in the audit in order to…

Q: Responsibility for the preparation of the financial statements as per applicable financial reporting…

A: Auditing is the verification of the financial statements prepared by inspecting the documents and…

Q: How can a misstatement in one financial statement, whether intentional or not, affect a presentation…

A: Mis-statements in financial statements are errors or omissions of financial data or where the…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: When should an impairment loss be recognised? a) Immediately b) When requested by the entity's…

A: Impairment loss is the permanent decrease in the fair value of asset over its carrying value.

Q: How does auditors’ liability under statutory law arise?

A:

Q: 4. What items are nonrecognized subsequent events that require a disclosure in the notes to the…

A: The citation that explains about the items which are not recognized as subsequent events that…

Q: auditor

A: an auditor distinguish between an adjusting event and non-adjusting event as follow

Q: What documents does the AP clerk review before setting up a liability? Why?

A: Accounting information system: An accounting information system is defined as a system that helps to…

Q: Using IFRS, a change in accounting policy for which a standard does not include specific…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What is the primary purpose of analyzing interest expense? Giventhis purpose, what primary…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: Should the disclosure of social and environmental accounting information be regulated

A: Social and environmental accounting refers to the process of reporting and communicating information…

Q: If an event occurs ‘after the reporting period’, then from the perspective of accounting standards,…

A: International Accounting Standard -IAS 10 says about events after reporting period. It states the…

Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What audit procedures can be used to verify officers’ compensation?

A: Audit procedures are those procedures or techniques which are followed through the auditors, in…

Q: Outline the accounting procedures involved in applyingthe operating method by a lessee.

A:

Q: Examples of violation to notes on financial statements

A: Financial statements that describe a company's operations and financial performance. Financial…

Q: What are the primary control procedures to ensure completeness of recorded revenues?

A:

Q: What options are available to the auditor for presenting reports on the entity’s financial…

A: Internal Control: Internal control refers to the plan of a company. Implementation of effective…

Q: Under what circumstances is a contingent liability reflected in the accounting records as though an…

A: Contingent liability: Liability that can occur in future depending on the outcome of an uncertain…

Q: When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: Why are written representation and attorney letters obtained near the end of the evidencegathering…

A: Written representations include information about entity's financial statements, about internal…