Which of the following is least likely to be a procedure included in an accountant’s review of interim financial information of a public entity? a. Compare disaggregated revenue data by month to that of the previous interim period. b. Read available minutes of meetings of stockholders. c. Inquire of management concerning significant journal entries and other adjustments. d. Observe counting of physical inventory.

In the preparation of the final accounts of Ringway Chemists Ltd, the Audit Manager realized from a discussion with the Business Owner, that her salary for the year has not been taken and hence not recorded.i. What accounting treatment would you recommend as the Schedule Officer on reconciling the above in relation to the final accounts preparation?ii. What would be the impact of this information on the Income on the Income Statement and the Statement of Financial Position?

While reviewing a work paper on “pre-paid expenses” an auditor noticed that the schedule prepared by the audit team gave the opening balance, debits to the account, credits to the account and closing balance. Is the same sufficient documentation?

For a subsequent event condition existing on or before the balance sheet date, the auditor should Group of answer choices Consider a note disclosure Report to audit committee Alert shareholders directly Adjust financial statement amounts

please explain your choice

Audit and Assurance - Effects of post-balance sheet events 5. Define the concept of going concern. 6. Explain why the auditor should consider whether a company is a going concern.

The auditors join client stock take at the year end and see whether the way that they count is in the correct procedures or not. This procedure is an example of: * Observation Inquiry Inspection of tangible assets O Inspection of records and documents

As a result of analytical procedures an auditor determines that gross profit has declined from 30% to 15% in the current year.  The auditor should.. A. Document manamgent intentions with respect to reversing the trend. B. Evaluate managment's performance in causing the deline C. Require a footnote disclosure D. Consider the possibility of an error in the financial statements.

Which of the following statements regarding the consistency concept is not true?     Select one: A. The objective of the consistency concept is to facilitate comparison between one period and another B. A selected accounting method must be used consistently every year C. A company cannot change the selected accounting method once it is used D. If inconsistency is found, the company must provide full explanation in the Statement of Profit or Loss and Other Comprehensive Income itself, or in the Statement of Financial Position, or in the notes to the accounts

please answer with reason