Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 15, Problem 24RQ
To determine
Provide an opinion on the desirability of audit work on the owners’ equity accounts before the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.
Which of the following audit procedures is least appropriate for addressing the assertion of valuation of liabilities?
a. Confirm with creditors
b. Test for unrecorded liabilities.
c. Perform analytical procedures.
d. Verify accounts payable trial balance
What are the risks associated with auditing accounts payable? Can you explain the process of auditing accounts payable using confirmations.
Chapter 15 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 15 - What does the trust indenture used by a...Ch. 15 - Long-term creditors often insist upon placing...Ch. 15 - Prob. 3RQCh. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQ
Ch. 15 - Mansfield Corporation has outstanding an issue of...Ch. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - What do you consider to be the most important...Ch. 15 - What is the primary responsibility of an...Ch. 15 - In the audit of a small corporation that issues...Ch. 15 - Prob. 17RQCh. 15 - Prob. 18RQCh. 15 - Prob. 19RQCh. 15 - Corporations sometimes issue their own capital...Ch. 15 - Prob. 21RQCh. 15 - Prob. 22RQCh. 15 - Prob. 23RQCh. 15 - Prob. 24RQCh. 15 - Prob. 25RQCh. 15 - Prob. 26RQCh. 15 - Prob. 27QRACh. 15 - Prob. 28QRACh. 15 - Prob. 29QRACh. 15 - You are retained by Columbia Corporation to audit...Ch. 15 - Prob. 31QRACh. 15 - Prob. 32AOQCh. 15 - Prob. 32BOQCh. 15 - Prob. 32COQCh. 15 - Prob. 32DOQCh. 15 - Prob. 32EOQCh. 15 - When a client uses paper stock certificates, an...Ch. 15 - Prob. 32GOQCh. 15 - The auditors can best verify a clients bond...Ch. 15 - Prob. 32IOQCh. 15 - All corporate capital stock transactions should...Ch. 15 - Prob. 32KOQCh. 15 - Prob. 32LOQCh. 15 - Prob. 32MOQCh. 15 - Prob. 32NOQCh. 15 - Prob. 32OOQCh. 15 - An auditor most likely would inspect loan...Ch. 15 - Prob. 32QOQCh. 15 - Match the following definitions (or partial...Ch. 15 - Prob. 34PCh. 15 - Prob. 35PCh. 15 - Prob. 36PCh. 15 - Prob. 37P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following procedures would most likely help an auditor identify events after the date of the financial statements that should be disclosed? A.Review changes in the interest rate for cash accounts. B.Follow up on accounts receivable confirmations that were not returned for additional loss accruals. C.Inquire about changes in capital stock that was issued or repurchased. D.Evaluate depreciation schedules for additional depreciation expense.arrow_forwardTo assess the risks of material misstatement with respect to Owners’ Equity Accounts, please identify the key tests of controls and substantive procedures, the auditors should consider.arrow_forwardWhat audit procedures are most likely to be used to verify accountsreceivable written off as uncollectible? State the purpose of each of these procedures.arrow_forward
- Which of the following procedures is MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of Representations b. Make a legal determination whether fraud has occurred. c. Search for unrecorded liabilities. d. Confirmation of receivables. e. Updating the predecessor's audit report date.arrow_forwardAs a financial auditor who is auditing long-lived assets, from the income statement, describe two accounts that become your concern and require further examination? Explain why it becomes your concern and explain what kinds of audit procedures you will use in order to further examination of that account?arrow_forwardList the functions needs to be done on the part of auditor to verify contingent liabilities of an company during the process of the audit?arrow_forward
- What are the types of evidence would you normally look during the performance of your Financial Statement audit?arrow_forwardTo gather audit evidence related to accounts receivable, the client should mail the confirmation requests. TRUE OR FALSE? WHY?arrow_forwardidentify the primary audit objective for anaccrued liability such as Bankrates SEM accrual. what circumstances relevent to accrued liabilities can prove to be particularly challenging for auditors?arrow_forward
- The auditor is MOST likely to learn of retirements of equipment through which of the following? a. Review of the purchase and allowance account. b. Review of the sales discount account. c. Analysis of the credits to the accumulated depreciation account. d. Review of insurance policy riders. e. Confirmation of recorded credits to the accounts payable account.arrow_forwardwhen auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?arrow_forwardAn auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim ofarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub