Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 15, Problem 32DOQ
To determine
Identify the appropriate answer related to the audit evidence provided by the transfer agent and a registrar.
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During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there are restrictions on retained earnings resulting from loans, agreements, or state law. This audit procedure most likely is intended to verify management’s assertion ofa. Existence or occurrence.b. Completeness.c. Valuation or allocation.d. Presentation and disclosure.
An auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim of
When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence.b. Completeness.c. Presentation and disclosure.d. Rights and obligations.
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
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- The auditor has a responsibility to design audit procedures to obtain sufficient and appropriate evidence. Apply two types of audit procedures that the auditor might use to support each of the following. i. Physical attendance at stock take ii. Valuation of accounts receivable iii. Balance in Bank iv. Authorised and paid-up share capital v. Accounts payablearrow_forwardWhen auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Presentation and disclosure b. Existence c. Rights and obligations d. Completeness.arrow_forwardWhich one of the following concepts is an important issue for the Auditors of financial accounts? O a. Understandability concept O b. Business entity concept O c. Disclosure concept O d. Materiality conceptarrow_forward
- Which of the following is not part of audit evidence? Information gathered by the auditors from stock exchange Information contained in the accounting records Confirmation from third parties Audit firm quality control procedure for client acceptance and continuationarrow_forwardThe audit documentation are the connecting link between the client's accounting records, financial statements, and the auditor's report. TRUE OR FALSE? WHY?arrow_forwardWhen auditing the accounts receivable account on the balance sheet, an auditor’s proceduresmost likely would focus primarily on management’s assertion ofarrow_forward
- When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Rights and obligations b. Completeness. c. Existence d. Presentation and disclosurearrow_forwardAuditors try to identify predictable relationships when using analytical procedures. Relationships involving transactions from which of the following accounts would most likely yield the highest level of evidence? a. Accounts receivable. O b. Interest expense. O c. Travel and entertainment expense. O d. Accounts payable.arrow_forwardExplain the responsibilities of external auditors in detecting fraud in the financial statements.arrow_forward
- QUESTION 1 Observing the client's stocktake enables the auditor to establish that: O a. items belonging to the client are accurately counted and recorded. O D. count tags, sheets or cards are properly controlled. OC the client's personnel are complying with the instructions for stocktakes. O d. All of the abovearrow_forward1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of shipping documents and invoices to support management’s financial statement assertion of a. Valuation b. Completeness c. Existence and occurrence d. Rights and obligationsarrow_forwardWhich of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.arrow_forward
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