Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 16, Problem 37IOQ
To determine
Identify the date of the client’s representation letter.
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Students have asked these similar questions
Hall accepted an engagement to audit the year 1 financial statements of XYZ Company. XYZcompleted the preparation of the year 1 financial statements on February 13, year 2, and itsauditors began the fieldwork on February 17, year 2. Hall completed gathering sufficientappropriate evidence on March 24, year 2; Hall’s report and XYZ’s financial statements werereleased on March 28, year 2. The written representations normally would be dateda. February 13, year 2.b. February 17, year 2.c. March 24, year 2.d. March 28, year 2.
An auditor issues a report dated 2/12/Year 2 on financial statements for the year ended 12/31/Year 1. Which best describes the
auditor's responsibility for an event occurring on 2/1/Year 2 and an event occurring on 3/1/Year 27
A. The auditor has an active responsibility to investigate both events.
B. The auditor has an active responsibility to investigate the 2/1/Year 2 event, but no responsibility concerning the
3/1/Year 2 event.
C. The auditor has an active responsibility to investigate the 2/1/Year 2 event, and must also consider the effect of the
3/1/Year 2 event if it comes to his/her attention.
D. The auditor has no responsibility for either event, since both occur after the date of the financial statements.
You are auditing the December 31, 2021, accounts payable balance of one of your firm's divisions. The division controller's office has provided you with a schedule listing the creditors and the amount owed to each at December 31, 2021, Which of the following audit procedures would be your best choice for determining that no Individual account payable has been omitted from the schedule?
A. Send confirmation requests to a randomly selected sample of creditors listed on the
schedule
B. Send confirmation requests to creditors that are listed on the schedule but not listed on
the corresponding December 31, 2020, schedule.
C. Examine support for selected 2022 payments to creditors, ascertaining that those
relating to 2021 are on this schedule.
D. Examine support for selected 2022 payments to creditors, ascertaining that those
relating to 2022 are not on the schedule.
Chapter 16 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Identify three items often misclassified as...Ch. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - What safeguards should be employed when the...
Ch. 16 - You are asked by a client to outline the...Ch. 16 - Prob. 12RQCh. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15RQCh. 16 - What are loss contingencies? How are such items...Ch. 16 - Prob. 17RQCh. 16 - Prob. 18RQCh. 16 - Prob. 19RQCh. 16 - What is the meaning of the term commitment? Give...Ch. 16 - Prob. 21RQCh. 16 - What are subsequent events?Ch. 16 - Describe the manner in which the auditors evaluate...Ch. 16 - Prob. 24RQCh. 16 - Prob. 25RQCh. 16 - Prob. 26RQCh. 16 - In your audit of the financial statements of Wolfe...Ch. 16 - Prob. 28QRACh. 16 - Prob. 29QRACh. 16 - Prob. 30QRACh. 16 - Prob. 31QRACh. 16 - The auditors opinion on the fairness of financial...Ch. 16 - Prob. 33QRACh. 16 - Prob. 34QRACh. 16 - Prob. 35QRACh. 16 - Prob. 36QRACh. 16 - Prob. 37AOQCh. 16 - Prob. 37BOQCh. 16 - Prob. 37COQCh. 16 - When auditing the statement of cash flows, which...Ch. 16 - The search for unrecorded liabilities for a public...Ch. 16 - The aggregated misstatement in the financial...Ch. 16 - Prob. 37GOQCh. 16 - Prob. 37HOQCh. 16 - Prob. 37IOQCh. 16 - Prob. 37JOQCh. 16 - Prob. 37KOQCh. 16 - Which of the following events occurring on January...Ch. 16 - Prob. 38OQCh. 16 - Prob. 39OQCh. 16 - Prob. 40OQCh. 16 - Match the following terms to the appropriate...Ch. 16 - Prob. 42OQCh. 16 - Prob. 43PCh. 16 - Prob. 44PCh. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - Prob. 47PCh. 16 - Prob. 48PCh. 16 - The audit staff of Adams, Barnes Co. (ABC), CPAs,...Ch. 16 - Prob. 50RDC
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