Chapter 3, Problem 3.11E

Footnote Disclosures are a critical element of a complete set of financial statements. Which statement(s) below best describe the footnotes of the financial statements: Should include, at a minimum, disclosures regarding contractual situations, contingencies, debt, inventory, investment valuations, fixed assets, and subsequent events, etc. O Explains in qualitative terms information related to specific financial statement items. All of the above. O Provides supplemental data of a quantitative nature to expand information in financial statements.

State any FOUR (4) procedures that would normally be performed by thepractitioner before any report on the review of client’s financial statementscan be issued.

Explain how a financial statement disclosure checklist aids the auditor in determining whether there is adequate relevant evidence for each of the presentation and disclosure goals.

Describe the financial statement's aims and purposes, and explain how the auditor intends to verify them via his audit plan for the financial statements (You can assume necessary details).

Explain the objectives and purpose of each financial statement and elaborate that how the auditor shall verify these by his audit plan for the said financial Statements(You can assume necessary details).

Determine the following as a result of your audit: subquestion a. How much is the correct amount of interest expense that should be reported in its Statement of Comprehensive Income for the period ending December 31, 2023? subquestion b. As an audit manager, you review the working papers of your audit staff and senior auditor and summarized the proposed adjusting entries (PAJE’s): Your proposed adjusting journal entry will include a credit to premium on note payable of? please show solution.

Financial statement disclosures are used to convey additional information about the account balances inthe basic financial statements as well as to provide supplemental information. This information is disclosed, often parenthetically in the basic financial statements, or in disclosure notes that often includesupporting schedules.

Identify at least one relevant assertion for each of the significant accounts or disclosures previously identified from the financial statements of Apollo Shoes. What makes each assertion relevant?

State what you would expect to find in the Notes to general purpose financial statements giving its rationale ?