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business
auditing

Questions and Answers of Auditing

Why is effective ICFR required for reliable analytical procedures?
Why are confirmations considered more “reliable” audit evidence?
What other audit tests are used in conjunction with confirmation of accounts receivable?
About which assertion(s) does a response to positive account receivable confirmation provide audit evidence?
What assertions do confirmation of inventory on consignment address?
Explain to what accounts the standard bank confirmation request applies.
What regulation is important for auditors’ consideration when auditing clients in the health-care field, and why?
Why are sales returns and allowance activity and balance important when auditing retail entities?
What is required to accomplish an effective year-end cutoff for sales and inventory in a retail entity?
What happens when management does not provide a representations letter? How does it affect the audit?
In general, what types of information are included in management’s written representations?
What authoritative bodies and sources require that the auditor make communications?
Why does an auditor review audit documentation?
In what ways are the elements of an ICFR audit report different from the elements of a financial statement audit report?
Why is an adverse opinion issued for ICFR?
What type of ICFR audit opinion is appropriate when a scope limitation exists?
Give examples of industries for which a service is the primary productive output.
For sales and billing purposes of a company in the service industry, why is proper human resources accounting important?
Why do public accounting firms require their employees and partners to submit time sheets?
When does an employer have to submit payroll tax payments?
For what functions should a human resources cycle have controls?
What types of period-end adjustments are made to payroll and related amounts?
When does payroll become part of inventory as a product cost?
Who should perform employee check-in and check-out functions, and why?
How does employee monitoring of personal records provide an additional control for payroll?
What is payroll master file maintenance?
Under what conditions does a company’s auditor (the user auditor) have to consider the ICFR at the service organization?
How does the inventory cycle interact with other business cycles?
How does the human resources cycle and payroll affect the cost accounting records?
What should and should not be included in overhead?
What happens to variances known as over- and under applied overhead?
When standard costing is used, multiple variances result. Why?
Why is market value important to the accounting for inventory?
On what do controls in the inventory cycle focus?
What are the purposes of the controls? What do they try to accomplish?
What source is the biggest threat to inventory assets in a manufacturing business?
Why are physical controls over inventory assets important?
What is accomplished through a walkthrough?
What are the five management assertions?
What aspect of the inventory audit is mandatory?
“Specific identification of direct, traceable cost is used for inventory costs in residential homebuilding.” What does this statement mean?
What documents can the auditor examine to obtain evidence about common costs already incurred?
Why is it important to thoroughly understand the accounting standards when auditing investments?
Why does the auditor examine cash, near cash, and highly liquid investments simultaneously?
What is an interbank transfer schedule, and why is it needed?
Why do investments generally require more audit time and effort than they did in the past?
Based on the accounting standards, what are the different methods an audit client might possibly use to account for investments?
What are the types of transactions that an auditor must consider when auditing investments?
Besides the auditing standards, what must an auditor understand about the audit client’s investments to be able to audit valuation and disclosure of the investments?
How are investments related to changes in OCI?
What information does the auditor obtain by using substantive analytical procedures on account balances related to debt?
What are postretirement benefits?
What are the objectives related to the audit of taxes?
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the conservatism constraint and explain why it is important to users of financial
Explain specifically why FOF’s decision to record substantial increases in its natural resource assets violated the conservatism constraint.
Consult Paragraphs .06-.07 of AU Section 319. Do you believe that FOF established an effective system of internal control over financial reporting related to the valuation of its natural resource
Consider the valuation assertion related to the natural resources assets. Do you think it is reasonable for an auditor to rely on a recent sale of a 10 percent interest as evidence to justify a
What other evidence could an auditor seek to justify the valuation of an asset where there is no active trading market? Comment on whether Arthur Andersen’s guidelines for the appreciation of
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the expense recognition principle (sometimes referred to as matching principle) and
Based on the case information provided, describe specifically how Waste Management violated the expense recognition principle. In your description, please identify a journal entry that may have been
Consult Paragraph 2 of PCAOB Auditing Standard No. 5. Do you believe that Waste Management had established an effective system of internal control over financial reporting related to the depreciation
Consult Paragraphs 5–6 of PCAOB Auditing Standard No. 15. As an auditor, what type of evidence would you want to examine to determine whether Waste Management’s decision to change the useful life
Visit the PCOAB website (i.e., www.pcaobus.org), search for the “tip and referral center” and review the guidelines. Can you report a violation to the PCAOB anonymously? Assuming that the
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the conservatism constraint and explain why it is important to users of financial
Consider the significant year-end transactions consummated by BFA. Do you believe that the accounting for these transactions violated the conservatism constraint? Why or why not? Please be specific
Consult Paragraph 14of PCAOB Auditing Standard No. 5. Do you believe that BFA had established an effective system of internal control over financial reporting related to its significant year-end
Consult Paragraphs #12–15 of PCAOB Auditing Standard No. 13.Consider the sale of the Santa Fe Trails Ranch II stock by Foundation Investments to Friend. Do you believe that the auditor should have
Consider the role of president at BFA. Next, assume that as president, you are representing the upper management team at the Foundation’s annual meeting. During the question and answer session, an
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). What is the definition of an asset? Please be specific in describing the requirements for
Based on the case information provided, do you believe that operating line cost expenses meet the requirement for recording an asset in the financial statements? Why or why not?
Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. Do you believe that WorldCom had established an effective system of internal control over financial reporting related to the
Consult Paragraphs 4–6 of PCAOB Auditing Standard No. 15.As an auditor at WorldCom, what type of evidence could you have examined to determine whether the company was inappropriately capitalizing
Consult Paragraphs 1–2 of Ethics Rule 102 (ET 102).Consider the role of the employees in the Property Accounting group at WorldCom. If the employees in that group suspected that the entries being
Consider the Securities Act of 1933 and the Securities Exchange Act of 1934. What is the role of the SEC in regards to protecting individual investors?
Consider the information brought to the SEC by Harry Markopolos. Please explain the primary reasons why Mr. Markopolos believed that Madoff’s fund was nothing more than a “Ponzi” scheme.
After the Madoff case, the SEC instituted a number of reforms to its operations. Please visit the SEC’s website (www.sec.gov) and search for Post Madoff reforms. Next, please identify the two
Consider the Dodd-Frank Wall Street Reform and Consumer Protection Act. Please explain the whistleblower provision that was mandated by the act and elaborate about the role of the SEC.
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of financial
Provide one specific example of how WorldCom violated the revenue recognition principle in this situation.
Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Do you believe that WorldCom had established an effective system of internal
Consult Paragraph 25 of PCAOB Auditing Standard No. 5. Define what is meant by control environment. Next explain why the control environment is so important to effective internal control over
Consult Paragraphs 6–7 of PCAOB Auditing Standard No.13. If you were auditing WorldCom, what type of documentary evidence would you require to evaluate the validity and propriety of a top-side
Consult Paragraphs 1–2 of Ethics Rule 102 (ET 102). Next, consider the roles of Ron Lomenzo and Lisa Taranto. Assume that these employees knew that the entries being proposed by Scott Sullivan were
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the full disclosure principle and explain why it is important to users of financial
Explain specifically why Qwest’s failure to disclose the extent of nonrecurring revenue violated the full disclosure principle in this situation.
Consult Paragraph 67 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal control over financial reporting related to the presentation and
Consult Paragraph A4 (in Appendix A) of PCAOB Auditing Standard No. 5. What is the auditor’s responsibility related to information disclosed by management at the time of an earnings release, if
Do you believe it is ethical for a CEO to establish a company’s earnings expectation at an unreasonably high number and then require the company’s employees to meet or exceed that expectation to
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of financial
Provide one specific example of how Sunbeam violated the revenue recognition principle in this situation? In your description, please identify a journal entry that may have been used by Sunbeam to
Consult Paragraph 2 of PCAOB Auditing Standard No. 5. Do you believe that Sunbeam had established an effective system of internal control over financial reporting related to revenue recorded in its
Consult Paragraphs 7–9 of PCAOB Auditing Standard No. 15. As an auditor, what type of evidence would you want to examine to determine whether Sunbeam was inappropriately recording revenue from
Consult Paragraph 68 of PCAOB Auditing Standard No. 12. Next, consider a customer that receives extraordinary discounts and terms to purchase merchandise at the end of the year (e.g., the wholesaler
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). What is the specific definition of an asset?
Consider the practices of basketing and bundling. Briefly explain why each practice is not appropriate under GAAP.
Consult Paragraphs 6–7 of PCAOB Auditing Standard No. 13.Describe why netting write-offs against other gains would be effective for Waste Management’s management team in trying to cover up their
Consult Paragraph 10 of PCAOB Auditing Standard No. 15.As an auditor, what type of evidence would allow you to detect whether your client was engaging in behaviors that are designed to mask
Consider the decision by CFO James Koenig and Corporate Controller Thomas Hau to phase in the new GAAP method to capitalize interest expense over three years. Do you believe that this decision was in
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of financial
Consider the Sithe Energies contract described in the case. Does the accounting for this contract provide an example of how Enron violated the revenue recognition principle? Why or why not? Please be

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