Define and give five examples of off- balance- sheet information. Why should auditors be concerned with such items?
Answer to relevant QuestionsIf a company does not monitor notes payable for due dates and interest payment dates in relation to financial statement dates, what misstatements can appear in the financial statements?How should an audit team assess the reasonableness of a film studio’s estimate of film revenues? (Refer to the No Treasure in This Treasure Planet case.)Which of the following is the most important audit consideration when examining the stockholders’ equity section of a client’s balance sheet? a. Changes in the capital stock account are verified by an independent stock ...When an entity uses a trust company as custodian of its marketable securities, the possibility of concealing fraud most likely would be reduced if the a. Trust company has no direct contact with the entity employees ...Which of the following audit procedures would not likely be performed for audits of share-holders’ equity? a. Read board of directors’ minutes for authorization of equity transactions. b. Confirm outstanding common and ...
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