Identify the misstatements that are likely to occur in these processes. Explain how the auditors consider the risk of fraud in the processes.
Answer to relevant QuestionsDescribe management's assertions for the cash and investment processes. Which are the most important for these processes? Explain why this is so. Describe the purpose of bank confirmations, bank reconciliations, and the bank transfer schedule. What evidence do the auditors gain from these documents? As the partner in charge of the yearly audit for CWS, you are reviewing the audit work papers for the cash and investment accounts. Before you sign off on the audit, you need to determine that sufficient audit work was done ...Describe the audit procedures the auditors use to test internal controls. Describe the substantive tests of balances that are used for the long-term debtand owners' equity process. Identify the assertions associated with them.
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