Opposite each general audit procedure, write the management assertions most usefully audited by using each procedure. PCAOB
Question:
Transcribed Image Text:
PCAOB Assertions ASB Assertions Audit Procedures a. Inspection of records or documents (vouching) b. Inspection of records or documents (tracing) c. Inspection of records or documents (scanning) d. Inspection of tangible assets e. Observation f. Confirmation g Inquiry h. Recalculation i. Reperformance j. Analytical procedures
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
We can highlight management assertions most usefully audited by using each procedur...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Cost Accounting questions
-
The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain...
-
The six general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain...
-
Management Assertions Your first step in learning to audit is to understand and be able to identify management assertions for events and transactions. You will need to be able to relate these to...
-
Give parametric equations and parameter intervals for the motion of a particle in the xy-plane. Identify the particles path by finding a Cartesian equation for it. Graph the Cartesian equation....
-
The zinc blende crystal structure is one that may be generated from close-packed planes of anions. (a) Will the stacking sequence for this structure be FCC or HCP? Why? (b) Will cations fill...
-
Frank Abagnale, the criminal played by Leonardo DiCaprio in the motion picture Catch Me If You Can, ended up in prison. However, when he left prison, he went to work as a consultant to many companies...
-
Describe how trend analysis can provide insight on whether a firm's financial position is improving or deteriorating.
-
1. Do you think a country the size of Iceland a Lilliputian is more or less sensitive to the potential impacts of global capital movements? 2. Many countries have used interest rate increases to...
-
Toma company uses process costing. Materail are added at the beginning of the process while conversion costs are added evenly though time. Units of WIP at December 31 were 32,000 and 70% completed...
-
In this mini-case, you will determine overall materiality as well as tolerable misstatement amounts for balance sheet accounts of EarthWear Clothiers, Inc. Most auditing firms use a simple approach...
-
Overall, studies have shown that stereotypes most often are accurate, with some notable exceptions. For example, political stereotypes are consistently inaccurate, while gender stereotypes tend to be...
-
QRC Company is trying to decide which one of two alternatives it will accept. The costs and revenues associated with each alternative are listed below: What is the differential revenue for this...
-
Replace the active network in Fig. 9-34(a) at terminals ab with a Thvenin equivalent. 9e - Ut! US! 30 I US + ) ()/(I
-
Briefly describe and analyze the relationship between emotional intelligence and conflict resolution strategies within high-stress work settings?
-
1.What is meant by complementary laws as a source of constitutional law? What is the difference between them and normal laws? And compare it with the constitution in terms of form? 2.The field of...
-
Based upon the Constitutional Law, is the Revised Patriot Act constitutional? explain
-
If your average check is $35.00 and the general manager expects to see a labor cost percentage of 40% and a profit of 12%, what is the average amount (ideal expense) that can be spent on labor per...
-
You are the foodservice manager. Last month your labor expense was $50,000, your food expense was $45,000, and your other expenses were $15,000. If your total Revenue equaled $128,500, what was your...
-
The adjusted trial balance for Checker Flag Auto, Inc., as of January 31, 2018, is presented next: Requirements 1. Prepare the multistep income statement for January for Checker Flag Auto, Inc. 2....
-
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the...
-
In Fig. 4-41, a ball is launched with a velocity of magnitude 10.0m/s, at an angle of 50.0 o to the horizontal. The launch point is at the base of a ramp of horizontal length d 1 = 6.00 m and height...
-
In Fig. 4-44, a ball is thrown up onto a roof, landing 4.00 s later at height h = 20.0 m above the release level. The ball's path just before landing is angled at = 60.0? with the roof. (a) Find the...
-
A batter hits a pitched ball when the center of the ball is 1.22 m above the ground. The ball leaves the bat at an angle of 45o with the ground. With that launch, the ball should have a horizontal...
-
You are the merchandise manager for Best Buy electronics and have been asked to expand the assortment of music products. Industry trends suggest more people are downloading their music online. How...
-
What impact has incurring major external debt by LDCs had on global and country income distribution? What impact have attempts to reduce the debt crisis had on income distribution?
-
What are the signs of potential aspiration in: (i) the medical history, (ii) parent case history, and (iii) clinical observation? How does this differ in a premature infant compared with a term...
Study smarter with the SolutionInn App