1. You have been assigned as an Audit Trainee of Regional Audit Firm. The firm specializes...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. You have been assigned as an Audit Trainee of Regional Audit Firm. The firm specializes in auditing Auto Mechanic Stores like Goad Year, Bohn Auto Repair Shop or Fire Stone Stores. Required: 35 Develop an Audit Program to confirm or refute the assertion that a Good Year Store on Lapalc has an inventory of Good Year Tires of $2,000,000 in its 2021 year-end financial statement. The Store has four employees and owner-manager. The employees consist of: a mechanic, storekeeper, Oil changer and tire changer and an Office Assistant to the Manager. a. List the steps you will take in examining the assertion. b. Why is an audit program necessary for conducting an audit? 1. You have been assigned as an Audit Trainee of Regional Audit Firm. The firm specializes in auditing Auto Mechanic Stores like Goad Year, Bohn Auto Repair Shop or Fire Stone Stores. Required: 35 Develop an Audit Program to confirm or refute the assertion that a Good Year Store on Lapalc has an inventory of Good Year Tires of $2,000,000 in its 2021 year-end financial statement. The Store has four employees and owner-manager. The employees consist of: a mechanic, storekeeper, Oil changer and tire changer and an Office Assistant to the Manager. a. List the steps you will take in examining the assertion. b. Why is an audit program necessary for conducting an audit?
Expert Answer:
Answer rating: 100% (QA)
a There are 6 steps in assertion they are 1 existence to find whether asset and liabilty exists or n... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
Students also viewed these accounting questions
-
As part of an audit engagement, you have been assigned the task of documenting the internal control system for the Brown Sole Shoe Store. The business is operated by a single owner, who operates the...
-
As auditor for Checkem & Associates, you have been assigned to review Tao Corporation's calculation of earnings per share for the current year. The controller, Mac Taylor, has supplied you with the...
-
You have been assigned to evaluate General Motors external environment using Porter's Five Forces Model. You will have to complete a bit of research to determine General Motors current state as well...
-
Find the derivative of the function. y = e 2x tan 2x
-
In a joint process, Wear Art produces precut fabrics for three products: dresses, jackets, and blouses. Joint cost is allocated on the basis of relative sales value at split-off. The company can...
-
For the past several years, Emily Page has operated a part-time consulting business from her home. As of December 1, 2015, Emily decided to move to rented quarters and to operate the business, to be...
-
The Biltmore National Bank raised capital through the sale of \(\$ 150\) million face value of eight percent coupon rate, ten-year bonds. The bonds paid interest semiannually and were sold at a time...
-
Duo Company reports the following information for the current year, which is its first year of operations. Direct materials . . . . . . . . . . . . . . . . . . . . . . . . $15 per unit Direct labor ....
-
9 : 4 7 MOS EBW 4 v 1 - 1 As . . . 9 7 EBW 4 / Effective Business Writing Assignment 2 Writing Business Documents Part 2 ( 1 0 % ) DUE DATE Session 6 OBJECTIVE Practice effective writing for business...
-
Julie and Gordon Stephens have been tenants for two years at 17 Acacia Avenue Elksville, which they rent from Ace Lettings. Living with them are their 19-year-old son Bill, their 5-year-old daughter...
-
Convert 94 ug/m^3 SO2 to volume mixing ratio parts per million, given that the molecular mass of SO2 is 64 g/mol. Assume the air is dry. (a) At an atmospheric temperature of 298K and standard...
-
Using the Basic Accounting Equation Floyd Company had beginning-of-the-year total assets of \(\$ 320,000\) and total liabilities of \(\$ 180,000\). a. If during the year total assets increased by...
-
Sam is about to launch his new squash racquet. He knows that he must have a selling price of 45 to be competitive. Calculate what his cost of sales must be if: a) he wants to make a gross profit...
-
For your state, determine its conformity with federal rules for: 1. A, B, and C reorganizations 2. Section 338(h)(10)
-
Consider the assumption that KMS will only be effective if full information sharing occurs. Do you agree or disagree with this assumption? What would be the characteristics of an effective KMS?
-
Identify each of the following activities as operating (O), investing (I), or financing \((\mathrm{F})\) : a. Payment of employee salaries b. Repayment of a loan c. Issuance of common stock d....
-
pt] 1. Let f(x) = 22 x-4 (a) Find the domain, the intercept points and the asymptotes. (b) Find the critical points and determine the intervals on which the function is increasing, dec- reasing,...
-
Let (x) = x 2 - 9, g(x) = 2x, and h(x) = x - 3. Find each of the following. (((--) 2
-
All invoicing for a company is done on a computer system from a price list table incorporated into the system. Only the sales department can change the prices on the approval of the department...
-
What is meant by the phrase," Audit documentation ought to stand on its own"? What is the importance of this concept?
-
One of the criticisms of corporate America in the last decade has been that there was a failure in corporate governance. Required a. Define the term "corporate governance" and identify the major...
-
Fraudulent financial reporting usually occurs as the result of environmental, institutional, or individual pressures and opportune situations. These pressures and opportu nities, present to some...
-
It was a typical Wednesday on the UCLA campus when everything began going wrong in the student computer lab. The computer lab was filled to capacity as the end of the semester neared. Nearly 70...
-
The auditor of a bank is called to a meeting with a senior operations manager because of a customers report that an auto loan payment was not credited. According to the customer, the payment was made...
Study smarter with the SolutionInn App