Question

The schedule in Exhibit DC8–5 was prepared by the controller of World Manufacturing Inc. for use by the independent auditors during their examination of World’s financial statements. All procedures performed by the audit assistant were noted in the bottom “Legend” section, and it was initialed properly, dated and indexed, and then submitted to a senior member of the audit staff for review. Internal control was reviewed and is considered to be satisfactory.

Required:
a. What information essential to the audit of marketable securities is missing from the schedule?
b. What essential audit procedures were not noted as having been performed by the audit assistant?



Approach:
Write specific assertions based on the five general assertions, then look to the working paper for documentation of evidence related to eachone.


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  • CreatedJanuary 09, 2015
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