The schedule on the following page was prepared by the controller of World Manufacturing, Inc., for use by the independent auditors during their examination of World’s year- end financial statements. All procedures performed by the audit assistant were noted in the “Legend” section; the schedule was properly initialed, 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.

a. What information that is essential to the audit of debt and equity securities is missing from this schedule?
b. What essential audit procedures were not noted as having been performed by the audit assistant?

  • CreatedSeptember 22, 2014
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