Question: What types of transactions and entries are considered unusual year end
What types of transactions and entries are considered unusual year-end entries? Why does the auditor pay particular attention to them?
Answer to relevant QuestionsWhat is a contingent liability? A commitment? A claim? An unasserted claim? What is the auditor’s primary concern regarding commitments and contingencies?What steps are appropriate to audit other financial statements and financial statement disclosures? When is the audit report dated?How are fixed price contracts used to mitigate risk?Related to purchases, what are important concerns addressed by controls? What are the control concerns that are more universal in nature, but also apply to purchase activities?
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