Why are the final figures from the prior year’s audit included in a working trial balance or lead schedule?
Answer to relevant QuestionsI have finished my testing of footings of the cash journals,” said the assistant auditor to the senior auditor. “Shall I state in the working papers the periods for which I verified footings, or should I just list the ...What information should a CPA firm seek in its investigation of a prospective client? Why is audit work usually organized around balance sheet accounts rather than income statement accounts?When planning an audit, the auditors should assess the levels of risk and materiality for the engagement. Explain how the auditors’ judgments about these two factors affect the auditors’ planned audit procedures.Listed below are several of the auditors’ general objectives in performing substantive procedures on an asset account:1. Establish the existence of assets.2. Establish that the company has rights to the assets.3. Establish ...
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