You are in charge of the audit of the financial statements of Demot Corporation for the year
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a. List the instructions that you should give to your assistant regarding the examination of the stock and bond certificates kept in the safe deposit box. Include in your instructions the details of the securities to be examined and the reasons for examining these details.
b. After returning from the bank, your assistant reports that the treasurer had entered the box on January 4 to remove an old photograph of the corporation’s original building. The photograph was loaned to the local chamber of commerce for display purposes. List the additional audit procedures that are required because of the treasurer’s action.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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