Question: Bee Corporation's partial balance sheet includes the following information: REQUIRED a. Design two audit procedures to test existence related to the above investments for Bee's

Bee Corporation's partial balance sheet includes the following information:

REQUIRED
a. Design two audit procedures to test existence related to the above investments for Bee's 2016 financial statements.
b. Design two audit procedures to test authorization related to the above investments for Bee's 2016 financial statements.
c. Assuming the company's share transactions are handled by a transfer agent, explain two important facts that the auditor would need to confirm or verify with the transfer agent for the 2016 audit.

2016 2015 Long-term investments Shares and negotiable $400 000 $40 000 securities Shareholders' equity Common shares 10 000 000 issued 8 000 000 outstanding- December 31,2015 6 000 000 outstanding- December 31,2016 Contributed capital $16 000 000 $12 000 000 1 000 000 $6000 000

Step by Step Solution

★★★★★

3.49 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Interview auditee to determine who has custody or p... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1148-B-A-A-A-N(4858).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Bee Corporations partial balance sheet includes the following information: REQUIRED a. Design two audit procedures to test existence related to the above investments for Bees 2012 financial...

1. Which of the following are attributes of a liability? 2. Which of the following should be reported on a year-end balance sheet under the heading of short-term debt? 3. A contingency is reported on...

A corporations balance sheet includes the following: Preferred 9 Percent Stock, $ 100 par ........... $ 205,800 Preferred 9 Percent Stock Subscribed .......... 115,900 Common Stock, no-par, stated...

Bee Corporation?s partial balance sheet includes the following information: REQUIRED a. Design two audit procedures to test existence related to the above investments for Bee?s 2018 financial...

need help for Question 1 and 2 of the assignment fir ACCT 221 FORENSIC BUSINESS INVESTIGATION. Pertains to WorldCom scandal. QAssuming WorldCom was a company operating in Australia at the time of the...

I need my powerpoint draft edited to ensure all the requirement of the assignment are answered and clearly noted in this powerpoint. I have attached the current Powerepoint draft, the...

This is a paper from the Singapore QP exams (Dec 2015). I need detailed solutions for question 3 from someone familiar with the Singapore Standards of Auditing Singapore Qualification Programme (QP)...

Focus company - noncurrent liability disclosures . In Exercise 1.1,you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this term....

Old MathJax webview please complete 1 2 and 3( there is no additional information) thanks **UPDATED QUESTIONS*** 1) what discourses or information, if any, does the company include about their...

Below are twelve instructions. Which are best described as planning, and which are best described as forecasting? a. Give a complete definition of the work. b. Lay out a proposed schedule. c....

A geared industrial roll shown in the figure is driven at 300 rev/min by a force F acting on a 3-in-diameter pitch circle as shown. The roll exerts a normal force of 30 lbf/in of roll length on the...

woods society spent $ 1 3 0 0 0 0 to refurbish its current facility. The firm borrowed 7 0 percent of the refurbishment cost at 4 . 5 % intrest for 5 years. what is the amount of each monthly payment...

The value of total expenditure must equal the value of total income. Why? LO5-3

Which of the following is not a safeguard to independence? (1) A qualified, independent audit committee. (2) Firm policies that limit direct communication between junior staff and the clients senior...

Identify the management assertion and balance-related audit objective for this audit objective: All recorded fixed assets exist at the balance sheet date.

Which of the following is not a required element of an unqualified audit report for a private company issued in accordance with CAS? (1) A title that emphasizes the report is from an independent...

Which of the following statements is 6 (are) true with regard to the Commercial ?Package Policy (CPP) Use of the CPP is limited to insuring 1. manufacturing facilities The CPP combines property and...

Question 2 0.2 pts All other things equal (YTM = 8%), which of the following has the shortest duration? O a 20-year bond with a 7% coupon O a 30-year bond with a 10% coupon O a 10-year bond with a 9%...

You buy a(n) 5.9% coupon, 10-year maturity bond for $991. A year later, the bond price is $1,176. Assume coupons are paid once a year and the face value is $1,000. a. What is the new yield to...