Cook, CPA, has been engaged to audit the financial statements of General Department Stores, Inc., a continuing
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After the accounts are tested at the interim date, Cook will also perform substantive procedures covering the transactions of the final two months of the year. This will be necessary to extend Cook’s conclusions to the balance sheet date.
Required:
a. Describe the factors Cook should consider before applying substantive procedures to General’s balance sheet accounts at April 30, 2013.
b. For accounts tested at April 30, 2013, describe how Cook should design the substantive procedures covering the balances as of June 30, 2013, and the transactions of the final two months of the year.
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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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