During an audit of a companys cash balance on a company with operations in only one country,
Question:
During an audit of a company’s cash balance on a company with operations in only one country, the auditor is most concerned with which management assertion?
a. Existence.
b. Rights and Obligations.
c. Valuation or Allocation.
d. Occurrence.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (16 reviews)
a Correct Management is more likely to overstate assets and understate liabilities As a result when ...View the full answer
Answered By
Nithesh M
This is Vijaya Chandra, I was graduated from JNTU Engineering College in Mechanical Engineering. I have always shown a keen interest in physics, which is evident from his exceptional academic record in the subject. During my academic years, I was excelled in physics, consistently achieving high grades and performing well in exams. In addition to academic background, I worked as a tutor for 5 years in local village by helping students of all ages and skill levels achieve their goals. As a tutor, I have taught students of all classes for a period of five years, including graduate-level physics and have a deep understanding of the subject and passion for teaching has allowed me to develop unique teaching methods that make complex concepts easy to understand. I am comfortable working with students one-on-one or in small groups, and I am dedicated to helping them build confidence and succeed in their studies. Outside tutoring, I enjoyed playing cricket and surfing internet browser.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Auditing questions
-
During an audit of cash, the auditor is most concerned with the management assertion of a. Existence. b. Rights and obligations. c. Valuation or allocation. d. Occurrence.
-
Which audit professionals could conduct the audit of a company that manufactures automobiles? Provide examples of the types of assurance or nonassurance engagements they could conduct for this...
-
An audit of a government's financial statements, conducted in accordance with generally accepted government auditing standards (GAGAS), includes A. A determination of efficiency and effectiveness. B....
-
Alpha Mann Ltd makes and sells computer carry bags. Bill Blake, the company accountant, is responsible for preparing the company's annual budget. In compiling the budget data for next year, Blake has...
-
An effective DNA probe can sometimes be developed by knowing the amino acid sequence of the protein encoded by the gene. A student argued that this is too time-consuming since the complete amino acid...
-
FIGURE P30.46 shows a 4.0-cm-diameter loop with resistance 0.10 around a 2.0-cm-diameter solenoid. The solenoid is 10 cm long, has 100 turns, and carries the current shown in the graph. A positive...
-
a. Solve the IVP. b. Confirm the result of (a) in MATLAB. \(\ddot{x}+2 \dot{x}+x=u(t-1)-u(t-2), x(0)=0, \dot{x}(0)=0\)
-
Reed Corporation acquired 100 percent of Thorne Corporations voting common stock on December 31, 20X4, for $395,000. At the date of combination, Thorne reported the following: At December 31, 20X4,...
-
Smith Co. is considering the following alternative plans for financing the company: Issue 10% bonds (at face) Issue common stock, $10 par Plan I Plan II $1,000,000 $3,000,000 2,000,000 Income tax is...
-
Reconsider the crystal growth experiment from Exercise 8.18. Suppose that is now a noise variable, and that the modified experimental design shown in Table 8E.9 has been conducted. The experimenters...
-
Which of the following best describes the relationship between auditing and attestation engagements? a. Auditing is a subset of attestation engagements that focuses on the certification of financial...
-
When auditing an investment in another company, an auditor most likely would seek to conduct which audit procedure to help satisfy the valuation assertion? a. Inspect the stock certificates...
-
A recent magazine article stated that 25% of the businesses that were audited by the Internal Revenue Service (IRS) last year had never been audited before, 40% had been audited one previous time,...
-
You must also show all steps in your calculation to earn full credit. Lagos Corp. recorded sales of $345,000 in 2010. In addition, its accounts receivable and accounts payable balances at the...
-
Let's say in addition to the $30,000 inheritance, you also get $10,000 in savings bonds from another relative. If you saved/invested this $40,000 for 40 years at 6%, how much would you have by the...
-
PART ADenver Limited is a manufacturing company, located in central Jamaica. The following information was provided to you:Denver Limited acquired control of Portland Industries Limited ( PIL ) by...
-
A company is considering a project that will cost will be depreciated to zero over the project's $150,000. The initial cost 8 year tax life, but has an estimated market value of $20,000 at the end of...
-
You went to the doctor. There are 8 patients waiting ahead of you. The nurse told you it will be your turn after 3 hours. How many minutes would the doctor use to see each patient?
-
Go to www.amex.com and follow the Screening link. Using the debt-to-equity screener, how many companies have debt-to-equity ratios greater than 2? Greater than 5? Greater than 10? What company has...
-
What are bounds and what do companies do with them?
-
As discussed in Example equation (1.28, zero-order kinetics is a good approximation to the Michaelis-Menten model if \(p_{A}\) is much larger than \(p_{0}\). However, when \(p_{A}\) and \(p_{0}\) are...
-
Your new audit client, Hardwood Lumber Company, has a computerized accounting system for all financial statement cycles. During planning, you visited with the information systems vice president and...
-
Parts for Wheels, Inc. has historically sold auto parts directly to consumers through its retail stores. Due to competitive pressure, Parts for Wheels installed an Internet-based sales system that...
-
Based on a cost-benefit analysis, management at First Community Bank decided to contract with Technology Solutions, a local data center operator, to host all of the bank's financial reporting...
-
8 (a) Find a function that represents the power series 3 (k + 1) x *. As always, show all work. [Hint: Split it.] k=0 (b) Use your answer from (a) to find the sum of the series answer as a reduced...
-
The function f(x)=2x^(4)+x^(3)-7x^(2)+4 has at least two rational roots. Use the rational root theorem to find those roots, then proceed to find all complex roots. (Note: roots may be integer,...
-
Wildcat Company is considering a 5-for-3 stock split. The current price is $57.00 per share, and Wildcat believes that its total market value would increase by 7.5% as a result of the improved...
Study smarter with the SolutionInn App