Explain the auditor's responsibilities when it is discovered that facts existed at the date of the audit
Question:
Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
The auditor should determine The reliability of the facts Whether the development or event had occurred by the report date Issuance of revised financi...View the full answer
Answered By
Mani Reddy Punyala
So, I’m always on the look-out for any tools that can help students understand that they do have the skills employers are looking for, skills they can nurture and develop to become highly employable. That’s why I was really keen to trial the Virtual Work Experience tool in my session, as I think it is particularly helpful for young people to see work skills applied within the context of ‘real life’ examples and delivered by role models that they can relate to.
After an initial group discussion, students were sent away to have a go with the tool. At the end, we came back and reflected on how they had found it and what they had learnt. The visual and interactive aspect was a feature the students and I especially liked, as it gave them an insight into a workplace that felt both tangible and relevant.
The students really enjoyed using the tool and were really engaged; they also felt that they were able to draw some valuable learnings from the exercise. One said, ‘it was really helpful to gain an insight into what work experience will look like and has given me the confidence to go and look for opportunities’.
It’s great to see this kind of useful, innovative content being made available to help educators boost students’ careers education."
If students are finding any parts too hard, remind them to use the tips in the tool; they can also work as groups
Check on students and see if any are finding sections particularly challenging – collect a list which you can put to the class at the end, and see if you can work through those problem together
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Question Posted:
Students also viewed these Auditing questions
-
What action is required when it is discovered that a five-year insurance premium payment of $50,000 two years ago was debited to insurance expense? (Ignore taxes.)
-
The auditor should consider audit risk when planning and performing an examination of financial statements in accordance with generally accepted auditing standards. Audit risk should also be...
-
It is well known that women should not smoke while pregnant, but what is the effect of smoking on a babys birth weight? Researchers Ira M. Bernstein and associates sought to estimate how the pattern...
-
Finally, Reza mentions that he was hired into the CFO role on an interim basis with the possibility of being made permanent based on performance. Although he wants to succeed in this role, he does...
-
What is the primary type of atomic bonding within polymers?
-
a. A corporation is planning to sell its 90-day commercial paper to investors offering an 8.4 percent yield. If the three-month T-bill's annualized rate is 7 percent, the default risk premium is...
-
Comment on the following field situations and make recommendations for corrective action. a. One of the interviewers has an excessive rate of refusals in in-home personal interviewing. b. In a CATI...
-
Record the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase computer equipment of $1,000 using a credit card. 3. Pay for maintenance of $400 for a company...
-
Dickinson Company has $12,080,000 million in assets. Currently half of these assets are financed with long-term debt at 10.4 percent and half with common stock having a par value of $8. Ms. Park,...
-
Verify that under the assumptions of normal multiple regression analysis (a) The maximum likelihood estimates of the β s equal the corresponding least squares estimates; (b) The maximum...
-
What is meant by "dual dating"? Explain how dual dating limits the auditor's responsibility for subsequent events.
-
During an internal peer review, it was discovered that the auditors failed to perform a significant audit procedure on an audit completed five months earlier. What steps should the auditors take?
-
Which of the following statements is correct with regard to installment sales? a. The contract price is generally the amount of cash the seller will receive. b. Sales by a taxpayer who is a dealer in...
-
What changes did the Dodd-Frank Act make to the Fed?
-
What was peculiar about the division of the Federal Reserve Bank into different districts?
-
Why did Congress pass the Federal Reserve Act in 1913, when the United States had functioned without a central bank since 1836?
-
What is counterparty risk? How is it different for forwards and for futures?
-
Explain carefully why a bank might choose to discount cash flows on a currency swap at a rate slightly different from LIBOR.
-
Does mapping rule 16 create relations in 3NF? Discuss.
-
You continue to work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per- store daily customer count (i.e., the mean number of customers...
-
Maurice prepares accounts to 5 April each year. The written down value of his main pool at 5 April 2020 was 10,300. There was no special rate pool. His purchases and sales of plant and machinery...
-
A1. Sell the land for $500,000. A2. Lease the property for a car-washing business. An annual income, after all costs (property taxes, etc.) of $98,700 would be received at the end of each year for 20...
-
The property (building and land) probably can be sold for $3 million at the end of 20 years. Project B: An insurance company is seeking to borrow money for 90 days at 13 3/4%per annum, compounded...
-
The Raleigh Soap Company has been offered a 5-year contract to manufacture and package a leading brand of soap for Taker Bros. It is understood that the contract will not be extended past the 5 years...
-
Under what conditions would the National Building Code (N.B.C.) be used, as opposed to the Ontario Building Code (O.B.C.)?
-
Each month I have to lie on my expense report in order to get reimbursed for an honest business lunch," is example of?
-
Secondary Analysis: This week visit the Keizer Online Library and find a full-text article on secondary analysis in research. Find a full-text article, download it, highlight it, and upload it to the...
Study smarter with the SolutionInn App