Question: For each of the following documents, state whether it would be located in the auditors permanent file or the current file. (a) Articles of incorporation

For each of the following documents, state whether it would be located in the auditors’ permanent file or the current file.
(a) Articles of incorporation
(b) Bank confirmation for the current year
(c) Management representation letter for the current year
(d) Long-term debt agreement
(e) Organization chart
(f) Process documentation for payroll
(g) Details of employment contracts regarding stock options
(h) Engagement letter
(i) Board of director minutes for the current year
(j) Audit program for cash

Step by Step Solution

★★★★★

3.39 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Permanent b Current ... 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

Students Have Also Explored These Related Auditing Risk Based Approach Questions!

Figure 5-9 is a chromatogram of component XX and internal standard SS. The small peak early in the chromatogram is an unretained component. a. What is the linear velocity if the column length is 100...

For each of the following grants and awards, indicate whether the recipient government should recognize revenues and expenditures. In a sentence or two, justify your response. 1. As the result of...

For each of the following ad justing entries, state whether the entry increases, decreases, or has no effect on the following financial ratios: current ratio, debt-to-equity ratio, profit margin...

For each of the following items considered independently, indicate whether the circumstances call for an addition modification (A), a subtraction modification (S), or no modification (N) in computing...

Is it possible for Fellowes and Associates to use only accounts receivable confirmations as audit evidence and adhere to the mandatory requirements in CAS 230? Explain. Fellowes and Associates...

Options: Permenant file or Current file View Policies Current Attempt in Progress For each of the following documents, select whether it would be located in the auditors' permanent file or the...

Please answer the following questions: 67. A CPA was engaged to calculate the rate of return on a specified investment according to an agreed-upon formula and verify that the resultant percentage...

You are an audit manager and assigned to assist in the planning for the current year's audit engagement of MPP Ltd. MPP Ltd has internal auditors, a risk committee, an audit committee and a governing...

Can someone help me with the following question? Options3 and 5 are already Incorrect. Review the following list of documents located in the auditor's working paper file: 1. Articles of incorporation...

Audit and business information: You are an experienced audit manager at Sharp Auditors (5A), an accounting firm with 4 offices in the major cities in Australia. In the next one year you hope to be...

Consider these two tables of cell means. Which one shows a possible interaction, and which one does not show any evidence of an interaction? Table 1 Table 2 Based upon these two tables, show that: a....

In the aftermath of a hurricane, an entrepreneur took a one-month leave of absence (without pay) from her $4,000 per month job in order to operate a kiosk that sold fresh drinking water. During the...

1 . Trace precedents and dependents on the two cells with errors: F 9 and E 7 . 2 . Use Error Checking to evaluate the error in cell F 9 . Use the solution suggested by Error Checking. 3 . Trace the...

Reeboks tagline is now Be More Human. Examine Reeboks website (www.Reebok.com). Define each of the components of the communication process (see Figure 1.1). Then explain each component as it relates...

Why are audit tests more likely to be conducted at or after year end for high-risk clients than for low-risk clients? Explain.

Explain the difference between the two types of sampling risk for controls: overreliance on an ineffective system of internal controls, and under reliance on an effective system of internal controls....

A food safety guideline is that the mercury in fish should be below 1 part per million (ppm) Listed below are the amounts of mercury (ppm) found in tuna sushi sampled at different stores in a major...

Question 33 Test the claim that the proportion of men who own cats is significantly different than the proportion of women who own cats at the 0.02 significance level. The null and alternative...

help please thanks Consider the relationship between the number of bids an item on ebay received and the item's selling price. The following is a sample of 3 items sold through an auction. Price in...