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You have been engaged and you happily accepted to provide audit services to ABC Corporation, an S Corporation Company. The Company has in its balance sheet as cash, the following: 1. il. Cash Equivalents Cash in three Bank accounts of: a. Chase Morgan b. Regions €. American Bank. Total Bank Account balances Total of Cash and Cash Equivalents Required: $2,500,000 5,000,000 900,000 twing steps in Audit $1,500,000.00 8,400,000.00 9,900,000.00 a. Outline the necessary steps you must take to gather sufficient evidence to convince you that the total cash and cash equivalents is in deed, $9,900,000. b. What amount of evidence in quantity and quality will convince you that your audit risk is very small? Be brief and to the point. You have been engaged and you happily accepted to provide audit services to ABC Corporation, an S Corporation Company. The Company has in its balance sheet as cash, the following: 1. il. Cash Equivalents Cash in three Bank accounts of: a. Chase Morgan b. Regions €. American Bank. Total Bank Account balances Total of Cash and Cash Equivalents Required: $2,500,000 5,000,000 900,000 twing steps in Audit $1,500,000.00 8,400,000.00 9,900,000.00 a. Outline the necessary steps you must take to gather sufficient evidence to convince you that the total cash and cash equivalents is in deed, $9,900,000. b. What amount of evidence in quantity and quality will convince you that your audit risk is very small? Be brief and to the point. You have been engaged and you happily accepted to provide audit services to ABC Corporation, an S Corporation Company. The Company has in its balance sheet as cash, the following: 1. il. Cash Equivalents Cash in three Bank accounts of: a. Chase Morgan b. Regions €. American Bank. Total Bank Account balances Total of Cash and Cash Equivalents Required: $2,500,000 5,000,000 900,000 twing steps in Audit $1,500,000.00 8,400,000.00 9,900,000.00 a. Outline the necessary steps you must take to gather sufficient evidence to convince you that the total cash and cash equivalents is in deed, $9,900,000. b. What amount of evidence in quantity and quality will convince you that your audit risk is very small? Be brief and to the point.
Expert Answer:
Answer rating: 100% (QA)
a To gather sufficient evidence to confirm that the total cash and cash equivalents are indeed 9900000 the following audit steps are necessary Obtain ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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