You have received confirmations from the transfer agent and the registrar of Lowe Company as to the

Question:

You have received confirmations from the transfer agent and the registrar of Lowe Company as to the number of authorized and outstanding shares as of December 31, 20X1, Lowe’s year-end.
a. Which financial statement assertions do these confirmations most directly address?
b. Provide a listing of additional auditing procedures likely to be necessary in the audit of Lowe’s outstanding.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...