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Is the individual who maintains the notes payable master file someone other than the person who approves the issue of new notes or handles cash?

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Items 1 through 7 are questions typically found in a standard internal control questionnaire used by auditors to obtain an understanding of internal control for notes payable. In using the questionnaire for a client, a “yes” response indicates a possible internal control, whereas a “no” indicates a potential deficiency. 1. Are liabilities for notes payable […]

Which analytical procedures are most important in verifying notes payable? Which types of misstatements can the auditor uncover by the use of these tests?

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List four examples of interest-bearing liability accounts commonly found in balance sheets. What characteristics do these liabilities have in common? How do they differ? 22-2 (OBJECTIVE 22-2) It is common practice to audit the balance in notes payable in conjunction with the audit of interest expense and interest payable. Explain the advantages of this approach. […]

Design and perform tests of controls, substantive tests of transactions, and tests of details of balances for capital stock and retained earnings.

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AUDIT OF THE CAPITAL ACQUISITION AND REPAYMENT CYCLE Identify the accounts and the unique characteristics of the capital acquisition andrepayment cycle.Design and perform audit tests of notes payable and related accounts and transactions.Identify the primary concerns in the audit of owners’ equity transactions.Design and perform tests of controls, substantive tests of transactions, and tests ofdetails […]

Do any of the fluctuations in the computed ratios indicate a possible material misstatement? Demonstrate this by using the spreadsheet program to perform a sensitivity analysis.

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The following are sales, cost of sales, and inventory data for Aladdin Products Supply Company, a wholesale distributor of cleaning supplies. Dollar amounts are in millions. In-class Discussion Required Required 726Part 4 / APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES 2019 2018 2017 2016 Sales $92.8 $86.8 $78.4 $69.6 Cost of sales 68.9 67.2 […]

Describe issues the auditor should consider when determining which locations to visit to physically observe the client’s inventory count.

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Below are four independent client scenarios: 1. Food Giant is a regional grocery store chain located in the Pacific Northwest. Rather than operate a company-owned distribution center, Food Giant uses five different in- dependent storage warehouse companies across the region to store most of its gro- cery inventory before shipping to the individual stores. Typically, […]

What is the division’s return on investment (ROI)?

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Q1. Unfavorable variance that occurs when: A. actual costs are greater than budgeted costs. B. actual costs are lower than budgeted costs. C. actual costs equals budgeted costs. D. actual costs are lower than sunk costs. Q.2 A continuous (or perpetual) budget: A. is prepared for a range of activity so that the budget can […]

Why should the auditor review the cost accounting records and test their accuracy?

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The cost accounting records are often an essential area to audit in a manufacturing or construction company. a. Why should the auditor review the cost accounting records and test their accuracy? b. For the audit of standard cost accounting records in which 35 parts are manufactured, explain how you would determine whether each of the […]

Evaluate the importance of each of these deficiencies and state its effect on the auditor’s observation of inventory.

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Explain the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company. List several audit procedures in the acquisition and payment cycle that support your explanation. 21-2 (OBJECTIVE 21-3) Many auditors assert that certain audit tests can be significantly reduced for clients with adequate perpetual […]

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