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Compare the price per share on an equity investment at year end according to the schedule of investment activity to the quoted market price according to an outside pricing source.

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The following audit procedures are concerned with tests of details of general cash and financial instruments balances: 1. Obtain a standard bank confirmation from each bank with which the client does business. 2. Compare the balance on the bank reconciliation obtained from the client with the bank confirmation. 3. Trace deposits in transit on the […]

Determine that the investment is carried at the lower of cost or market.

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The following questions deal with auditing year-end cash and financial instruments. Choose the best response. a. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client’s December 31 bank reconcili- ation cleared during the cutoff period. A probable cause […]

Design and perform audit tests of the general cash account. Recognize when to extend audit tests of the general cash account to test further for material fraud.

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AUDIT OF CASH AND FINANCIAL INSTRUMENTS Identify the major types of cash and financial instruments accounts maintained bybusiness entities.Show the relationship of cash in the bank to the various transaction cycles.Design and perform audit tests of the general cash account.Recognize when to extend audit tests of the general cash account to test further for material […]

What procedures would you perform related to the ending balances in the accounts?

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Your client, EKB, Inc., prepared the following schedule for long-term debt for the audit of financial statements for the year ended December 31, 2019: Notes Payable Description Interest Rate Due Date 1/1/19 Beginning Balance Additions Payments 12/31/19 Ending Balance Mortgage Payable 6.25% 2025 $ 1,125,000 – $ 200,000 $ 925,000 Unsecured Notes Payable 6.00% 2027 […]

Identify the three major differences between financial and operational auditing.

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1. Identify the three major differences between financial and operational auditing. 2. Explain what is meant by the criteria for evaluating efficiency and effectiveness. Provide five possible specific criteria for evaluating effectiveness of an IT system for payroll.

Explain how governmental financial auditing is similar to and different from audits ofcommercial companies. Who does governmental auditing?

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1. Explain the role of internal auditors for financial auditing. How is it similar to and different from the role of external auditors? 2. Explain how governmental financial auditing is similar to and different from audits ofcommercial companies. Who does governmental auditing?

How might the use of an external service provider to process financial statement transactions affect the audit of the entity’s financial statements?

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With the rapid growth of cloud computing, many organizations are contracting with third-party service providers to process and store all kinds of data off site. In doing so, entities are now dependent on the effectiveness of controls provided by external software providers and data centers that are used to generate and store a huge volume […]

Are revenues from the sale of major products and services recognized in the appro- priate period?

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In an engagement to review the financial statements of a nonpublic company, SSARS require the accountant to obtain review evidence that is primarily based on inquiries and analytical procedures. The nature of the accountant’s inquiries is a matter of judgment. For example, the accountant may consider the nature and materiality of the items, likelihood of […]

Which of the following procedures would most likely be performed during an en- gagement to compile the financial statements of a nonissuer?

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The following questions concern engagements other than the audit of financial statements performed by accountants. Choose the best response. a. Which of the following is a prospective financial statement for general use upon which an accountant may appropriately report? (1) Financial projection (2) Partial presentation (3) Pro forma financial statement (4) Financial forecast 838Part 6 […]

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